(Photo by MyPGNow.com staff)
Economic Recovery and low-interest rates are leading a resurgence in the housing market across the province.
According to the BC Real Estate Association’s fourth-quarter forecast, residential sales are expected to rise nearly 17% this year, for an increase of about 13-thousand sales from 2019.
Chief Economist, Brendon Ogmundson told Vista Radio the north has rebounded quite nicely.
“In the north, that is true as well, we are expecting home sales across the BC Northern Real Estate Board increase by about 4% this year, which is about 43-hundred sales. Considering all the challenges this year, this is a very strong showing.”
“Plus, we are seeing all of that pent up demand from sales that didn’t happen in the spring, which kind of flooded into the fall where we are experiencing near-record amounts of sales across the north and we expect that momentum to continue into next year as big capital projects resume construction or get back underway.”
He added as difficult as the spring season was on everyone, it didn’t take long for realtors, buyers, and sellers alike to change course.
“People adapted really quickly working around all the challenges that pandemic brought and right now, we have record low interest rates, which really provides a significant boost to the housing market.”
Heading into 2021, the BCREA projects 47-hundred units to be sold in our region, which would mark the best sales year in about a decade.
Elsewhere, the South Okanagan is expected to have the biggest jump in unit sales at 24.4% (2,200 units) followed by the Fraser Valley at 22.6% (18-thousand) and Greater Vancouver (31-thousand) at 20.7%.