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Market Intelligence (September 2020)

Posted by Ron Neal on Thursday, September 10th, 2020 at 9:04am.

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“The Unusual World of Pandemic Economics” –
Why BC’s Housing Market Remains Strong Despite COVID-19

 
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Vancouver, BC – Septemeber 9, 2020. The British Columbia Real Estate Association’s (BCREA) latest Market Intelligence report, The Unusual World of Pandemic Economics, points to uneven job losses across sectors, an increase in many households’ rate of savings, swift government aid, a tighter-than-ever housing supply and low interest rates as the drivers behind BC’s recent housing market highs.

“The COVID-19 recession has battered many sectors of the BC economy. However, looking at recent data in the housing market, it would be difficult to tell there was a recession at all,” says BCREA Chief Economist Brendon Ogmundson. “In a typical recession, we would see falling demand and rising supply, but this recession is anything but typical.”

Previous BCREA forecasts anticipated housing prices would return to the pre-COVID-19 baseline in early 2021. However, a surge of pent-up demand into an undersupplied market has prices at pre-COVID-19 levels well ahead of schedule.

“Pandemic economics are proving to be very unusual. Many of the trends we are seeing are without precedent and significant uncertainty remains, but we are cautiously optimistic that this housing recovery will continue,” notes Ogmundson.

To read the full report, click here.

For the PDF of this news release click here.

For media inquiries:

Shaheed Devji
Marketing Communications Specialist
604.757.7260
sdevji@bcrea.bc.ca 

Market Intelligence is published by the British Columbia Real Estate Association. Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: "Copyright British Columbia Real Estate Association. Reprinted with permission." BCREA makes no guarantees as to the accuracy or completeness of this information.

Additional economics information is available here on BCREA's website. 

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The Neal Estate Team

The Neal Estate Team 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 4,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Team have the industry experience and market knowledge to help you make smart and informed buying or selling decisions. 


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