British Columbia Housing Market To Remain Vibrant Through the New Year Says Report

A company that supports hundreds of credit unions across Canada predicts British Columbia’s housing market will stay healthy until 2021 when the province comes out of the COVID-19 slump.

A report from Central 1, the organization that handles financial services, digital banking and other resources for more than 250 credit unions, said B.C. has seen a “spectacular” recovery in housing demand since the spring’s pandemic lows.

Affordability remains the focus, the report says, as median home prices are up 9% this year to 585,000 and are forecast to increase by 6% to 618,000 by 2021.

The number of homes sold in B.C. has jumped 20% this year, overcoming a pandemic downturn, and as many as 95,000 properties could change hands next year.

This increase is due to the “unique characteristics” of pandemic economics, such as low-interest rates and high-paying workers remain relatively unaffected by COVID-19 economic contractions.

The report also forecasts a firmer rental market through 2022 when economic conditions normalize, border restrictions abate and post-secondary institutions reopen.

However, the rental rate will not change much next year, due to the rent freeze imposed by the province.

Brian Yu, Central 1 deputy chief economist, authored the report and calls B.C.’s ongoing pandemic recovery a “mix of short-term challenges and future optimism.”

“Economic growth is forecast to pick up steam in the second quarter of 2021 onwards as the vaccine drives higher investment spending and consumer spending is unleashed when social and travel restrictions are eased,” Yu writes.

Some job loss will continue in B.C.’s “fragile sectors,” Yu says.

Even though employment remains 1.5 percent lower than it did in February, he says the province is outperforming most others and sectors such as retail spending, manufacturing, and exports are “largely recovered.”

This content is also available in: Tiếng Việt

Discover

Bài Liên Quan

Brittanya Karma, confident to the max!

Brittanya Karma,  (real name Phuong Linh Nguyen), has built a huge audience in the Vietnamese online community due to...

Ontario Government Declares State of Emergency amid Coronavirus Pandemic

Earlier this morning Premier Doug Ford formally declared a state of emergency for Ontario due to the novel coronavirus outbreak. Speaking to...

Premier Doug Ford Will Not Campaign for New Conservative Leader Main Focus is Ontario As Province Reports New COVID-19 Cases

Speaking to reporters at Queen’s Park on Monday Afternoon, Premier Doug Ford said he will not be campaigning for the new federal...

Ontario, B.C. and Alberta have declared states of emergency as COVID-19 fears deepen

British Columbia was the third province to declare a state of emergency on Tuesday, March 17, after it has seen 83 additional...

The Senate Calls on the Federal Government to Increase Funding for HIV as New Infections Increase

The Senate passed a new petition urging the federal government to increase HIV funding to $100 million annually, as new infections continue...

Prime Minister Justin Trudeau announces $100M coming for food banks, and Federal outlook for COVID-19 is on the way

In his daily press conference and address to Canadians Friday, April 3, Prime Minister Justin Trudeau announced that the federal government will...

Health Experts Warning “We’re Going to Run Out of Time” As Canada’s COVID-19 Cases Rises

Over the past few days, it appears that Tuesday marked a day where many provinces reported a higher number of new COVID-19...

This content is also available in: Tiếng Việt