BRITISH COLUMBIA

BC Real Estate To Rebound In 2014: CREA

03/15/2013 11:42 EDT | Updated 01/23/2014 10:53 EST

British Columbia's real estate is forecast to rebound in two years, say statistics released Friday by the Canadian Real Estate Association.

The provincial market is expected to jump 9.5 per cent to 72,300 units in 2014 - up from an estimated 66,000 units in 2013 and more than any other province, the association said in a news release.

The market is projected to decline 2.4 per cent this year, much less than the 11.8 per cent it fell in 2012, which was that year's biggest slide.

B.C. average home prices are expected to increase 1.1 per cent in 2014, ending a two-year slide that saw prices fall 8.3 per cent in 2012 and 2.4 per cent in 2013.

The news conflicts with January release by the B.C. Real Estate Association, which said the B.C. real estate market is expected to jump 5.6 per cent this year to 71,450 home sales, though still below the five-year average.

The forecast also comes amid dire news for the Vancouver real estate market, which fell 29.4 per cent in February from over a year ago.

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