The number of homes sold in Chilliwack should rise modestly over the next two years while prices stagnate, according to the BC Real Estate Association (BCREA).
British Columbia home sales in 2012 were at the bottom end of a near steady decline since 2007.
The average price of a home in the Chilliwack real estate district in 2012 was $299,537. The BCREA forecasts that to move to $300,000 in 2013 and back down to $299,000 for 2014.
There were 2,007 units sold in the Chilliwack and District region in 2012. The BCREA has forecast a 2.1 per cent increase in residential unit sales for 2013 to 2,050 and a 5.1 per cent increase for 2014 to 2,155.
That compares to a 7.5 per cent increase by 2014 for the Fraser Valley and 8.6 per cent for Greater Vancouver.
Provincewide, the BCREA forecasts 6.1 per cent growth over the next two years.
The relative stability of B.C. and lower prices should mean things will pick up in 2013.
"Residential values are expected to be on a more solid footing in 2013 as lower prices, both actual and inflation adjusted, have improved affordability," the BCREA's housing forecast update released this week said. "In addition, many potential buyers that stayed on the sidelines in 2012 will likely enter the marketplace over the next year as the relatively strong financial condition of B.C. households precludes any deflationary spiral."
© Copyright 2013