Real Estate Market EXPECTED to INCREASE in 2020

Always keep in mind that these stats are Province wide and take into effect the most robust market of the Greater Vancouver area.  That accounts for an enormous part of the statistics that create the synopsis that is reported from the BCREA.  The CHILLIWACK REAL ESTATE MARKET is built on sound principals and sound fundamentals.  We have reached a balanced market which has subsided the Frantic market that we experienced recently and now gives Buyer's an opportunity to take a little time to ensure that they are making a great decision.  They can make an offer based on what they believe to be the market value of the home based on their experience viewing enough product prior to making a decision.  This is a good thing.  This is a much more sensible market.  CHILLIWACK continues to be a wonderful place to invest in Real Estate.  There are a number of things going in our community that when they come to fruition will make it even better.  It is safe.  We are not a volatile market that is driven so much from the Greater Vancouver area and people want to live here.....
Here is the latest report from BCREA:
BC Home Sales to Rise in 2020
BCREA 2019 Second Quarter Housing ForecastVancouver, BC – June 18, 2019. The British Columbia Real Estate Association (BCREA) released its 2019 Second Quarter Housing Forecast today.Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 9 per cent to 71,400 units this year, after recording 78,346 residential sales in 2018. MLS® residential sales are forecast to increase 14 per cent to 81,700 units in 2020. The 10-year average for MLS® residential sales in the province is 84,300 units.“The shock to affordability from restrictive mortgage policies, especially the B20 stress test, will continue to limit housing demand in the province this year,” said Cameron Muir, BCREA Chief Economist. “However, a relatively strong economy and favourable demographics are likely creating pent-up demand in the housing market,”The inventory of homes for sale has climbed out of a cyclical low, leading to balanced market conditions in many areas and buyer’s market conditions in some communities and across some products types. Current market conditions are expected to provide little upward pressure on home prices this year, with the average annual residential price forecast to remain essentially unchanged, albeit down 2 per cent to $697,000. Modest improvement in consumer demand is expected to unfold though 2020, pushing the average residential price up 4 per cent to $726,000.
For more information, please contact:  Cameron MuirChief EconomistDirect: 604.742.2780Mobile: 778.229.1884Email: cmuir@bcrea.bc.caBCREA is the professional association for more than 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.To subscribe to receive other BCREA publications such as this one, to unsubscribe, or to update your email address or current subscription list, click here.