Housing Market Update (November 2020)
For inquiries regarding statistical and economics-related news releases,
Brendon Ogmundson | Chief Economist
Direct: 604.742.2796 | Mobile: 604.505.6793
The Housing Market Update video webcast is produced monthly by the British Columbia Real Estate Association. Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: "Copyright British Columbia Real Estate Association. Reprinted with permission." BCREA makes no guarantees as to the accuracy or completeness of this information.
BCREA 2020 Fourth Quarter Housing Forecast
Vancouver, BC – November 4, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 Fourth Quarter Housing Forecast today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 16.9 per cent to 90,450 units this year, after recording 77,350 residential sales in 2019. MLS®residential sales are forecast to increase 9.7 per cent to 99,240 units in 2021.
“The housing market had a record fall season and prices are rapidly rising as pent-up demand floods into an under-supplied market,” said Brendon Ogmundson, BCREA Chief Economist. “As 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.”
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® average price to finish the year up 9.9 per cent and to increase a further 2.6 per cent in 2021.
For the complete news release, including detailed statistics, click here.
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