{"id":13610,"date":"2019-09-11T10:10:54","date_gmt":"2019-09-11T17:10:54","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13610"},"modified":"2019-09-11T13:08:57","modified_gmt":"2019-09-11T20:08:57","slug":"bc-residential-sale-prices-expected-to-recover-in-2020","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/09\/bc-residential-sale-prices-expected-to-recover-in-2020\/","title":{"rendered":"BC Residential Sale & Prices Expected to Recover in 2020"},"content":{"rendered":"

Although every region in BC is expected to see lower home sales in 2019 than in 2018, sales will more than recover in 2020, according to a September 5 forecast by the British Columbia Real Estate Association (BCREA).<\/p>\n

Overall in 2019, residential transactions across the province are predicted to be 5% lower, at about 75,000 units, than the 78,505 sales of 2018. Every one of BC\u2019s 12 boards is expected to report a year-over-year decline in total sales across 2019, with drops ranging from one to 14%.<\/p>\n

However, BCREA forecasted that every board will see considerable sales jumps in 2020, totalling a province-wide increase of nearly 11% to 82,700 homes \u2014 which the association said would be just below the 10-year annual average.<\/p>\n

\u201cBC markets are showing signs of recovery after nearly a year and a half of policy-induced declines,\u201d said Brendon Ogmundson, BCREA\u2019s deputy chief economist. \u201cWe expect that recovery to continue into next year, with home sales normalizing around long-term averages.\u201d
\n\"\"<\/a>
\nSource : BCREA Economics<\/p>\n

Having seen the steepest annual sales declines in 2018, and a forecast drop of 2.2% in 2019, Greater Vancouver is expected to see the biggest recovery in 2020, said BCREA. Home resales in the Greater Vancouver region are predicted to rise 16.3% to 28,500 units \u2014 still a far cry from 42,000 sales of 2015, but a marked improvement over both 2018 and 2019.<\/p>\n

The optimistic Metro Vancouver forecast follows a September 4 report by the Real Estate Board of Greater Vancouver that the region\u2019s home sales in August rose nearly 16% year over year, following a 23.5% annual jump in July.<\/p>\n

BCREA said the Fraser Valley is also expected to outperform the previous two years of home resales, with a forecast rise in 2020 of 12.4% year over year.<\/p>\n

Victoria and Vancouver Island, having not seen declines as steep as the Lower Mainland, are expected to see 2020 sales improve by less than the provincial average, at 7.5% and 5.5% respectively.<\/p>\n

Average home prices in 2020 are also expected to improve on those achieved in 2019, in every BC real estate board jurisdiction \u2014 albeit by modest amounts. The overall BC average sale price is forecast to rise by 3.3%, with predicted rises ranging from 0.2% in Victoria to four per cent in the BC Northern region.<\/p>\n

Greater Vancouver sale prices are predicted to be down 5.6% in 2019 to $990K, but are forecast to increase 2% in 2020 to an average of $1.01 million.<\/p>\n

Check out BCREA\u2019s full regional sales and price forecast, below.
\n\"\"<\/a>
\nSource : BCREA Economics<\/p>\n

Residential Sales Forecast in Every BC Region to Recover in 2020<\/a> by Joannah Connolly | Glacier Media Real Estate | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"

Although every region in BC is expected to see lower home sales in 2019 than in 2018, sales will more than recover in 2020, according to a September 5 forecast … [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-13610","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nBC Residential Sale & Prices Expected to Recover in 2020 • 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\/09\/bc-residential-sale-prices-expected-to-recover-in-2020\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Residential Sale & 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