BCREA 2021 First Quarter Housing Forecast Update

Provincial Housing Market Set Up for Very Strong 2021

BCREA 2021 First Quarter Housing Forecast Update

Vancouver, BC – January 25, 2021. The British Columbia Real Estate Association (BCREA) released its 2021 First Quarter Housing Forecast Update today.

Multiple Listing Service^® (MLS^®) residential sales in the province are forecast to rise 15.6 percent to 108,680 units this year, after recording 94,021 sales in 2020. In 2022, MLS^® residential sales are forecast to pull back 9 percent to 98,850 units. 

“After an unprecedented and often surprising performance in 2020, the provincial housing market is set up for a very strong year in 2021,” said Brendon Ogmundson, BCREA Chief Economist. “A strong economic recovery and record-low mortgage rates will continue to drive strong demand this year.” 

On the supply side, new listings activity recovered through the second half of 2020, but not nearly enough to see any accumulation in overall inventory. As a result, market conditions will start 2021 very tight, with the potential for strong price increases through the spring and summer until new supply comes online. We are forecasting a 7.7 percent rise in the MLS^® average price this year, followed by a further 3 percent in 2022.

To view the BCREA Housing Forecast Update PDF, click here.

For the complete news release, including detailed statistics, click here.

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BCREA is the professional association for more than 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research, and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.