IS IT DIFFERENT THIS TIME? Recession and the BC Housing Market.
If you have been trying to gain greater clarity and knowledge around our BC Real Estate economy since the COVID-19 Recession has hit, or you are looking to understand, what next moves to make in buying or selling your home amidst this unprecedented time.
- 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 significant recover in home sales and prices.