As BCREA chief economist Cameron Muir states, " As Olympic athletes from around the world prepare to go for gold at the 2010 Winter Games, the B,C, Real Estate Association is anticipating a 'silver" housing market for 2010. Personally, this sounds quite good for our local Vancouver market, as a retired professional basketball player in Europe, there were many times myself and my teammates, and coaches finished 2nd. We all want to win however, someone has to be second. Although residential sales are expected to increase six percent from 85,028 units in 2009 to 90,100 units in this year, sales are expected to decrease by three percent to 87,500 units in 2011. Relatively slow economic growth, waning pent-up demand and rising carrying costs are expected to keep home sales from continuing at thier frantic pace. "Higher mortgage interest rates will limit price appreciation next year, in Metro Vancouver, the average price of a home is expected to rise by seven per cent ( from $592,441 in 2009) to $636,000 this year, then by another one per cent to $643,000 in 2011." Investors and buyers might want to get into the market now, as prices will continue upwards for now. The world is watching, Vancouver is shining brighter than ever, as we just won our first gold medal! Peace for now until next week!