Abbotsford home prices to rise.

The British Columbia Real Estate Association (BCREA) released its first semi-annual Housing Forecast report yesterday. MLS residential sales are forecasted to dip 3 per cent to 93,600 units in the province in 2007, and a further 4 per cent to 89,500 units in 2008. The ten-year average is 77,811 units. The supply of active listings in the province increased 27 per cent to 32,879 units in March compared to the same month last year. The average MLS residential price in the province climbed 18 per cent to $390,963 in 2006. This year, the average MLS residential price is forecast increase a more modest 8 per cent to $422,000, and a further 7 per cent to $450,000 in 2008. BC housing starts are forecasted to decline 7 per cent to 33,900 units in this year and a further 6 per cent to 32,000 units in 2008. Abbotsford should enjoy strong growth in real estate prices as our new hospital opens, airport expands and city builds the Plan-A projects.