Saturday, Jan 25, 2020
Volume 29 Number 4
Phone: 604-502-6100
Fax: 604-501-6111 Email: voicerealtyads@gmail.com
BC Homes Sales Carry Momentum into 2020 BCREA 2020 First Quarter Housing Forecast Update Vancouver, BC: January 23, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 First Quarter Housing Forecast Update today. Multiple Listing Service® (MLS®) residential sales in the province are forecast to increase 10.3 per cent to 85,290 units this year, after recording 77,349 residential sales in 2019. MLS® residential sales are forecast to increase 6.3 per cent to 90,700 units in 2021. “The outlook for home sales in 2020 is considerably brighter than the past two years,” said Brendon Ogmundson, BCREA Chief Economist. “Momentum carried through from the end of 2019 to 2020 will put the housing market on more solid footing, aided by low interest rates and an improving economy.” While demand is recovering, the supply of homes for sale has not managed to keep pace. New listings activity did not materially increase during the downturn in home sales, and total inventory did not accumulate to the same extent as in prior slowdowns. As a result, market conditions around the province are tightening and home prices will likely face upward pressure as demand continues to firm. In 2020, we expect the MLS® average price will rise
To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide
housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.
Manufacturers Of Quality Cabinetry
4.8 per cent to $734,000.-30For the complete news release, including detailed statistics For more information, please contact: Brendon Ogmundson Chief Economist Direct: 604.742.2796 Mobile: 604.505.6793 Email: bogmundson@bcrea.bc.ca BCREA is the professional association for more than 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.
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