The B.C. Real Estate Association released its second quarter housing forecast Wednesday (June 10). Below are a few talking points:
“The bright outlook for 2020 home sales has been upended by the COVID-19 pandemic and resulting recession,” BCREA chief economist Brendon Ogmundson explained in a media release.
In Greater Vancouver, a total of 20,500 homes are expected to be sold in 2020. The number is 20.2 percent lower than last year’s sales. The average home price in the Greater Vancouver region is predicted to hit $1,010,000 this year.
The Fraser Valley is expected to see 11,300 home transactions in 2020 which is a 23 percent drop compared to 2019's numbers. The average home price in the Fraser Valley is expected to be $731,700 this year.
This anticipated price is 1.4 percent higher than the last year's average price. For the province as a whole, home sales are expected to reach a total of 60,885, a 21.3 percent decrease in comparison to 2019. The average house price in B.C. is anticipated to reach $713,000, a 1.8 percent increase to 2019.
The BCREA expects a more promising outlook for the housing market across British Columbia next year. The average home price in B.C. is expected to increase to $753,000 next year.