Central 1, a company that supports hundreds of credit unions across Canada predicts British Columbia’s housing market will remain healthy through 2021 as the province moves out of its COVID-19 slump. Their report says affordability remains a focus as median home prices rose 9% last year to $585,000 and are forecasted to climb a further 6% to $618,000 this year. It also says the number of homes sold in B.C. leaped 20% in 2020 overcoming the pandemic downturn, and up to 95,000 properties could change hands next year.
“Economic growth is forecast to pick up steam in the second quarter of 2021 onwards as the vaccine drives higher investment spending and consumer spending is unleashed when social and travel restrictions are eased.” – Brian Yu, Central 1 Deputy Chief Economist.
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