British Columbia Housing Market in Recovery

The British Columbia Real Estate Association (BCREA) reported today that housing market conditions have improved more rapidly than expected. 

As a result, BCREA has revised its home price forecast upwards, reflecting greater price stability through the balance of the year. The average price in British Columbia for a residential home is forecast to decline 8% to $420,600 in 2009, instead of 13% originally forecasted at the beginning of the year. 

Residential sales are forecast to decline 12% this year as a result of a weak first quarter. However, stronger consumer demand is expected to continue for the balance of the year and through 2010. Residential sales in 2010 are forecast to climb 10%.