Along with sales, the average price of homes is also predicted to rise, by nearly 8 percent
The B.C. Real Estate Association is predicting a nearly 16 per cent uptick in sales in 2021 amid a rebounding in market listings since the start of the pandemic.
“The provincial housing market is set up for a very strong year,” said BCREA chief economist Brendon Ogmundson in the release of the association’s first quarter housing forecast, released Jan. 25.
“Record-low mortgage rates will continue to drive strong demand this year.”
Overall, the province is predicted to see 108,680 units sold in 2021 – up from 94,021 sales last year – before analysts expect a downturn in 2022 to just 98,850 units changing hands.
Along with sales, the average price of homes is also predicted to rise, by nearly eight percent.
In the Fraser Valley, nearly 17 per cent, or 3,129 more units, are expected to change hands with increased sales in 2021.
A similar climb is predicted – at a nearly 22 per cent uptick in real estate sales – for Greater Vancouver this year.