B.C. home sales expected to slow this year but rise in 2011: survey

Residential sales across the province are expected to ease by three per cent this year to 82,350 units before increasing four per cent in 2011 to 85,900 units, according to the B.C. Real Estate Association.

Waning demand, upward pressure on mortgage rates and tighter lending restrictions will moderate consumer demand this year, particularly in the Metro Vancouver, Victoria and the Fraser Valley areas, the association said in its second quarter housing forecast released Monday.

Improving economic conditions, however, are expected to counter-balance some of the erosion and stronger economic and employment growth next year will push home sales higher.    Read more:

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