According to the "Housing Market Outlook" released by CMHC this month, BC will remain a buyers' market, but not for long, and here's why:
- Housing starts are forecast to rise modestly in 2013 as the economy and job growth improve relative to the 2012 outlook.
- Buyers' market condition emerged in mid-2012, however, balanced markets are expected to return by mid-2013
- Economic growth is forecast to be slightly stronger in 2013 due to population growth and continued low mortgage rates.
- Labour markets are also set to pick up, with BC being only second to Alberta in full-time employment gains.
- Population growth due to people moving from neighbouring provinces, expected to be above average in 2013.