Real estate markets have slowed a bit more than the B.C. Real Estate Association’s earlier predictions, prompting a downward revision in the group’s latest market forecast that includes a softening of prices.
Association chief economist Cameron Muir released his third-quarter forecast Friday, calling for Multiple Listing Service recorded sales to dip to 79,500 by the end of the year, a seven-per-cent decline from 2009.
In the association’s second-quarter forecast, Muir had predicted British Columbia’s MLS sales would fall three per cent from the 85,028 recorded in 2009.
“We’ve seen consumer demand has tailed off in the summer months a little more than what was expected, and that accounts for the change in the overall unit-sales numbers,” Muir said in an interview…
Please click for the full article
Posted by: Derrick Penner
Date: July 31st, 2010