The average British Columbian home is forecast to drop 13 per cent in value during 2009, says the province’s Real Estate Association.

“The global financial crisis and worldwide recession will continue to take their toll on the B.C. economy this year. World events have pulled Canada and B.C. into a recession, where concern for job security and declining net worth are keeping many potential homebuyers on the sidelines,” said the Association.

Prices are expected to hit $396,600 in 2009, while the Association reports that prices in Greater Vancouver, the province’s dominant locale, have already declined by 11 per cent since the beginning of 2008. The price for that locale currently sits at $489,000.

The Association also predicted that house prices may begin rising again in the stabilization period of 2010.

Many analysts question the veracity of the group’s claims, due partially to their position in the market, representing real estate investors and agents - speculative investors have published a number of claims that prices will fall significantly more than 13 per cent in 2009.

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