{"id":768,"date":"2021-09-10T17:29:08","date_gmt":"2021-09-10T21:29:08","guid":{"rendered":"http:\/\/www.juliafreeman.ca\/blog\/?p=768"},"modified":"2023-03-28T16:36:10","modified_gmt":"2023-03-28T20:36:10","slug":"bcrea-2021-third-quarter-housing-forecast-update","status":"publish","type":"post","link":"https:\/\/www.juliafreeman.ca\/blog\/2021\/09\/bcrea-2021-third-quarter-housing-forecast-update\/","title":{"rendered":"BCREA 2021 Third Quarter Housing Forecast Update"},"content":{"rendered":"<p><a href=\"https:\/\/www.juliafreeman.ca\/blog\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-12-at-2.30.17-PM.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-769\" src=\"https:\/\/www.juliafreeman.ca\/blog\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-12-at-2.30.17-PM.png\" alt=\"Julia Freeman Real Estate\" width=\"1154\" height=\"870\" srcset=\"https:\/\/www.juliafreeman.ca\/blog\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-12-at-2.30.17-PM.png 1154w, https:\/\/www.juliafreeman.ca\/blog\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-12-at-2.30.17-PM-300x226.png 300w, https:\/\/www.juliafreeman.ca\/blog\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-12-at-2.30.17-PM-1024x772.png 1024w, https:\/\/www.juliafreeman.ca\/blog\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-12-at-2.30.17-PM-768x579.png 768w\" sizes=\"(max-width: 1154px) 100vw, 1154px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>Provincial Housing Market Activity Normalizing into 2022.<\/p>\n<p>The British Columbia Real Estate Association (BCREA) released its 2021 Third Quarter Housing Forecast Update.<\/p>\n<div>Multiple Listing Service<sup>\u00ae<\/sup>\u00a0(MLS<sup>\u00ae<\/sup>) residential sales in the province are forecast to rise 26 per cent to 118,350 units this year, after recording 94,007 sales in 2020. In 2022, MLS<sup>\u00ae<\/sup>residential sales are forecast to pull back 15 per cent to 100,150 units.<\/div>\n<div><\/div>\n<div>\u201cThe pace of home sales in the province has slowed in recent months but an unprecedented start to the year still has BC on track for a record-breaking year,\u201d said Brendon Ogmundson, BCREA Chief Economist.<\/div>\n<div><\/div>\n<div>\n<p>With strong demand being supported by low mortgage rates and a rapidly rebounding post-COVID economy, the more significant concern is whether there will be an adequate supply of listings in the market.<\/p>\n<p>The supply situation is especially severe in markets outside the Lower Mainland, where new listings activity has been lackluster.<\/p>\n<p>As a result, the average price in 2021 is on track to post a second consecutive year of double-digit gains.\u00a0<strong>We are forecasting the provincial average price to rise 16.6 per cent<\/strong>\u00a0to $911,300 this year, followed by a 2.9 per cent gain next year to $937,300.<\/p>\n<p>Read the full article\u00a0<a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2021-08-17-forecast.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a>.<br \/>\nCredit BCREA<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Provincial Housing Market Activity Normalizing into 2022. The British Columbia Real Estate Association (BCREA) released its 2021 Third Quarter Housing Forecast Update. Multiple Listing Service\u00ae\u00a0(MLS\u00ae) residential sales in the &hellip; [<a href=\"https:\/\/www.juliafreeman.ca\/blog\/2021\/09\/bcrea-2021-third-quarter-housing-forecast-update\/\">read more<\/a>]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"_links":{"self":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts\/768"}],"collection":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/comments?post=768"}],"version-history":[{"count":3,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts\/768\/revisions"}],"predecessor-version":[{"id":777,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts\/768\/revisions\/777"}],"wp:attachment":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/media?parent=768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/categories?post=768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/tags?post=768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}