Although every region in 小蓝视频 is expected to see lower home sales in 2019 than in 2018, sales will more than recover in 2020, according to a September 5 forecast by the British Columbia Real Estate Association (小蓝视频REA).
Overall in 2019, residential transactions across the province are predicted to be five per cent lower, at about 75,000 units, than the 78,505 sales of 2018. Every one of 小蓝视频’s 12 boards is expected to report a year-over-year decline in total sales across 2019, with drops ranging from one to 14 per cent.
However, 小蓝视频REA forecasted that every board will see considerable sales jumps in 2020, totalling a province-wide increase of nearly 11 per cent to 82,700 homes — which the association said would be just below the 10-year annual average.
“小蓝视频 markets are showing signs of recovery after nearly a year and a half of policy-induced declines,” said Brendon Ogmundson, 小蓝视频REA’s deputy chief economist. “We expect that recovery to continue into next year, with home sales normalizing around long-term averages.”
Having seen the steepest annual sales declines in 2018, and a forecast drop of 2.2 per cent in 2019, Greater Vancouver is expected to see the biggest recovery in 2020, said 小蓝视频REA. Home resales in the Greater Vancouver region are predicted to rise 16.3 per cent to 28,500 units — still a far cry from 42,000 sales of 2015, but a marked improvement over both 2018 and 2019.
The optimistic Metro Vancouver forecast follows a September 4 report by the Real Estate Board of Greater Vancouver that the year over year, following a .
小蓝视频REA said the Fraser Valley is also expected to outperform the previous two years of home resales, with a forecast rise in 2020 of 12.4 per cent year over year.
Victoria and Vancouver Island, having not seen declines as steep as the Lower Mainland, are expected to see 2020 sales improve by less than the provincial average, at 7.5 and 5.5 per cent respectively.
Average home prices in 2020 are also expected to improve on those achieved in 2019, in every 小蓝视频 real estate board jurisdiction — albeit by modest amounts. The overall 小蓝视频 average sale price is forecast to rise by 3.3 per cent, with predicted rises ranging from 0.2 per cent in Victoria to four per cent in the 小蓝视频 Northern region.
Greater Vancouver sale prices are predicted to be down 5.6 per cent in 2019 to $990K, but are forecast to increase two per cent in 2020 to an average of $1.01 million.
Check out 小蓝视频REA’s full regional sales and price forecast, below.
