The sale of homes in real estate Vancouver BC that are listed in MLS services are predicted to increase by approximately 1.9% (that translates to about 70,000 units) during the year 2013. The peak of sales will take place towards the end of the year. The power of buyers wishing to change their homes and that of those looking to purchase homes for the first time through mortgages of high values was limited by the recent strict regulation of home loans that began during the previous summer. There is unexploited demand for homes as depicted by the adjustment of the per capita sales per unit.
The housing market and the economy of the city of Vancouver were also predicted to transition and take up some form during this year. The growth of the economy of this city is expected to rise towards the end of the year after its slow improvement during the first few quarters (two to be precise) of the same year. The demand and affordability of residential homes will be continually satisfied with the low rates of interest charged on mortgage loans.
In 2014, the sale of homes in MLS services will shoot up to about 74,000 units which is an increase from 1.9% in 2013 to 6.5% in the real estate Vancouver BC market. However, this will be way below an average of fifteen years that translates to approximate units of 80,000. The conditions of various housing markets in BC have consistently improved even though the demand for housing by buyers is still low. As a result of demand equaling inventory in the 1st quarter of the year, Vancouver’s costs of property and homes remained constant through price stabilization. This trend is expected to remain the same for the next couple of years to come.
Although the annual mean costs for selling homes in MLS listings in 2013 is $515,800 (a 0.2% increase that is predicted to remain constant for the rest of the year 2013.), it is expected to rise further in 2014 by 1.7% to an average price of $524,500. The construction of several new homes in 2012, inventories that are larger, moderate demand for homes as well as the decreased growth or development of households will see very few new homes in real estate Vancouver BC built in the future. In fact, a 7.5% decrease translating to about 26,000 units in 2013 only is forecasted. A further increase of 4% is predicted in 2014 of approximately 27,000 housing units.
