The Canadian Real Estate Association (CREA) has revised its forecast for home sales activity (2011 & 2012) due to the unexpected Q1 surge of activity in Greater Vancouver. National sales activity is now expected to reach 441,100 units in 2011, a decline of 1.3 per cent from 2010. This is a slight improvement from the 1.6 per cent decline forecast by CREA in February.
“The extent to which high priced sales activity in Vancouver will pitch up the average price locally, for British Columbia and nationally will likely diminish in the next couple of months in line with a seasonal increase in national activity,” Klump added. “That said, foreign investment in Vancouver residential real estate is showing no signs of slowing, so it seems likely to remain a…
In contrast
to the near record pace witnessed at the beginning of this year, the Vancouver
real estate market seems to be normalizing. With increased inflation and rising
interest rates, sales are slowing particularitly in the entry level condo market; however
prices are still on the rise and the market continues to be very active.
