The Canadian Real Estate Association has just released an updated housing market forecast and predicts that next year BC will see the steepest house sales price drops anywhere in Canada.
The association predicted a 7.8 per cent decline next year in the average residential sales price in B.C., compared to a 2.1 decrease across Canada.
Average price is forecast to reach new heights in six of 10 province in 2009, but B.C., where lower sales activity is expected, will continue to weigh on the national average price, the association said in a news release.
The association is forecasting an 11.7 per cent drop in sales activity in B.C. for 2009, compared to a three per cent drop across the country.
Hat-tip to Richard for the story link.