{"id":15455,"date":"2020-04-15T10:10:00","date_gmt":"2020-04-15T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=15455"},"modified":"2020-04-15T09:51:57","modified_gmt":"2020-04-15T16:51:57","slug":"bcrea-housing-markets-implement-measures-to-mitigate-the-pandemic","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/04\/bcrea-housing-markets-implement-measures-to-mitigate-the-pandemic\/","title":{"rendered":"BCREA Housing Markets Implement Measures to Mitigate The Pandemic"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 April 15, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 6,717 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) in March 2020, an increase of 17.2% from March 2019. The average MLS\u00ae residential price in BC was $789,548, a 15.1% increase from $685,892 recorded the previous year. Total sales dollar volume in March was $5.3 billion, a 35% increase over 2019.<\/p>\n<p style=\"text-align: justify;\">\u201cProvincial housing markets started the month very strong before the COVID-19 pandemic put a halt to activity,\u201d said BCREA Chief Economist Brendon Ogmundson. \u201cActivity will slow considerably in April as households and the real estate sector implement measures necessary to mitigate the spread of this virus.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cWhile we don\u2019t know when this unprecedented period will end, markets will be boosted by pent-up demand and historically low interest rates when it does,\u201d added Ogmundson. \u201cThe ultimate strength of the recovery will depend on how long the economy remains effectively shut down, as well as the efficacy of federal and provincial measures to bridge households through the financial difficulties brought on by the pandemic.\u201d<\/p>\n<p style=\"text-align: justify;\">Year-to-date, BC residential sales dollar volume was up 37.1% to $12.9 billion, compared with the same period in 2019. Residential unit sales increased 21.7% to 16,866 units, while the average MLS\u00ae residential price was up 12.6% to $763,031.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2020-03.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\/pandemic-halts-sales-activity-in-march\/\" target=\"_blank\" rel=\"noopener noreferrer\">Pandemic Halts Sales Activity in March<\/a> by Brendon Ogmundson | BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 April 15, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 6,717 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/04\/bcrea-housing-markets-implement-measures-to-mitigate-the-pandemic\/\">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-15455","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 Housing Markets Implement Measures to Mitigate The Pandemic &#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\/04\/bcrea-housing-markets-implement-measures-to-mitigate-the-pandemic\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Housing Markets Implement Measures to Mitigate The Pandemic &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 April 15, 2020. 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