Real estate news: British Columbia

With coronavirus keeping people indoors and leaving them without work, some Canadians wait patiently for prices to drop before buying a home. It turns out that it may take more than a pandemic to keep the Canadian housing market down.

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According to REBGV and BCREA:

Real estate sales follow seasonal patterns. The houses sell well in the spring. Then, the market slows down in the summer, as buyers and sellers usually go on vacation. Activity increases in autumn, the second busiest time of year after spring. Things calm down in the winter. The 2020 market looks a little different due to COVID-19.

Like many other sectors of the B.C. economy suffer, the residential real estate market continues to recover from its fall in COVID-19.

Canadian home sales hit a record high in July as home buyers cleared the roadblocks.

With coronavirus keeping people indoors and leaving them without work, some Canadians wait patiently for prices to drop before buying a home.

It turns out that it may take more than a pandemic to keep the Canadian housing market down.

RBC Economics sees nothing to indicate that house prices will fall anytime soon. Instead, it is the opposite.

The B.C. The Real Estate Association predicts that 2020 will end with a 7.7% increase in the average price compared to 2019.

BCREA also predicts a further 3.7 percent increase in 2021.

Greater Vancouver, the association predicts that the average price will jump 5.9% compared to 2019.

For 2021, the average price in the region is expected to increase 2.4 percent.

In the Fraser Valley, BCREA expects the average price to grow 6.7% in 2020 and 2.6% in 2021.

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