The latest BCREA Market Intelligence Report: Is It Different This Time? Recessions and the BC Housing Market examines the impact of past recessions on the BC housing market and provides preliminary projections on how COVID-19 may impact provincial home sales and prices over the next 24 months. Click here to read the full report.Summary Findings:
- The 2020 COVID-19 driven recession will be deep, though the duration may be shorter than past recessions.
- We expect that home sales will post an initial sharp decline as households and the real estate sector adhere to social distancing.
- As measures implemented to mitigate the spread of COVID-19 are gradually lifted, we expect that low-interest rates and pent-up demand will translate to a significant recovery in home sales and prices.
For more information, please contact:
| Brendon OgmundsonChief Economist604.742.2796[email protected] | Kellie FongEconomist778.357.0831[email protected] |
Market Intelligence Report is published 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.Additional economics information is available here on BCREA's website.
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.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.
