February 2021 Market Update

BCREA: Housing market likely to enjoy an exceptional 2021

With Canada's economic recovery and COVID-19 vaccinations each proceeding at a healthy pace, British Columbia's housing market can look forward to an exceptional 2021, according to the BC Real Estate Association.

In its latest Housing Forecast Update covering the first quarter of this year, the BCREA said that the province's residential sales will likely grow by 15.6% to 108,680 units in 2021, before a 9% decline to 98,850 units in 2022.

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B.C. Real Estate News

BRITISH COLUMBIA

The pandemic housing craze is fueling another boom: reverse mortgages (Global News)

British Columbia Housing Market Set Up for Very Strong 2021 (Business Examiner)

2021 home sales will rival 2016 boom year, says B.C. Real Estate Association (Vancouver Sun)

Pandemic housing boom means affordability is no longer just a big-city problem(Global News)

B.C. home sales up more than 20 per cent in 2020: BCREA report (The Province)

B.C.'s speculation tax helped free up housing for long-term rentals, ministry says (CTV News)

B.C. leads the way as residential building booms in Canada, despite pandemic (CBC)

LOWER MAINLAND

High demand and higher prices for Vancouver real estate in January, says REBGV (CBC)

Why detached home prices in Greater Vancouver have been rising, while condo prices have stayed static (CBC)

Bidding wars are back: Record-setting January for Fraser Valley home sales (CTV News)

Greater Vancouver home sales running far ahead of the same time last year, early data shows ( Business in Vancouver)

WHISTLER & SQUAMISH

Whistler real estate was red hot in late 2020 (Pique News)

VICTORIA & VANCOUVER ISLAND

Average Greater Victoria home price sets new record, surpasses $1.2 million (CHEK News)

Local buyers keep Victoria housing market steaming (Western Investor)

16% boom predicted for B.C. real estate sales in 2021: experts (Victoria News)

High demand, low supply drove up Greater Victoria home prices in 2020 (Saanich News)

Lowest inventory on record plagues Vancouver Island homebuyers (My Campbell River Now)

OKANAGAN

$22 million land sale sets record in Kelowna (Western Investor)

Province rejects West Kelowna's second request to be exempt from speculation tax (CBC)

City of Kelowna buys lakefront property for $5.3M to expand Strathcona Park (Kelowna Now)

‘This year is the record': Okanagan real estate sales hit new high in 2020 (Global News)