The British Columbia Real Estate Association (BCREA) released its 2013 Fourth Quarter Housing Forecast today.
BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 6 per cent to 71,700 units this year, before increasing a further 6.3 per cent to 76,200 units in 2014.
“Consumer demand has bounced back after waning for most of 2012,” said Cameron Muir, BCREA Chief Economist. “With higher interest rates on the horizon, many potential homebuyers are choosing to lock in a mortgage sooner rather than later. However, rather than signaling a return to frenetic home buying activity and accelerating markets, consumer demand is simply transitioning back to its long term average.”
The average MLS® residential price forecast for the province has been revised upward from a 3.3 to a 4.3 per cent increase to $537,100 this year, as a result of stronger than expected market conditions in Vancouver. The average MLS® residential price in BC is forecast to increase a further 2.1 per cent to 548,200 in 2014.
See more information at :
http://www.bcrea.bc.ca/news-and-publications/news-room/news-releases/housing-forecast-news-release
The B.C. Court of Appeal handed down a decision Tuesday ordering a disruptive condo owner to sell after years of legal disputes. The condo owner and her son had more than 1,100 complaints going back to 2006 - including behaviour so abusive their neighbours started wearing cameras to video the conflicts. The court decided the age old "a man's home is his castle" does not apply in cases like this: “the right of quiet enjoyment in collective living” trumps property rights. Check out the entire article at http://www.vancouversun.com/technology/Mulgrew+Abusive+condo+owner+ordered+sell/9157577/story.html
Nov 13, 2013 - "RE/MAX proudly announces a new website which displays a collection of upper-end properties listed for sale."
Check out this listing in Ohio - A three bedroom Hoarder's Paradise listed for $44,900. Favourite quote: "Seller recommends you wear long pants, protective shoes and have a tetanus shot before entering". Wow. 
Vancouver Sun - In the city of Vancouver single family homes are a dying breed. Some 85% of new construction in the Metro core is multi-family housing. Single family housing accounts for just 15 per cent of new housing construction in the Lower Mainland and families that want an affordable traditional home with a fence around it will likely find themselves living as far east as Mission.
According to the Calgary Herald - Calgary’s resale housing market continued to soar in October with strong year-over-year hikes in both sales and prices. Check out the full article by selecting the link below!