Home sales in greater Vancouver are expected to hit 28,000 units by the end of the year, representing a 10% increase over last year’s sales of 25,445, according to a Re/Max of Western Canada housing market outlook report released December 11.
This still remains well below sales levels seen in 2009 (36,257), 2010 (31,144) and 2011 (32,936).
The overall average home price is expected to increase 5% by the end of 2013 compared with 2012, to $765,000.
Sales in 2014 are expected to remain low, growing to 29,000, Re/Max said, and the average home price will reach $800,000.
The luxury home market has been strong, as sales of homes valued at more than $2 million have increased more than 20% compared with one year prior, and the report states that this market is expected to grow as baby boomers and members of Generation X both look to upgrade in the near future.
The average price of single-detached homes is close to $1.25 million, and condos average around $560,000.
Across Canada, home sales are expected to grow by 3%, from 453,372 in 2012 to 466,000 by the end of 2013. The average price is expected to increase from $363,740 in 2012 to $380,000 in 2013 – a jump of 4%.
