{"id":16396,"date":"2020-09-04T10:10:00","date_gmt":"2020-09-04T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16396"},"modified":"2020-09-02T09:05:59","modified_gmt":"2020-09-02T16:05:59","slug":"bcrea-forecast-strong-market-recovery-to-last-well-into-2021","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/09\/bcrea-forecast-strong-market-recovery-to-last-well-into-2021\/","title":{"rendered":"BCREA Forecast Strong Market Recovery to Last Well into 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">Despite a flagging economy, the British Columbia housing market is enjoying a robust pace of recovery that will propel it to new heights in the months ahead, according to the province\u2019s foremost real estate organization.<\/p>\n<p style=\"text-align: justify;\">In the third-quarter edition of its housing forecast, the British Columbia Real Estate Association (BCREA) said that sales activity has now exceeded pre-COVID-19 levels, \u201ccombined with a decline in the supply of re-sale listings driven by the pandemic.\u201d<\/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.\u201d<\/p>\n<p style=\"text-align: justify;\">Among the major drivers of the trend would be the prevailing environment of record-low rates, BCREA said.<\/p>\n<p style=\"text-align: justify;\">Residential sales through the province\u2019s MLS will increase by 6.5% this year, likely reaching 82,380 transactions. Activity is projected to go up by another 17.6% to 96,860 sales in 2021.<\/p>\n<p style=\"text-align: justify;\">The association\u2019s forecast also pegged average sales prices to grow by 7.7% this year, and then by another 3.7% in 2021.<\/p>\n<p style=\"text-align: justify;\">Price growth might be further aggravated by supply-side issues, as Statistics Canada data suggested that housing inventory in Canada\u2019s largest markets will need considerable time to recover from the COVID-19 slowdown.<\/p>\n<p style=\"text-align: justify;\">According to StatsCan, investment in residential construction fell by 21.4% annually in May to reach $7.83 billion. Proportionally, Vancouver had the greatest year-over-year plunge in residential construction investment, declining by 44% to $852 million in May.<\/p>\n<p style=\"text-align: justify;\">A July analysis by real estate portal Better Dwelling said that compared to the rest of Canada, investment in Vancouver is recovering at a much slower rate.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/bcrea-surprisingly-strong-market-recovery-to-last-well-into-2021-332707.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">BCREA : &#8220;Surprisingly Strong&#8221; Market Recovery to Last Well into 2021<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite a flagging economy, the British Columbia housing market is enjoying a robust pace of recovery that will propel it to new heights in the months ahead, according to the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/09\/bcrea-forecast-strong-market-recovery-to-last-well-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-16396","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCREA Forecast Strong Market Recovery to Last Well into 2021 &#8226; 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