{"id":21247,"date":"2023-02-01T10:10:00","date_gmt":"2023-02-01T18:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21247"},"modified":"2023-01-20T09:54:07","modified_gmt":"2023-01-20T17:54:07","slug":"bcrea-market-intelligence-a-guide-to-recessions-and-the-bc-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/02\/bcrea-market-intelligence-a-guide-to-recessions-and-the-bc-housing-market\/","title":{"rendered":"BCREA Market Intelligence : A Guide to Recessions and The BC Housing Market"},"content":{"rendered":"<p style=\"text-align: justify;\">As the Bank of Canada aggressively raised rates over the past year to fight multi-decade-high inflation, fears are mounting that tighter monetary policy will push the Canadian economy into recession. Indeed, central banks have a poor historical track record in achieving \u201csoft landings\u201d following tightening cycles. That is, amid high inflation, central banks often struggle to \u201cthread the needle\u201d of raising rates enough to bring inflation back down to 2 per cent without tipping the economy into a recession.<\/p>\n<p style=\"text-align: justify;\">In this Market Intelligence, we summarize how past Canadian recessions have impacted the BC economy and housing market and look forward to how the BC housing market may perform during a potential 2023 recession.<\/p>\n<p style=\"text-align: justify;\"><strong>Summary Findings<\/strong><\/p>\n<p style=\"text-align: justify;\">High interest rates mean that recession anxiety is mounting :<\/p>\n<p style=\"text-align: justify;\"><em>\u2022 Historically, home sales tend to lead the business cycle, starting to decline many months before the start of a recession. By the time the recession begins, sales are typically near their nadir.<\/em><br \/>\n<em>\u2022 Prices follow a less predictable pattern surrounding recessions. The early 1980s involved a large run up and crash in prices, but subsequent recessions involved a modest softening or plateauing of prices before the ascent resumed.<\/em><br \/>\n<em>\u2022 Historically, home sales tend to post substantial recoveries following a recession as interest rates are cut to support the economy.<\/em><br \/>\n<em>\u2022 Strong economic fundamentals and demographics support the housing sector in British Columbia.<\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2023-01-19-market-intelligence.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the latest Market Intelligence report PDF.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/economics\/a-guide-to-recessions-and-the-bc-housing-market\/\" target=\"_blank\" rel=\"noopener\">Market Intelligence : A Guide to Recessions and The BC Housing Market<\/a> by Brendon Ogmundson | Chief Economist | BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the Bank of Canada aggressively raised rates over the past year to fight multi-decade-high inflation, fears are mounting that tighter monetary policy will push the Canadian economy into recession. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/02\/bcrea-market-intelligence-a-guide-to-recessions-and-the-bc-housing-market\/\">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-21247","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCREA Market Intelligence : A Guide to Recessions and The BC Housing Market &#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\/2023\/02\/bcrea-market-intelligence-a-guide-to-recessions-and-the-bc-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Market Intelligence : A Guide to Recessions and The BC Housing Market &#8226; 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