Here is the outlook for 2012 from CMHC. To summarize: The pricing to remain the same or increase slightly. Home sales activity will increase over 2012.

Housing starts are forecast to increase in 2012, following a period of stable home building in 2011. Single detached home starts picked up the pace in the second and third quarters of 2011, but will remain below their ten-year average level, as competition from a well-supplied existing home market holds back housing starts. Job creation and population growth will boost single-detached home starts in 2012.

Multi-family home starts will continue their upward trend during the forecast period. Demand for denser home types, particularly apartment condominiums, will reflect demographic trends such as an aging population. There are also affordability concerns and transportation considerations that influence demand for multi-family homes, as condominiums tend to be priced lower than single detached homes, are located near major transportation routes, and can require less home maintenance.

The pace of resales is forecast to pick up gradually during 2012. Resale market conditions in British Columbia will remain balanced during 2012, however some regions of the province will see market conditions favouring home buyers rather than sellers.

The full CMHC report can be found here