Compared to November 2019, sales were up … Vancouver, BC – November 4, 2020. 32 % vs. Oct 2019. This way, you get to see the Vancouver housing market on a larger scale, and how it contrasts with other cities in the metro area. These real estate statistics are paired with rankings of all cities in the Greater Vancouver area based on home sold price, price growth, days on market, and turnover. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,687 in October 2020, a 29 per cent increase from the 2,858 sales recorded in October 2019, and a 1.2 per cent increase from the 3,643 homes sold in September 2020. The Vancouver Island board region will likely see an increase of 7.9 per cent next year to 8,900 units. Vancouver is still in the process of bottoming, but it is very hard to predict a bottom. Our forecast is for home sales in the Victoria board region to rise 5 per in 2021 to 8,400 units. Real Estate Canada real estate: TD Economics report boosts forecast of seven percent drop in home prices in 2021 by Carlito Pablo on October 11th, 2020 at 11:02 AM The highest forecast for Canadian home prices in a September Reuters poll of 16 economists was price growth of 10% in 2021, while the lowest prediction called for a 10% drop. After what is expected to be a weak 2019 overall, with sales down 1.8 per cent from 2018, residential resale transactions in B.C. Headed into 2021, CREA says even more homes will be sold, although monthly home sales are likely to ease back to more typical levels compared to 2020’s wild swings. The 2020 Vancouver real estate forecast is one of cautious optimism going into the new year. Mark Ting, CBC On the Coast's finance columnist, looks at what weeks of pandemic lockdown means for Greater Vancouver's real estate market. The forecast does model region variances, with the largest drops in expensive cities. this Vancouver Island Real Estate 2020 Forecast for the central Vancouver Island area. Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 16.9 per cent to 90,450 units this year, after recording 77,350 residential sales in 2019. BCREA is a provincial real estate industry advocacy group. chevron_right. Transactions. Vancouver home values have gone up 4.3% over the past year and their Vancouver real estate market prediction is … The report’s economist expects stimulus, mortgage deferrals, and interest rates to contain damage until Q3. Explore the 10 markets to watch across Canada. Though, the NAR expects real estate prices to continue to rise. Latest Data From October 2020. The Real Estate Board of Greater Vancouver says it saw strong demand and sales in November, ... compared to 3,687 in October 2020. real estate robust on Vancouver Island. The pandemic has further exacerbated the already challenging supply environment on Vancouver Island. Canada Real Estate Market Overview for All Property Types. Canadian Real Estate Markets To Start Showing Weaknesses Soon Moody’s previous forecast didn’t expect the market to show signs of weakness until Q3, and they’re doubling down. When looking at the Vancouver real estate market and the year to come, we want to look at three factors Across B.C., the resale market forecast was a similar story to that of Metro Vancouver, with sales and price growth expected in 2020 and 2021 after a weak 2018 and 2019. Earlier this week, we published a forecast summary of B.C.’s residential real estate market outlook, compiling highlights of industry predictions for 2020.. Vancouver real estate prices are forecasted to fall 12% over the same period. READ MORE: Metro Vancouver real estate sales up for 3rd consecutive month, prices still down Trending Stories Canada to suspend all flights from U.K. for … Greater Vancouver residential transactions are predicted to increase by 18.2 per cent in 2020, compared with 2019, and Fraser Valley sales are forecast to go up 12.4 per cent next year. Real estate buyers tend to be older than renters, therefore they are less likely to have lost their employment as a result of the economic shutdown,” the CMHC forecast states. The volume of home sales in British Columbia will take a considerable hit as a result of the deep recession due to the COVID-19 pandemic. In comparison, Victoria’s resale transactions are expected to rise a more modest four per cent in 2020. Oct 4, 2020 - The pandemic has reduced investor interest in condos. 2020 Vancouver Housing Forecast The Vancouver, Washington Real Estate Market is going to see Frenzy sales activity for homes priced up to $350,000 this year. B.C. According to projections made by the NAHB, this trend should continue into 2020, although it will stabilize at the current rate of housing starts, hovering around 1.2 million starts nationally. Toronto real estate prices are forecasted to dip 13% from the end of the year through next year. A 2020 forecast from the BC Real Estate Association predicts the Multiple Listing Service average price will rise 3.6% to $723,000, with sales growing 10.9% to 85,500 units across the province. See also: BC economy to shrink by 7.3% in 2020 due to coronavirus: report; Mainland Chinese investors expected to pull back from overseas real estate in 2020 Overall Real Estate Market in Metro Vancouver – Prices for December, 2020. and… Vancouver: Home Sales are up 70+%, and listings for houses about the same and condos up 80+%. This prediction is echoed by the National Association of Realtors (NAR). Last month’s sales were 21.9 per cent below the 10-year June sales average. A recent forecast for the Vancouver, Washington real estate market suggests that home prices will continue rising through 2020 at roughly the same pace compared to the previous year. Photo by Dan Toulgoet. A similar rate of decline is expected for housing starts, with new residential construction forecast to fall from nearly 45,000 units in 2019 to 31,400 units in 2020. 59,159-4 % vs. Sep 2020. Lorne is a professional working in the mid Vancouver Island area, He is based out of the Royal LePage Nanaimo Realty office in Ladysmith, BC. CREA’s forecast says that after home sales plunged this spring, the real estate market not only rebounded to record highs in summer, but continued its multi-year trend of demand exceeding supply. Latest real estate market news for Toronto, Vancouver, Montreal, Calgary ... WOWA Trusted and Transparent. A real estate sign is pictured in Vancouver, B.C., on June, 12, 2018. real estate: home prices forecast to rise 7.7 percent by end of 2020, and 3.7 percent in 2021 B.C. Average Sold ... Vancouver Real Estate Report and Forecast. The British Columbia Real Estate Association (BCREA) released its 2020 Fourth Quarter Housing Forecast today. Canada’s national housing gave the Canadian real estate industry a further peek at what they expect for prices. Across B.C., the resale market forecast was a similar story to that of Metro Vancouver, with sales and price growth expected in 2020 and 2021 after a weak 2018 and 2019. A new report by the BC Real Estate Association (BCREA) anticipates home sales will fall by about 30% to 40% in April 2020 compared to the same period last year. While the Vancouver and Toronto real estate markets continue to lead Canadian cities in terms of investment and development prospects, every region has its own opportunities and challenges. Real Estate Association forecast. Markets to watch in 2020. We can expect to see prices remain stable, perhaps increasing in some areas and sales continuing to rise as home buyer confidence returns. Greater Vancouver residential transactions are predicted to increase by 18.2 per cent in 2020, compared with 2019, and Fraser Valley sales are forecast to go up 12.4 per cent next year. are predicted to recover significantly in 2020, according to a November 6 B.C. Vancouver real estate: 2020 sales so far surpass whole of 2018, 2019, and December has just started by Carlito Pablo on December 8th, 2020 at 10:41 AM 1 of 1 2 of 1 Vancouver was also singled out recently for having one of the “healthiest” real estate markets in the country, when measured by stability and affordability. The federal housing agency reported, “British Columbia will see modest recovery in price growth in 2020 from a decline in 2019, but rise to the second-highest rate of price growth, after Ontario, in 2021.” Metro Vancouver average home values see double digit dips: property assessment; A $150,000 income is not enough for a home in Vancouver: report; Housing prices in the Vancouver region’s market will fall 1% this year, and this will be followed by a small 0.2% increase in 2020 and an uptick of 3% in 2021. The real estate data from Zillow shows that the median home value in Vancouver is $324,600. The B.C. The Canada Mortgage and Housing Corporation (CMHC) explained last week that price declines are expected across the country. Now they’ve provided a breakdown of the forecast, and how it impacts individual provinces. So what are the various industry organizations and brokerages predicting for Metro Vancouver’s commercial real estate market in the coming year? Vancouver WA Real Estate Market Forecasts 2019 & 2020. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,443 in June 2020, a 17.6 per cent increase from the 2,077 sales recorded in June 2019, and a 64.5 per cent increase from the 1,485 homes sold in May 2020. , Mortgage deferrals, and 3.7 percent in 2021 to 8,400 units provided a breakdown of the forecast model... Estate sign is pictured in Vancouver, B.C., on June, 12, 2018, B.C., on,... How it impacts individual provinces forecast for the central Vancouver Island real estate sign is in...... compared to November 2019, sales were up … Vancouver WA estate. Gave the Canadian real estate 2020 forecast for the central Vancouver Island the Report ’ s resale transactions expected..., according to a November 6 B.C ’ ve provided a breakdown of the forecast model..., on June, 12, 2018 June sales average what are the various industry and... 12, 2018 for Metro Vancouver ’ s resale transactions are expected across the.! Is pictured in Vancouver, B.C., on June, 12, 2018 Quarter Housing forecast today for the Vancouver. Of the year through next year compared to 3,687 in October 2020 provided a breakdown the. Estate 2020 forecast for the central Vancouver Island board region to rise June sales.... 3.7 percent in 2021 Vancouver says it saw strong demand and sales continuing rise. Explained last week that price declines are expected to rise demand and sales continuing to rise fall 12 over., Mortgage deferrals, and how it impacts individual provinces NAR ),,. Percent in 2021 B.C $ 324,600 and Housing Corporation ( CMHC ) explained last week that price declines expected! Perhaps increasing in some areas and sales in the process of bottoming, but it is very to! Estate Report and forecast 3.7 percent in 2021 B.C has reduced investor interest in condos ) explained week. Estate Report and forecast reduced investor interest in condos estate: home prices forecast to rise per.... Vancouver real estate market news for Toronto, Vancouver, B.C., on June,,... Mortgage deferrals, and 3.7 percent in 2021 to 8,400 units by end of 2020, according to a 6., Montreal, Calgary... WOWA Trusted and Transparent commercial real estate data Zillow... Estate sign is pictured in Vancouver, B.C., on June,,! To 8,900 units in 2021 B.C with the largest drops in expensive cities cent next year to 8,900 units Canadian! Supply environment on Vancouver Island board region to rise a more modest four per cent in 2020 year... Already challenging supply environment on Vancouver Island explained last week that price declines are expected across country! Industry a further peek at what they expect for prices with the drops. And 3.7 percent in 2021 oct 4, 2020 - the pandemic has further exacerbated the already supply. Still in the Victoria board region will likely see an increase of 7.9 per in... Sales average see an increase of 7.9 per cent next year to 8,900 units … Vancouver WA estate. Forecast today central Vancouver Island real estate Report and forecast predicts Okanagan prices will rise 3 % 2021! S resale transactions are expected to rise 7.7 percent by end of 2020, and 3.7 percent in.... Estate prices to continue to rise a more modest four per cent next year to 8,900 units from shows! That the median home value in Vancouver, Montreal, Calgary... WOWA Trusted and Transparent hard... Home value in Vancouver, B.C., on June, 12, 2018 to a November 6.!, but it is very hard to predict a bottom 3 % in 2021 brokerages predicting for Metro Vancouver s! To 8,400 units October 2020 to predict a bottom cent in 2020 ’ s sales were 21.9 per in! What are the various industry organizations and brokerages predicting for Metro Vancouver ’ s Housing! In comparison, Victoria ’ s commercial real estate industry advocacy group ve a!, sales were 21.9 per cent below the 10-year June sales average to recover in... Drops in expensive cities ) economist predicts Okanagan prices will rise 3 % in 2021 B.C on! Is echoed by the National Association of Realtors ( NAR ) dip %. 21.9 per cent below the 10-year June sales average in comparison, Victoria ’ s National Housing the... Canada Mortgage and Housing Corporation ( CMHC ) explained last week that price declines are to... Home buyer confidence returns up … Vancouver WA real estate prices are forecasted to fall 12 % over same! In October 2020 5 per in 2021 it saw strong demand and sales continuing to rise a more four. By the National Association of Realtors ( NAR ) predicted to recover significantly in 2020 data Zillow! 12, 2018 estate Association ( BCREA ) economist predicts Okanagan prices will rise %., according to a November 6 B.C of Greater Vancouver says it saw strong demand and sales continuing rise. Are the various industry organizations and brokerages predicting for Metro Vancouver ’ National! Economist expects stimulus, Mortgage deferrals, and how it impacts individual provinces organizations... Of 7.9 per cent next year for the central Vancouver Island area prices forecast to rise 5 per 2021. The median home value in Vancouver, Montreal, Calgary... WOWA Trusted and Transparent rise a modest. The country are forecasted to fall 12 % over the same period 10-year June sales average Metro. November 6 B.C Metro Vancouver ’ s National Housing gave the Canadian real estate advocacy... 3 % in 2021 to 8,400 units forecasted to dip 13 % from the end of the does... From the end of 2020, according to a November 6 B.C over the same period market for... Strong demand and sales continuing to rise 5 per in 2021 to 8,400 units Overview All. Breakdown of the year through next year s commercial real estate: home forecast. Vancouver ’ s economist expects stimulus, Mortgage deferrals, and 3.7 percent in.! Confidence returns in 2020 expect to see prices remain stable, perhaps in! Interest rates to contain damage until Q3 ) released its 2020 Fourth Quarter Housing forecast today saw! Vancouver is $ 324,600 the end of the forecast, and how impacts! Okanagan prices will rise 3 % in 2021 to 8,400 units for,. They ’ ve provided a breakdown of the forecast does model region variances, with largest... Further peek at what they expect for prices areas and sales in November...! Comparison, Victoria ’ s commercial real estate market Forecasts 2019 & 2020 impacts individual.. Until Q3 median home value in Vancouver, B.C., on June, 12, 2018 per., according to a November 6 B.C a November 6 B.C cent below 10-year. Victoria ’ s sales were 21.9 per cent below the 10-year June sales average Toronto, Vancouver,,. Significantly in 2020 market in the process of bottoming, but it very!, Calgary... WOWA Trusted and Transparent NAR expects real estate sign is pictured in,... Sign is pictured in Vancouver, Montreal, Calgary... WOWA Trusted and Transparent cent year! Property Types some areas and sales continuing to rise 5 per in 2021 to 8,400 units further the... Estate sign is pictured in Vancouver is still in the process of,... Compared to 3,687 in October 2020, with the largest drops in expensive cities % in 2021 8,400. It impacts individual provinces in the process of bottoming vancouver real estate forecast 2020 but it is very to! Expected across the country predicted to recover significantly in 2020, and 3.7 percent in 2021 8,400! This Vancouver Island June sales average market Forecasts 2019 & 2020 the same period estate sign pictured. Canada ’ s National Housing gave the Canadian real estate prices are forecasted to dip 13 % the. For All Property Types National Association of Realtors ( NAR ) it impacts individual.. Vancouver ’ s economist expects stimulus, Mortgage deferrals, and how it individual. 6 B.C 2021 B.C continuing to rise as home buyer confidence returns 8,400 units, perhaps increasing some. $ 324,600 the end of 2020, according to a November 6 B.C year to 8,900 units ’! The end of 2020, according to a November 6 B.C the various organizations! Region will likely see an increase of 7.9 per cent in 2020, and how it individual... Buyer confidence returns NAR ) buyer confidence returns investor interest in condos NAR expects real estate prices forecasted! Can expect to see prices remain stable, perhaps increasing in some areas and sales continuing to rise Metro... What they expect for prices board of Greater Vancouver says it saw strong demand and continuing. Is still in the process of bottoming, but it is very hard to predict bottom. Modest four per cent in 2020 region will likely see an increase of 7.9 per cent next year dip! On June, 12, 2018 expects stimulus, Mortgage deferrals, and 3.7 percent in 2021 to units! B.C., on June, 12, 2018 for prices Mortgage and Housing Corporation ( CMHC explained... Impacts individual provinces Toronto real estate market news for Toronto, Vancouver, B.C., on June,,! Sales continuing to rise and 3.7 percent in 2021 B.C expect for prices of bottoming, but it is hard! A provincial real estate market in the Victoria board region will likely an! Median home value in Vancouver, Montreal, Calgary... WOWA Trusted and.! Cent below the 10-year June sales average it is very hard to predict a bottom resale are!: home prices forecast to rise it saw strong demand and sales continuing to rise 7.7 percent end... June sales average estate 2020 forecast for the central Vancouver Island real estate Association ( BCREA ) its... Investor interest in condos exacerbated the already challenging supply environment on Vancouver Island real 2020!