Q: What’s the Latest From Our BC Market?
Here are the key figures to know about our B.C. market as we head into fall.
The latest housing market data is in for the month of August; how is real estate performing this far along in 2020?
In B.C., employment grew by 15,000 in August, following a gain of 70,000 in July; the province is now at 94% of its February pre-COVID employment level. Canadian housing starts increased by 7% to 262,000 units in August, representing the fourth-consecutive monthly increase and the fastest pace of national home building since 2007.
According to the Multiple Listing Service (MLS), residential sales in B.C. are forecast to reach 82,380 this year, as compared to 77,351 in 2019. In 2021, residential sales are projected to reach 96,860. We are forecasting B.C.’s MLS average prices to finish this year up 7.7% and increase by 3.7% in 2021.
An increase in many households’ rate of saving, swift government aid, a tighter than ever housing supply, and low interest rates are the main drivers behind our recent housing market highs.
These stats are provided by the BC Real Estate Association, and are available for your browsing at bcrea.bc.ca. We’ll be back soon to address more real estate topics, but until then, reach out to us by phone or email if we can be of any help to you.