Positive Signs For The BC Housing Market In 2020
With the recently issued property assessments painting a deflated picture for the BC housing market — it would be easy to understand if investors and experts were less than enthusiastic about the picture for 2020. However, in the wake of recent numbers and forecasts, there’s a wave of cautious optimism when it comes to the market in 2020.
At the root of this optimism are the recently published numbers for December, during which sales were 9.5% above the ten-year average, and an eye-watering 88% up on the year-over-year numbers in the Greater Vancouver area. This was a trend reflected across the province — leading to the following comments from the BCREA “Housing markets across the province staged a strong recovery in the second half of 2019... this sets up 2020 to be a much more typical year than what markets have experienced recently”.
It’s this stabilization — as well as predictive analysis of economic and demographic trends — that have also led some experts to project a very strong outlook for the future of the housing market in BC. The main example of this comes from the Canada Mortgage and Housing Corporation (CMHC), who are predicting that in 2021 the BC housing market will see a high degree of acceleration and growth. In both these areas, BC is expected to be well above the Canadian national average.
With these forecasts, there’s no excuse not to proceed in the property market, whether you’re looking to sell, buy, or invest. To start climbing the property ladder today, contact us immediately.