BCREA news release-Home Sales to Climb Eight Per Cent in 2011:Housing Forecast Update - First Quarter 2011

Home Sales to Climb Eight Per Cent in 2011   

BCREA Housing Forecast Update - First Quarter 2011

Vancouver, BC – February 23, 2011. The British Columbia Real Estate Association (BCREA) released its Housing Forecast for the first quarter of 2011 today.  

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 8 per cent from 74,640 units in 2009 to 80,900 units this year, and increase another 4 per cent to 83,950 units in 2012.

“British Columbia housing markets are returning to normalcy after two years of volatility,” said Cameron Muir, BCREA Chief Economist. “Employment and population growth will fuel consumer demand over the next two years. However, higher mortgage interest rates and tighter credit conditions for low equity home buyers will limit home sales to below the ten-year average of 87,600 units.”

“Total active residential listings in the province declined 14 per cent since last spring. However, the inventory of homes for sale is expected to edge higher as the number of new listings to the market advances during the first two quarters of 2011,” added Muir. “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 per cent to $517,000 this year and remain relatively unchanged in 2012, albeit declining by 0.4 per cent to $515,400.

Life at the Hudson

I've been selling homes at the new Hudson Development at 770 Fisgard for the past few months and feel like I'm getting a much better idea of what life at the Hudson offers owners. Let me paint you a picture: all the homes offer authentic loft style living in a treasured heritage building. I know we Victorians love heritage renovations and restorations and so many of you would love the way the exterior facade has been painstakingly restored to it's original splendor. What is so innovative about this development is the seamless melding of tradition and modern innovation. The interior of the homes at the Hudson offer exposed over height concrete ceilings, fully integrated mile appliances into the oak kitchen cabinetry, engineered dark stained oak floors, and frosted glass sliding room dividers. Some are surprised by this meeting of two worlds, but personally I think it offers the perfect balance of old and new.

The Hudson is located steps from China Town, the new Atrium Building, the harbor and Songhees walkway, busses to the West Shore and Ferries, downtown shops, and the Uptown Mall, the theatre, the YMCA, and the Save on Foods Memorial Centre. It truly offers the very best of downtown living. Imagine waking up and enjoying the private oasis offered by the inner courtyard at the Hudson, then walking to Habit on Blanchard for coffee and then to Lower Johnson for sone boutique shopping. One could come home in the afternoon and read on the common roof top terrace and enjoy stunning views over the whole city, and then walk downtown for dinner, drinks and a movie.

Personally I think the Hudson offers the lifestyle that we are all going to desire in the near future. Easy carefree living, small space design, low utility costs because of the eco friendly geo thermal system, and a walkable location that avoids gas costs and the hassles of car ownership.

The pricing is affordable and starts at $349,000 for a 1 bedroom and den, includes parking, storage, and HST. If you want a private tour of everything this development has to offer give me a call at 250-857-6045. I would love to chat!

Buy for now,

Christina