There is a forecasted 6.5% increase in the Multiple Listing Service® (MLS®) residential sales in the province bringing it to 82,830 units this year from 77,351 residential sales last year. There is a forecasted 17.6% increase to 96,860 units in 2021.
“The outlook for the BC housing market is much brighter following a surprisingly strong recovery,” said Brendon Ogmundson, BCREA Chief Economist. “We expect home sales will sustain this momentum into 2021, aided by record-low mortgage rates and a recovering economy.”
Many housing markets are beginning to see sharply rising average prices despite the weak provincial economy. Residential sales have fully recovered and are seeing above pre-COVID-19 levels. There is a forecasted 7.7% increase to the provincial MLS® average price for the remainder of the year and a further forecasted 3.7% increase in 2021.
Source: BCREA Economics