The real estate market in B.C. is about to take a hit, as a new report forecasts a massive decrease in house sales.
A BC Real Estate Association (BCREA) report predicts house sales will fall by 30-40% this April, compared to the same time last year.
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The sale volumes will remain low over the summer, as people continue to practice self-isolation.
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Meanwhile, the province’s economy is expected to shrink by four percent in 2020.
“We think this is going to a fairly deep recession,” said Brendon Ogmundson, BCREA chief economist.
However, he said the recession may not be as lengthy as previous ones, depending on how long the pandemic lasts.
That’s why it’s important to continue isolating, in order to ensure a quicker recovery.
“While we don’t know when this unprecedented period will end, markets will be boosted by pent-up demand and historically low interest rates when it does,” added Ogmundson.
So far during the pandemic, the country has seen millions apply for income assistance. That comes after many businesses laid employees off and close their doors.
For more B.C. stories, head to our News section.
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