BCREA 2020 First Quarter Housing Forecast Update: BC Homes Sales Carry Momentum into 2020

Jan 23, 2020

CATEGORY:   
TAGS:      
Posted by
Brendon Ogmundson

To view the BCREA Housing Forecast Update PDF, click here.

Vancouver, BC - January 23, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 First Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to increase 10.3 per cent to 85,290 units this year, after recording 77,349 residential sales in 2019. MLS® residential sales are forecast to increase 6.3 per cent to 90,700 units in 2021.

"The outlook for home sales in 2020 is considerably brighter than the past two years," said Brendon Ogmundson, BCREA Chief Economist. "Momentum carried through from the end of 2019 to 2020 will put the housing market on more solid footing, aided by low interest rates and an improving economy."

While demand is recovering, the supply of homes for sale has not managed to keep pace. New listings activity did not materially increase during the downturn in home sales, and total inventory did not accumulate to the same extent as in prior slowdowns. As a result, market conditions around the province are tightening and home prices will likely face upward pressure as demand continues to firm. In 2020, we expect the MLS® average price will rise 4.8 per cent to $734,000.

-30-

For the complete news release, including detailed statistics, click here.

For more information, please contact:
Brendon Ogmundson
Chief Economist
Direct: 604.742.2796
Mobile: 604.505.6793
[email protected]

Kellie Fong
Economist
Direct: 778.357.0831
Mobile: 604-366-6511
[email protected]

To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.

What we do



Popular tags within Economics



Popular posts from BCREA

  • First-Time Home Buyer Incentive Launches in September
    Aug 22, 2019
  • Sketching Out the Potential Impact of COVID-19 on the BC Housing Market
    Mar 17, 2020