Is It Different This Time? Recessions and the BC Housing Market

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• The 2020 COVID-19 driven recession will be deep, though the duration may be shorter than past recessions.
• We expect that home sales will post an initial sharp decline as households and the real estate sector adhere to social distancing.
• As measures implemented to mitigate the spread of COVID-19 are gradually lifted, we expect that low interest rates and pent-up demand will translate to a significant recovery in home sales and prices.

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]

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