{"id":16869,"date":"2020-11-06T10:10:00","date_gmt":"2020-11-06T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16869"},"modified":"2020-11-04T09:14:56","modified_gmt":"2020-11-04T17:14:56","slug":"bcrea-4q-housing-forecast-economic-recovery-low-rates-drive-housing-market-in-2021","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/11\/bcrea-4q-housing-forecast-economic-recovery-low-rates-drive-housing-market-in-2021\/","title":{"rendered":"BCREA 4Q Housing Forecast &#8211; Economic Recovery &#038; Low Rates Drive Housing Market in 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 November 4, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 Fourth 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 rise 16.9% to 90,450 units this year, after recording 77,350 residential sales in 2019. MLS\u00ae residential sales are forecast to increase 9.7% to 99,240 units in 2021.<\/p>\n<p>\u201cThe housing market had a record fall season and prices are rapidly rising as pent-up demand floods into an under-supplied market,\u201d said Brendon Ogmundson, BCREA Chief Economist. \u201cAs that pent-up demand fades, sales will likely come down from their current record pace, albeit to a still robust level of activity as record-low mortgage rates and a recovering economy continue to drive sales.\u201d<\/p>\n<p style=\"text-align: justify;\">On the supply side, active listings remain low due to hesitation on the part of sellers to list during the pandemic. Some additional supply may come online following the end of mortgage deferral programs, but given the tightness of market conditions, that supply is unlikely to be disruptive. We are forecasting the provincial MLS\u00ae average price to finish the year up 9.9% and to increase a further 2.6% in 2021.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2020-11-04-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-fourth-quarter-housing-forecast-economic-recovery-and-low-rates-drive-housing-market-in-2021\/\" target=\"_blank\" rel=\"noopener noreferrer\">BCREA 2020 Fourth Quarter Housing Forecast &#8211; Economic Recovery and Low Rates Drive Housing Market in 2021<\/a> by Brendon Ogmundson |Chief Economist | BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 November 4, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 Fourth Quarter Housing Forecast today. Multiple Listing Service\u00ae (MLS\u00ae) residential sales in the province &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/11\/bcrea-4q-housing-forecast-economic-recovery-low-rates-drive-housing-market-in-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-16869","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 4Q Housing Forecast - Economic Recovery &amp; Low Rates Drive Housing Market in 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=\"https:\/\/www.roryc.ca\/blog\/2020\/11\/bcrea-4q-housing-forecast-economic-recovery-low-rates-drive-housing-market-in-2021\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA 4Q Housing Forecast - Economic Recovery &amp; Low Rates Drive Housing Market in 2021 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 November 4, 2020. 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