{"id":14738,"date":"2020-01-29T10:10:00","date_gmt":"2020-01-29T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=14738"},"modified":"2020-01-23T10:50:13","modified_gmt":"2020-01-23T18:50:13","slug":"bcrea-q1-forecast-homes-sales-carry-momentum-into-2020","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/01\/bcrea-q1-forecast-homes-sales-carry-momentum-into-2020\/","title":{"rendered":"BCREA Q1 Forecast Homes Sales Carry Momentum into 2020"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 January 23, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 First Quarter Housing Forecast Update today.<\/p>\n<p style=\"text-align: justify;\">Multiple Listing Service\u00ae (MLS\u00ae) residential sales in the province are forecast to increase 10.3% to 85,290 units this year, after recording 77,349 residential sales in 2019. MLS\u00ae residential sales are forecast to increase 6.3% to 90,700 units in 2021.<\/p>\n<p style=\"text-align: justify;\">\u201cThe outlook for home sales in 2020 is considerably brighter than the past two years,\u201d said Brendon Ogmundson, BCREA Chief Economist. \u201cMomentum carried through from the end of 2019 to 2020 will put the housing market on more solid footing, aided by low interest rates and an improving economy.\u201d<\/p>\n<p style=\"text-align: justify;\">While demand is recovering, the supply of homes for sale has not managed to keep pace. New listings activity did not materially increase during the downturn in home sales, and total inventory did not accumulate to the same extent as in prior slowdowns. As a result, market conditions around the province are tightening and home prices will likely face upward pressure as demand continues to firm. In 2020, we expect the MLS\u00ae average price will rise 4.8% to $734,000.<\/p>\n<p>\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/?attachment_id=14739\" rel=\"attachment wp-att-14739\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-14739\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2020\/01\/BCREA-JJ-288x216.jpg\" alt=\"\" width=\"575\" height=\"431\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2020\/01\/BCREA-JJ-288x216.jpg 288w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2020\/01\/BCREA-JJ.jpg 600w\" sizes=\"auto, (max-width: 575px) 100vw, 575px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2020-01-23-forecast.pdf\" 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=\"https:\/\/www.bcrea.bc.ca\/economics\/bcrea-2020-first-quarter-housing-forecast-bc-homes-sales-carry-momentum-into-2020\/\" target=\"_blank\" rel=\"noopener noreferrer\">BCREA 2020 First Quarter Housing Forecast Update &#8211; BC Homes Sales Carry Momentum into 2020<\/a> by <span class=\"details\">Brendon Ogmundson<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 January 23, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 First Quarter Housing Forecast Update today. Multiple Listing Service\u00ae (MLS\u00ae) residential sales in the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/01\/bcrea-q1-forecast-homes-sales-carry-momentum-into-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-14738","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCREA Q1 Forecast Homes Sales Carry Momentum into 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\/2020\/01\/bcrea-q1-forecast-homes-sales-carry-momentum-into-2020\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Q1 Forecast Homes Sales Carry Momentum into 2020 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 January 23, 2020. 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