B.C. housing market post-pandemic recovery forecast to outdo 2019

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The B.C. Real Estate Association\u0027s latest housing forecast was released Tuesday and shows that while sales in 2020 did fall to \u0022historic lows\u0022 in April, they have since rebounded to pre\u002Dpandemic levels and even puts the year on track to outdo 2019 sales.

The association’s third quarter forecast report predicts 82,380 home sales by year’s end, a 6.5 per cent increase over 2019’s 77,351 residential home sales. The average home price is also forecast to rise 7.7 per cent this year and 3.7 per cent in 2021.

That, coupled with record-low mortgage rates and buyers seeking more space at home, have prompted a burst of sales activity that had been paused in the early weeks of the pandemic.

 

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