Our round-up of various industry groups’ predictions for B.C.’s housing market next year — and is there a consensus?
Last year, real estate pundits predicted that sales in 2019 would rebound after a soft 2018. And they were partially right, although it ended up happening too late in the year for the full-year total to be described as a recovery.
So what are the various real estate industry organizations and brokerages predicting for B.C.’s residential sales and prices in the coming year?
We compiled this summary of some of the key 2020 forecasts, and took our best stab at a general consensus.
Prone to bullishness about the B.C. housing market by nature, the B.C. Real Estate Association (BCREA) predicts that MLS residential sales across the province will increase 10.9 per cent to 85,500 units in 2020, which would take the annual total to just below the 10-year annual average of 85,800 units. However, it’s worth noting that BCREA’s forecast a year ago that sales would rise 5.2 per cent in 2019 did not come to pass.