The British Columbia Real Estate Association is forecasting a six per cent increase in MLS sales in the province this year.

According to the Housing Forecast, Fourth Quarter, October 2013, though there was a decline in home sales for most of 2012, consumer demand is growing this year, resulting in a year-over-year increase of 43 per cent in September. Housing demand has been increasing since early 2013, transitioning back to long-term average levels.

The B.C. housing markets are facing balanced conditions, where neither buyers nor sellers have an advantage. Consumer demand is on the rise, which may cause potential home sellers that have been waiting for stronger market conditions to list their properties.

Housing starts are expected to expand at a slower rate this year. Multiple starts are expected to be down 7.5 per cent, while single-detached starts should remain unchained. The report forecasts a housing start increase of 3.8 per cent.

There is an excess supply of condo units in larger metropolitan areas, which has resulted in a pull-back in construction of multiple units.