Residential real estate sales in B.C. are forecasted to climb 15% in 2009 off 2008 lows, according to the B.C. Real Estate Association.
B.C. Multiple Listing Service (MLS) sales are expected to climb to 79,400 units, up from 68,923 units in 2008.
Regions expected to see the strongest recovery in the number of sales include Greater Vancouver (+28%), Victoria (+20%), the Fraser Valley (18%) and the Sunshine Coast (+14%).
Vancouver Island, Chilliwack and the Okanagan are expected to see single-digit sales growth. However, Northern B.C. and the Kootenay regions are forecast to have continued sales declines.
Sales are expected to increase as average residential homes become more affordable. The BCREA report forecast average residential home prices will continue to fall between 3% and 6% in most B.C. regions.
Average prices in Metro Vancouver are expected to fall to $572,000 from $593,767 in 2008. Fraser Valley home prices are expected to fall to $421,000 from $431,781.The South Okanagan is expected to see the highest price declines of 10% to $306,000 from $339.394.
The report forecast average price increases between 1% and 4% in 2010 throughout the province.