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BCREA Q3 Updates – Housing Market Activity Normalizing into 2022, Average Home Price to Rise 16.6% This Year


Under Market Updates

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August 30th, 2021

Vancouver, BC – August 17, 2021 The British Columbia Real Estate Association (BCREA) released its 2021 Third Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 26 per cent to 118,350 units this year, after recording 94,007 sales in 2020. In 2022, MLS®residential sales are forecast to pull back 15% to 100,150 units.

“The pace of home sales in the province has slowed in recent months but an unprecedented start to the year still has BC on track for a record-breaking year,” said Brendon Ogmundson, BCREA Chief Economist.

With strong demand being supported by low mortgage rates and a rapidly rebounding post-COVID economy, the more significant concern is whether there will be an adequate supply of listings in the market. The supply situation is especially severe in markets outside the Lower Mainland, where new listings activity has been lackluster. As a result, the average price in 2021 is on track to post a second consecutive year of double-digit gains. We are forecasting the provincial average price to rise 16.6% to $911,300 this year, followed by a 2.9% gain next year to $937,300.

Click here for the complete news release, including detailed statistics.

BCREA 2021 Third Quarter Housing Forecast Update – Provincial Housing Market Activity Normalizing into 2022 by Brendon Ogmundson | Chief Economist BCREA

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