{"id":16386,"date":"2020-09-01T10:10:00","date_gmt":"2020-09-01T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16386"},"modified":"2020-08-25T11:31:29","modified_gmt":"2020-08-25T18:31:29","slug":"bcrea-q3-housing-forecast-update-bc-homes-sales-carry-momentum-into-2021","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/09\/bcrea-q3-housing-forecast-update-bc-homes-sales-carry-momentum-into-2021\/","title":{"rendered":"BCREA Q3 Housing Forecast Update &#8211; BC Homes Sales Carry Momentum into 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 August 25, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 Third 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 rise 6.5% to 82,380 units this year, after recording 77,351 residential sales in 2019. MLS\u00ae residential sales are forecast to increase 17.6% to 96,860 units in 2021.<\/p>\n<p style=\"text-align: justify;\">\u201cThe outlook for the BC housing market is much brighter following a surprisingly strong recovery,\u201d said Brendon Ogmundson, BCREA Chief Economist. \u201cWe expect home sales will sustain this momentum into 2021, aided by record-low mortgage rates and a recovering economy.\u201d<\/p>\n<p style=\"text-align: justify;\">With home sales more than fully recovered and now above pre-COVID-19 levels, combined with a decline in the supply of re-sale listings driven by the pandemic, many markets are now seeing sharply rising average prices despite a weak provincial economy. We are forecasting the provincial MLS\u00ae average price to finish the year up 7.7% and to increase a further 3.7% in 2021.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/?attachment_id=16387\" rel=\"attachment wp-att-16387\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-16387\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2020\/08\/BCREA-288x216.jpg\" alt=\"\" width=\"588\" height=\"441\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2020\/08\/BCREA-288x216.jpg 288w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2020\/08\/BCREA.jpg 600w\" sizes=\"auto, (max-width: 588px) 100vw, 588px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/housingforecast_.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 Third Quarter Housing Forecast Update &#8211; Surprisingly Strong Recovery to Propel Housing Market in 2021<\/a> by Brendon Ogmundson | Chief Economist | BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 August 25, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 Third Quarter Housing Forecast Update today. Multiple Listing Service\u00ae (MLS\u00ae) residential sales in the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/09\/bcrea-q3-housing-forecast-update-bc-homes-sales-carry-momentum-into-2021\/\">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-16386","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 Q3 Housing Forecast Update - BC Homes Sales Carry Momentum into 2021 &#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=\"http:\/\/www.roryc.ca\/blog\/2020\/09\/bcrea-q3-housing-forecast-update-bc-homes-sales-carry-momentum-into-2021\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Q3 Housing Forecast Update - BC Homes Sales Carry Momentum into 2021 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 August 25, 2020. 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