Strong recovery real estate market forecast In Around Town

September 3, 2020

Your Weekly Construction Briefing

The British Columbia Real Estate Association (BCREA) released its 2020 Third Quarter Housing Forecast Update last week.

The British Columbia Real Estate Association is predicting a strong recovery to propel the housing market into 2021.

Multiple Listing Service (MLS) residential sales in the province are forecast to rise 6.5 per cent to 82,380 units this year, after recording 77,351 residential sales in 2019. MLS residential sales are forecast to increase 17.6 per cent to 96,860 units in 2021.

The outlook for the BC housing market is much brighter following a surprisingly strong recovery. Sales are expected to sustain the momentum into 2021, aided by record-low mortgage rates and a recovering economy.

Many markets are now seeing sharply rising average prices despite a weak provincial economy. BCREA is forecasting the provincial MLS average price to finish the year up 7.7 per cent and to increase a further 3.7 per cent in 2021.

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