Bullish on Housing Outlook to '09

....in British Columbia that is!

It doesn't matter where I go, be it the grocery line up, hairdressers, mechanics or to a wake.........the Number one Question I get asked.......is What is the Real Estate Market doing? Quickly followed up with "Are prices going down"? "Are things slowing down ?" "Is this a good time to Buy? "Is this a Good time to sell? Now thats not to say that these questions don't get asked sooner or later as soon as someone discovers you're a Realtor......but each market takes on its own momentum.

So what do I say? Well frankly I say that " I don't have a Crystal Ball".......but...this is what the Credit Union Central of B.C. has to say...

Their chief economist, Helmut Pastrick is predicting that the white hot housing market will keep roaring into 2009!....What supports this sales demand? Lower mortgage rates, high income growth and rising immigration....

Already the highest in Canada, predictions are that the average house prices in BC will increase another 10-12 percent this year.......and another five to six percent in 2009.....That would bring the average house price in BC to $504,000!

Credit Union Central's Economists continue to suggest that there will be some easing in market conditions, since supply appears to be growing faster than sales right now...New construction will stay and a high level and possibly a bit higher, but the largest source of listings will still come from the 'existing' home market.

Pastrick believes that the smaller BC towns will lead the sales increases, with Kamloops, Kootenay and Okanagan markets out-performing the average BC market.

He also suggests that our major urban markets will see a strong year ahead. Greater Vancouver for examples, is forecast to post 38,200 MLS sales in 2009, up from 36,800 this year and only 500 units below the record level hit in 2007.

As for The Fraser Valley? (and Chilliwack included) Well the good news is - predictions are that We will also see a sales rise - supposedly matching the record levels of 2007!