Sharp drop in B.C. home sales should be followed by steady recovery: BCREA
Ban on open houses foreshadows short- to mid-term trouble for property sales, as COVID-19 infects all aspects of the market
As COVID-19 makes its way around the globe, it is also bulldozing its way through the economy. While airlines and event venues were the first to be infected, many are anxious about how the virus will affect other parts of the economy, including the real estate market – which made up 17.4 per cent of B.C.’s GDP in 2018.
Earlier this month, B.C. real estate brokers cancelled all open houses. When houses aren’t shown they become more difficult to sell, and when houses aren’t selling the broader market suffers. While the outlook doesn’t look good, it is…