The influx of Chinese buyers has heavily affected Metro Vancouver's housing market. What are these buyers looking for? Take a look.

 VANCOUVER - The median price of a home in British Columbia will set a new record of $402,000 in 2011, according to Central 1 Credit Union.

Central 1's B.C. Housing Forecast 2011-2013, released today, also says home sales in B.C. will rise about seven per cent in 2011.

B.C.’s annual median transaction price rose to a record high of $392,025 in 2010, a six-per-cent increase from 2009.

A median price is the price in the middle of all prices ranging from lowest to highest.

Total home sales will rise to 95,500 units, rebounding from a 10.5-per-cent drop in 2010 as both resale and new home sales will increase, the forecast said, adding that sales will increase another two per cent in 2012 and a healthy 15 per cent in 2013.

"Even after those gains, sales will be below the levels we saw from 2002 to 2007," said Central 1 economist Bryan Yu. "Low, but rising, interest rates and tighter mortgage insurance rules will restrict sales for the next few years."

Yu said that this year, sales will have been stronger in the first few months as buyers move to beat the tougher mortgage insurance rules that take effect on March 18.

"Metro Vancouver will observe the strongest uptick in early-year activity, given the higher proportion of local buyers and higher prices in those areas," added Yu.