More disposable income, tight supply keep B.C. housing market strong despite COVID-19: report
the Editors • October 8, 2020
Not even a global pandemic can keep the province's real estate industry down.
The British Columbia Real Estate Association’s latest report, The Unusual World of Pandemic Economics, seems to contradict its title. Or maybe that’s the point.
In any case, the hammering that many parts of the economy have seen thanks to the COVID-19 pandemic hasn’t been felt by the province’s real estate industry, at least according to the BCREA.
“Looking at recent data in the housing market, it would be difficult to tell there was a recession at all,” said BCREA chief economist Brendon Ogmundson in a release. “In a typical recession, we would see falling demand and rising supply, but this recession is anything but typical.”
The report points to uneven job losses across sectors, an increase in many households’ rate of savings, swift government aid, a tighter-than-ever housing supply and low interest rates as the drivers behind B.C.’s recent housing market highs.
Notably, high-income households have been much less affected by the crisis than middle- or lower income families. Household savings and disposable income have also increased, with the latter jumping 11 percent from the first quarter of 2020 to the second, according to the report.
With people not as keen to show their homes or move during the pandemic, supply has shrunk, too, creating some pent-up demand.
The BCREA’s current prediction for 2020 MLS sales is in the 80,000 range, which would beat 2019’s tally of 77,331. The group is also predicting a massive bump for next year.
“We expect home sales will sustain this momentum into 2021, aided by record-low mortgage rates and a recovering economy,” noted Ogmundson.
Langley Township council gave preliminary approval to a new development in Brookswood, but it’s unclear exactly how many homes will be built there. πFull Details Here
β οΈ Setting Up for 2026 | Watch Your Step The Fraser Valley real estate market is still adjusting as we move through January and begin setting up for the year ahead. π Prices continue to soften ποΈ Inventory remains elevated π Sales volumes are unusually low As we look toward the spring season, these three forces are shaping what comes next in the Langley and Fraser Valley real estate market. In this update, I break down the latest Fraser Valley Real Estate Board statistics and explain what I’m seeing on the ground, including: π·οΈ Pricing and where values are settling π¦ Inventory and who has leverage right now π Sales volume and what buyer behaviour is really telling us This is a market that rewards preparation, not prediction. Whether you’re buying, selling, or planning ahead for 2026, understanding how these pieces fit together can help you make better decisions. π Full market breakdown and stats π https://rly.forsale/Jan2026Stats π
Book a time to talk π https://rly.forsale/Chat-with-Andy
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