Late last year the British Columbia Real Estate Association (BCREA) released a news release stating that home sales in BC are expected to see growth in 2013.
In the release BCREA's Chief Economist stated that BC home sales fell short in 2012. The tighter high-ratio mortgage regulations has made a difficult problem worse in BC cities like Vancouver, making it more difficult for potential buyers to jump into the market.
Things are looking brighter for this new year as the province continues to see full-time employment growth and mortgage interest rates continue to stay persistently low. These two factors, along with the growing population, should produce more consumer demand this year.
Residential sales are predicted to increase by 8.3%.