British Columbia's real estate market is expected to rebound this year after dropping almost 12 per cent in 2012.

The B.C. Real Estate Association forecasts that B.C. real estate sales will see 71,450 homes sold this year, a 5.6 per cent increase over 2012 but still below the five-year average.

Home prices are also expected to slow to a 0.9 per cent decline after falling 8.2 per cent in 2012. Prices are then forecast to rise by 0.6 per cent in 2014.

Vancouver home sales, meanwhile, are expected to rise 10 per cent in 2013 after falling almost 23 per cent last year. Sales are expected to climb 9.6 per cent this year to 27,900 units after falling 22.7 per cent in 2012.

The association believes that a stronger global economy will stir demand for housing, making 2013 a "transition year."

The forecast is consistent with recent projections that show Chinese buyers could return to Vancouver's housing market sooner than later.

Rize Alliance Properties CEO and Huffington Post B.C. blogger Will Lin showed a Bloomberg chart indicating a direct correlation between Chinese GDP and Vancouver's housing market.

China's GDP rose 7.9 per cent in 2012, the first time it has increased in two years.

"If the trend holds, Bloomberg predicts, Vancouver's real estate prices should also soon rise," Lin wrote.

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  • West Vancouver - $10,000,000

    4344 Rockridge Dr.

  • West Vancouver - $10,000,000

    4344 Rockridge Rd.

  • West Vancouver - $10,000,000

    4344 Rockridge Rd.

  • West Vancouver - $10,000,000

    4344 Rockridge Rd.

  • Gibsons - $10,180,000

    1393 Port Mellon Hwy.

  • Gibsons - $10,180,000

    1393 Port Mellon Hwy.

  • Gibsons - $10,180,000

    1393 Port Mellon Hwy.

  • Gibsons - $10,180,000

    1393 Port Mellon Hwy.

  • Vancouver - $10,880,000

    6938 Adera St.

  • Vancouver - $10,880,000

    6938 Adera St.

  • Vancouver - $10,880,000

    6938 Adera St.

  • Vancouver - $10,880,000

    6938 Adera St.

  • Victoria - $10,900,000

    3480 Ripon Rd.

  • Victoria - $10,900,000

    3480 Ripon Rd.

  • Victoria - $10,900,000

    3480 Ripon Rd.

  • Victoria - $10,900,000

    3480 Ripon Rd.

  • West Vancouver - $10,998,000

    5770 Eagle Harbour Rd.

  • West Vancouver - $10,998,000

    5770 Eagle Harbour Rd.

  • West Vancouver - $10,998,000

    5770 Eagle Harbour Rd.

  • West Vancouver - $10,998,000

    5770 Eagle Harbour Rd.

  • Whistler - $11,499,000

    2290 Nordic Dr.

  • Whistler - $11,499,000

    2290 Nordic Dr.

  • Whistler - $11,499,000

    2290 Nordic Dr.

  • Whistler - $11,499,000

    2290 Nordic Dr.

  • Vancouver - $11,880,000

    3416 Cedar Cres.

  • Vancouver - $11,800,000

    3416 Cedar Cres.

  • Vancouver - $11,800,000

    3416 Cedar Cres.

  • Vancouver - $11,800,000

    3416 Cedar Cres.

  • North Saanich - $12,900,000

    9750 West Saanich Rd.

  • North Saanich - $12,900,000

    5790 West Saanich Rd.

  • North Saanich - $12,900,000

    9750 West Saanich Rd.

  • North Saanich - $12,900,000

    9750 West Saanich Rd.

  • Whistler - $12,900,000

    7473-7469 Treetop Lane

  • Whistler - $12,900,000

    7473-7476 Treetop Lane

  • Whistler - $12,900,000

    7473-7476 Treetop Lane

  • Whistler - $12,900,000

    7473-7476 Treetop Lane

  • Vancouver - $13,800,000

    1438 Balfour Ave.

  • Vancouver - $13,800,000

    1438 Balfour Ave.

  • Vancouver - $13,800,000

    1438 Balfour Ave.

  • Vancouver - $13,800,000

    1438 Balfour Ave.

  • West Vancouver Waterfront - $10,800,000

    17 Strachan Point Road

  • West Vancouver Waterfront - $10,800,000

    17 Strachan Point Road

  • West Vancouver Waterfront - $10,800,000

    17 Strachan Point Road

  • West Vancouver Waterfront - $10,800,000

    17 Strachan Point Road

  • West Vancouver Waterfront - $10,800,000

    17 Strachan Point Road

  • West Vancouver Waterfront - $10,800,000

    17 Strachan Point Road

  • West Vancouver Waterfront - $10,800,000

    17 Strachan Point Road

  • West Vancouver Waterfront - $10,800,000

    17 Strachan Point Road

  • West Vancouver Waterfront - $10,800,000

    17 Strachan Point Road