> Provincial Housing Market on a Record-Setting Pace – Michael Cowling and Associates Realty

BCREA 2021 Second Quarter Housing Forecast

The British Columbia Real Estate Association (BCREA) released its 2021 Second Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 33.6 per cent to 125,600 units this year, after recording 94,013 sales in 2020. In 2022, MLS® residential sales are forecast to pull back 20.3 per cent to 100,150 units.

“Home sales across the province are on pace to shatter previous records,” said Brendon Ogmundson, BCREA Chief Economist. “However, there are early signs that markets are calming from the frenetic pace of recent months and could balance out over the second half of this year.”

Many markets, especially those outside of major metro areas, remain very low on supply. As a result, market conditions are extraordinarily tight and prices are rising rapidly. We are forecasting a 14.3 per cent rise in the MLS® average price this year, followed by a further 3.1 per cent in 2022.

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact RE/MAX Michael Cowling and Associates Realty today!

 
Source:    BCrea
By |2021-05-05T11:01:07-07:00May 5th, 2021|Real Estate|

About the Author:

EnglishFrenchChinese (Simplified)Chinese (Traditional)DutchFilipinoGermanItalianPortugueseRussianSpanish