Based on a forecast made by Canada Mortgage and Housing Corporation (CMHC), the housing market in British Columbia is expected to remain stable for 2013. B.C.’s housing market is to experience small increases in sales numbers, average prices, and housing starts next year.
The rate of housing starts continuosly increased over the past few years. For 2012, housing starts will hit 28,500, an 8% increase from 2011, which had 26,400. For 2013, CMHC expects there to be 30,100 housing starts, indicating a 5.6% increase from 2012.
Average housing prices are down approximately 5% in Vancouver this year from last year, but are expected to rise 2.6% by next year in Vancouver and all across British Columbia.
According to Carol Frketich, B.C. regional economist for CMHC, a stable housing market in 2013 will be the result of “a pick up in job growth next year, economic growth and demographic growth as well.”