BCREA 2020 Second Quarter Housing Forecast: BC Homes Sales to Post Strong Recovery in 2021
To view the BCREA Housing Forecast PDF, click here.
Vancouver, BC - June 10, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 Second Quarter Housing Forecast today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 21 per cent to approximately 61,000 units this year, after recording 77,347 residential sales in 2019. MLS® residential sales are forecast to increase 45.3 per cent to 88,500 units in 2021.
"The bright outlook for 2020 home sales has been upended by the COVID-19 pandemic and resulting recession," said Brendon Ogmundson, BCREA Chief Economist. "However, as the economy "re-opens" and measures to mitigate the spread of COVID-19 are gradually eased, we expect home sales will start to rebound, aided by record-low mortgage rates and pent-up demand."
The impact of the current pandemic and associated recession on prices is largely determined by the reaction of supply. Given the unusual nature of COVID-19, the supply of listings for sale has declined for at least the first few months of the pandemic. A muted rise in for-sale inventory may translate to home prices remaining relatively firm in 2020. We are forecasting the provincial MLS® average price to finish the year up 1.8 per cent and to increase a further 5.6 per cent in 2021.
For the complete news release, including detailed statistics, click here.
For more information, please contact:
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
- Statistical Releases
- Housing Affordability
- Resources for REALTORS
- Speculation and Vacancy Tax
- Market Intelligence Reports
Popular posts from BCREA
BC REALTORS® Adapt “Open House” Practices to Protect ConsumersJul 08, 2020
Applications for BC Emergency Benefit for Workers Now OpenMay 01, 2020
First-Time Home Buyer Incentive Launches in SeptemberAug 22, 2019