(AP Photo/Elaine Thompson, File)

(AP Photo/Elaine Thompson, File)

16% boom predicted for B.C. real estate sales in 2021: experts

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.

READ MORE: Vancouver’s real estate market up 22% in 2020, despite pandemic

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.



sarah.grochowski@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

BusinessFraser ValleyhomeReal estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Alexa Wyatt-McCarthy, Courtney King, and Vernon North Okanagan RCMP Const. Nic Reimann, a board director for Cops for Kids, presented a new stroller and gifts Feb. 26, 2021, to a mother whose stroller was stolen in January. (RCMP)
Stolen Vernon stroller replaced in act of kindness

Fundraising efforts kickstarted by local businesswoman, backed by Vernon RCMP

A local aerial photographer's drone was stolen from his car Feb. 24. (Kyle Froud photo)
New Vernon business deflated by thieves

Aerial photographer’s drone stolen from car overnight

While the Okanagan Rail Trail remained open, Coldstream parks have been closed for a month now, but could re-open mid-May. (Jennifer Smith - Morning Star)
Funds link Okanagan Rail Trail to Predator Ridge

1.3-km section of multi-use trail with a safe crossing under Highway 97

Vernon Fire Rescue Services, BC Ambulance and Vernon North Okanagan RCMP responded to a three-vehicle collision at 32nd Street and 41st Avenue Friday, Feb. 26, 2021. (Google Maps)
Three vehicles collide on main Vernon road

Extent of injuries unknown at this time; police, ambulance and fire on scene

Several road closures were in effect Jan. 13 due to downed trees, but meanwhile many residents are hoping Lake Country will invest in fixing damaged roads in 2021. (District of Lake Country photo)
Road safety puts Lake Country traffic plans in drive

District funds traffic calming program, and community grant

Dr. Bonnie Henry leaves the podium after talking about the next steps in B.C.’s COVID-19 Immunization Plan during a press conference at Legislature in Victoria, B.C., on Friday, January 22, 2021. THE CANADIAN PRESS/Chad Hipolito
COVID: 589 new cases in B.C., and 7 new deaths

No new outbreaks being reported Feb. 26

The first of 11 Dash 8 Q400 aircraft's have arrived in Abbotsford. Conair Group Inc. will soon transform them into firefighting airtankers. (Submitted)
Abbotsford’s Conair begins airtanker transformation

Aerial firefighting company creating Q400AT airtanker in advance of local forest fire season

Arrow Lakes Caribou Society said the new caribou pen near the Nakusp Hotsprings is close to completion. (Submitted)
Maternity caribou pen near Nakusp inches closer to fruition

While Nakusp recently approved the project’s lease, caribou captures are delayed due to COVID-19

BC Housing has proposed that the emergency winter shelter at Victory Church at 352 Winnipeg Street be extended as a shelter until March 31, 2022. It was originally intended to be open until April 1, 2021. (Jesse Day - Western News)
One more year of ‘temporary’ homeless shelter in Penticton?

BC Housing has applied to extend Victory Church as a shelter for those experiencing homelessness

The Canada Revenue Agency says there were 32 tax fraud convictions across the country between April 2019 and March 2020. (Pixabay)
Vancouver man sentenced to 29 months, fined $645K for tax evasion, forgery

Michael Sholz reportedly forged documents to support ineligible tax credits linked to homeownership

Then-Liberal leader Andrew Wilkinson looks on as MLA Shirley Bond answers questions during a press conference at Legislature in Victoria. (Chad Hipolito / THE CANADIAN PRESS)
B.C. Liberal party to choose next leader in February 2022

Candidates have until Nov. 30 to declare whether they are running

NorKam secondary student Karis Wilson in the outfit that got her sent home from school on Feb. 23, 2021
Kamloops-Thompson school district drafts new dress code policy after students sent home

The new policy is being created after a NorKam secondary student was sent home because of what she was wearing

After nearly 10 months of investigations, Mounties have made an arrest in the tripping of an elderly woman in Burnaby this past April. (RCMP handout)
VIDEO: Mounties charge suspect for tripping elderly woman near Metrotown in April

32-year-old Hayun Song is accused of causing bodily harm to an 84-year-old using her walker

British Columbia provincial health officer Dr. Bonnie Henry arrives to view the Murals of Gratitude exhibition in Vancouver, on Friday, July 3, 2020. THE CANADIAN PRESS/Darryl Dyck
Death threats mount against Dr. Bonnie Henry, sparking condemnation from Horgan, Dix

Henry has become a staple on televisions in homes across British Columbia since January 2020

Most Read