The British Columbia Real Estate Association (BCREA) posted a well developed review of past recessions and have a positive outlook for the rebound. The Real Estate Market in our area is still active and I see us experiencing a strong market as we see the restrictions soften.
|The latest report examines the impact of past recessions on the BC housing market and provides preliminary projections on how COVID-19 may impact provincial home sales and prices over the next 24 months.
- The 2020 COVID-19 driven recession will be deep, though the duration may be shorter than past recessions.
- We expect that home sales will post an initial sharp decline as households and the real estate sector adhere to social distancing.
- As measures implemented to mitigate the spread of COVID-19 are gradually lifted, we expect that low interest rates and pent-up demand will translate to a significant recovery in home sales and prices.
You can read the full report here