" Multiple Listing Service residential sales in the province are forecast to increase 10.3 % to 85,290 units this year, after recording 77,349 residential sales in 2019. MLS residential sales are forecast to increase 6.3 % to 90,700 units in 2021.
"The outlook for home sales in 2020 is brighter than the past 2 years," said Brendan Ogmundson, BCREA Chief Economist. Momentum carried through from the end of 2019 to 2020 will put the housing market on more solid footing, aided by low interest rates and an improving economy.
While demand is recovering, the supply of homes for sale has not managed to keep pace. New listings activity did not materially increase during the downturn in home sales, and total inventory did not accumulate to the same extent as in previous slowdowns. As a result, market conditions around the province are tightening and home prices will likely face upward pressure as demand continues to firm.