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covid-19 and the housing market

Blog by June Conway | April 24th, 2020

Covid-19 poses challenges for the real estate market.  Industry experts vary on projections.  Snippets of what some are saying include:
  • 'housing sector will crater this April'
  • 'significant market downturn'
  • 'if lockdown measures and the recession last longer than expected, downward pressure on prices is going to build up across the board',
  • 'housing market will experience a serious slowdown'
  • 'deep recession due to the pandemic, followed by a significant recovery in home sales in 2021'
Have a read of BCREA Market Intelligence Report which examines the impact of past recessions on the BC housing market and provides preliminary projections on how COVID-19 may impact provincial home sales and prices over the next 24 months: