{"id":12933,"date":"2019-06-18T08:33:28","date_gmt":"2019-06-18T15:33:28","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12933"},"modified":"2019-06-18T09:09:53","modified_gmt":"2019-06-18T16:09:53","slug":"bcrea-2nd-quarter-housing-forecast-home-sales-to-rise-in-2020","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/06\/bcrea-2nd-quarter-housing-forecast-home-sales-to-rise-in-2020\/","title":{"rendered":"BCREA 2nd-Quarter Housing Forecast &#8211; Home Sales to Rise in 2020"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 June 18, 2019. The British Columbia Real Estate Association (BCREA) released its 2019 Second Quarter Housing Forecast today.<\/p>\n<p style=\"text-align: justify;\">Multiple Listing Service\u00ae (MLS\u00ae) residential sales in the province are forecast to decline 9% to 71,400 units this year, after recording 78,346 residential sales in 2018. MLS\u00ae residential sales are forecast to increase 14% to 81,700 units in 2020. The 10-year average for MLS\u00ae residential sales in the province is 84,300 units.<\/p>\n<p style=\"text-align: justify;\">\u201cThe shock to affordability from restrictive mortgage policies, especially the B20 stress test, will continue to limit housing demand in the province this year,\u201d said Cameron Muir, BCREA Chief Economist. \u201cHowever, a relatively strong economy and favourable demographics are likely creating pent-up demand in the housing market,\u201d<\/p>\n<p style=\"text-align: justify;\">The inventory of homes for sale has climbed out of a cyclical low, leading to balanced market conditions in many areas and buyer\u2019s market conditions in some communities and across some products types. Current market conditions are expected to provide little upward pressure on home prices this year, with the average annual residential price forecast to remain essentially unchanged, albeit down 2% to $697,000. Modest improvement in consumer demand is expected to unfold though 2020, pushing the average residential price up 4% to $726,000.<\/p>\n<p>\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/2019\/06\/bcrea-2nd-quarter-housing-forecast-home-sales-to-rise-in-2020\/bcrea-j\/\" rel=\"attachment wp-att-12941\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-12941\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/06\/BCREA-j-288x216.jpg\" alt=\"\" width=\"588\" height=\"441\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/06\/BCREA-j-288x216.jpg 288w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/06\/BCREA-j.jpg 600w\" sizes=\"auto, (max-width: 588px) 100vw, 588px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.bcrea.bc.ca\/docs\/news-2019\/2019-06-18forecast.pdf?sfvrsn=2\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> for the complete news release, including detailed statistics.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.bcrea.bc.ca\/news-and-publications\/news-room\/news-releases\/housing-forecast-news-release\" target=\"_blank\" rel=\"noopener noreferrer\">BC Home Sales to Rise in 2020 &#8211; BCREA 2019 Second Quarter Housing Forecast.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 June 18, 2019. The British Columbia Real Estate Association (BCREA) released its 2019 Second Quarter Housing Forecast today. Multiple Listing Service\u00ae (MLS\u00ae) residential sales in the province &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/06\/bcrea-2nd-quarter-housing-forecast-home-sales-to-rise-in-2020\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-12933","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCREA 2nd-Quarter Housing Forecast - Home Sales to Rise in 2020 &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/06\/bcrea-2nd-quarter-housing-forecast-home-sales-to-rise-in-2020\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA 2nd-Quarter Housing Forecast - Home Sales to Rise in 2020 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 June 18, 2019. 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