HOME SALES TO CLIMB EIGHT PER CENT THIS YEAR

Total active residential listings in the province declined 14 per cent since last spring. However, the inventory of homes for sale is expected to grow as the number of new listings to the market advances during the first two quarters of 2011.

Regional market differences continue in the province, with Vancouver trending into a seller’s market, while the Okanagan, Kootenay and Kamloops markets trend from a buyer’s market toward balanced conditions.

The average MLS® residential price is forecast to increase 2.3 per cent to $517,000 this year and edge down 0.4 per cent to $515,500 in 2012. Last year’s strong growth in average prices was largely the result of a sizable shift in demand toward high-end housing in Vancouver which skewed average home price data for BC higher than market conditions suggest a return to a more normal price distribution of home sales in Vancouver this year will temper average home price appreciation in the province.