Luxury Real Estate Victoria BC - BCREA 3rd Quarter Housing Update

Moderate Growth in Housing Demand Through 2012

Vancouver, BC – August 25, 2011.The British Columbia Real Estate Association (BCREA) released its 2011 Third Quarter Housing Forecast Update today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 3.8 per cent from 74,640 units in 2010 to 77,500 units this year, increasing a further 3.6 per cent to 80,300 units in 2012.

“Slower than expected employment growth is expected to keep BC home sales below their ten-year average through 2012,” said Cameron Muir, BCREA Chief Economist. “However, weaker global economic growth and recent uncertainty in the equity markets points to continued low mortgage interest rates which will help underpin housing demand.”

“Following a decade where unit sales broke all records, consumer demand over the next few years will be relatively moderate,” added Muir. The ten-year BC MLS® residential sales average is 87,600 units. A record 106,300 MLS® residential sales were recorded in 2005.

For a PDF version of this news release, including data table, follow this link:
www.bcrea.bc.ca/news_room/2011-08-25Forecast.pdf.

If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and the know how to meet your needs. Contact Bill at the Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill

Properties in Victoria Professionals™- Royal LePage Coast Capital Realty

Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, the Island Road Racers and the Victoria Chamber of Commerce