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With economists predicting moderating trends for 2008, the British Columbia Real Estate Association sees the housing starts to increase by about 1% in 2008; mainly due increase in number of multi-family construction projects. The price are also expected to increase moderately and the gains will be in single digits in the Fraser Valley real estate region.
Sales in the Fraser Valley will remain above the previous 10-year average but, considering the near record-breaking numbers from previous years, the number of sales are expected to decline when compared to 2007 numbers.
This decline in sales will mean that the buyers in the Fraser Valley will have more choice and it will take longer for listings to sell, on average.
The BCREA has forecast that although the market will still remain a seller’s market, the decrease in sales and moderate price increases will result in the market gradually shifting towards a buyer’s market.
Many economists have been predicting a slow down in the housing market for the past couple of years or so, but it never materialized. As usual, it will be tough to accurately predict the market in the first quarter
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