{"id":15844,"date":"2020-06-16T10:10:00","date_gmt":"2020-06-16T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=15844"},"modified":"2020-06-10T11:26:57","modified_gmt":"2020-06-10T18:26:57","slug":"bcrea-2nd-q-housing-forecast-statistics","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/06\/bcrea-2nd-q-housing-forecast-statistics\/","title":{"rendered":"BCREA Q2 Housing Forecast &#038; Statistics"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 June 10, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 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 21% to approximately 61,000 units this year, after recording 77,347 residential sales in 2019. MLS\u00ae residential sales are forecast to increase 45.3% to 88,500 units in 2021.<\/p>\n<p style=\"text-align: justify;\">\u201cThe bright outlook for 2020 home sales has been upended by the COVID-19 pandemic and resulting recession,\u201d said Brendon Ogmundson, BCREA Chief Economist. \u201cHowever, as the economy \u201cre-opens\u201d and measures to mitigate the spread of COVID-19 are gradually eased, we expect home sales will start to rebound, aided by record-low mortgage rates and pent-up demand.\u201d<\/p>\n<p style=\"text-align: justify;\">The impact of the current pandemic and associated recession on prices is largely determined by the reaction of supply. Given the unusual nature of COVID-19, the supply of listings for sale has declined for at least the first few months of the pandemic. A muted rise in for-sale inventory may translate to home prices remaining relatively firm in 2020. We are forecasting the provincial MLS\u00ae average price to finish the year up 1.8% and to increase a further 5.6% in 2021.<\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/?attachment_id=15845\" rel=\"attachment wp-att-15845\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-15845\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2020\/06\/BCREA-jj-288x216.jpg\" alt=\"\" width=\"570\" height=\"428\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2020\/06\/BCREA-jj-288x216.jpg 288w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2020\/06\/BCREA-jj.jpg 600w\" sizes=\"auto, (max-width: 570px) 100vw, 570px\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2020-06-10-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-second-quarter-housing-forecast-bc-homes-sales-to-post-strong-recovery-in-2021\/\" target=\"_blank\" rel=\"noopener noreferrer\">BCREA 2020 Second Quarter Housing Forecast &#8211; BC Homes Sales to Post Strong Recovery in 2021<\/a> by Brendon Ogmundson<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 June 10, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 Second Quarter Housing Forecast today. Multiple Listing Service\u00ae (MLS\u00ae) residential sales in the province &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/06\/bcrea-2nd-q-housing-forecast-statistics\/\">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-15844","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 Q2 Housing Forecast &amp; Statistics &#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\/06\/bcrea-2nd-q-housing-forecast-statistics\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Q2 Housing Forecast &amp; Statistics &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 June 10, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 Second Quarter Housing Forecast today. 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