{"id":16497,"date":"2020-09-09T10:10:35","date_gmt":"2020-09-09T17:10:35","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16497"},"modified":"2020-09-09T09:14:42","modified_gmt":"2020-09-09T16:14:42","slug":"bcrea-why-bcs-housing-market-remains-strong-despite-covid-19","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/09\/bcrea-why-bcs-housing-market-remains-strong-despite-covid-19\/","title":{"rendered":"BCREA Why BC\u2019s Housing Market Remains Strong Despite COVID-19?"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 Septemeber 9, 2020. The British Columbia Real Estate Association\u2019s (BCREA) latest Market Intelligence report, The Unusual World of Pandemic Economics, points to uneven job losses across sectors, an increase in many households\u2019 rate of savings, swift government aid, a tighter-than-ever housing supply and low interest rates as the drivers behind BC\u2019s recent housing market highs.<\/p>\n<p style=\"text-align: justify;\">\u201cThe COVID-19 recession has battered many sectors of the BC economy. However, looking at recent data in the housing market, it would be difficult to tell there was a recession at all,\u201d says BCREA Chief Economist Brendon Ogmundson. \u201cIn a typical recession, we would see falling demand and rising supply, but this recession is anything but typical.\u201d<\/p>\n<p style=\"text-align: justify;\">Previous BCREA forecasts anticipated housing prices would return to the pre-COVID-19 baseline in early 2021. However, a surge of pent-up demand into an undersupplied market has prices at pre-COVID-19 levels well ahead of schedule.<\/p>\n<p style=\"text-align: justify;\">\u201cPandemic economics are proving to be very unusual. Many of the trends we are seeing are without precedent and significant uncertainty remains, but we are cautiously optimistic that this housing recovery will continue,\u201d notes Ogmundson.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/?attachment_id=16498\" rel=\"attachment wp-att-16498\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-16498\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2020\/09\/BCREA-288x216.png\" alt=\"\" width=\"555\" height=\"416\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2020\/09\/BCREA-288x216.png 288w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2020\/09\/BCREA-768x576.png 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2020\/09\/BCREA.png 960w\" sizes=\"auto, (max-width: 555px) 100vw, 555px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/The-Unusual-World-of-Pandemic-Economics.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> to read the full report.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/economics\/the-unusual-world-of-pandemic-economics-why-bcs-housing-market-remains-strong-despite-covid-19\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u201cThe Unusual World of Pandemic Economics\u201d \u2013 Why BC\u2019s Housing Market Remains Strong Despite COVID-19<\/a> by Brendon Ogmundson |<br \/>\nChief Economist | BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 Septemeber 9, 2020. The British Columbia Real Estate Association\u2019s (BCREA) latest Market Intelligence report, The Unusual World of Pandemic Economics, points to uneven job losses across sectors, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/09\/bcrea-why-bcs-housing-market-remains-strong-despite-covid-19\/\">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-16497","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 Why BC\u2019s Housing Market Remains Strong Despite COVID-19? &#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\/09\/bcrea-why-bcs-housing-market-remains-strong-despite-covid-19\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Why BC\u2019s Housing Market Remains Strong Despite COVID-19? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 Septemeber 9, 2020. 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