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Market Intelligence (October 2020)

Posted by Ron Neal on Friday, October 30th, 2020 at 8:08am.

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The latest BCREA Market Intelligence: COVID-19: Population Growth and Housing Demand examines how the sharp drop in immigration this year due to the global pandemic has impacted the BC housing market.

 Click here to read the full report.
Summary Findings:
  • Immigration is the most important driver of population growth in BC, with a growing share within the prime working-age and household-forming demographic.
     
  • The global pandemic has resulted in a sharp drop in immigration and consequently BC reporting one of the lowest quarterly increases in population growth since 2011.
     
  • In the short term, the impact of lower population growth will weigh most significantly on the rental market due to a significant reduction in international students and new permanent residents.

 

 

For more information, please contact:

Brendon Ogmundson
Chief Economist
604.742.2796
bogmundson@bcrea.bc.ca 
Kellie Fong
Economist
778.357.0831
kfong@bcrea.bc.ca 

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.

Talk to our team to learn more

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The Neal Estate Group is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 5,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Group have the industry experience and market knowledge to help you make smart and informed buying or selling decisions. 


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