B.C. housing market in recovery; growing population, lower borrowing costs and pent-up demand to drive higher prices and sales
B.C.'s housing market is recovering much quicker than anticipated after the 2018 downturn, according to Central 1 deputy chief economist Bryan Yu in the latest B.C. Resale Market Housing Outlook 2019-2021.
The report finds that steep mortgage rate declines combined with continued population growth are boosting demand in the housing market. These factors coupled with steady economic growth and price declines in large urban areas have prompted buyers to return to the market – particularly in the Lower Mainland. "Home sales have returned to more normal levels following over a year of policy induced declines but B.C.'s sales recovery has lagged the rest of Canada," said Yu.