{"id":2219,"date":"2020-09-09T20:09:30","date_gmt":"2020-09-09T20:09:30","guid":{"rendered":"http:\/\/www.chrisbrownrealestate.ca\/blog\/?p=2219"},"modified":"2020-10-28T19:49:01","modified_gmt":"2020-10-28T19:49:01","slug":"the-unusual-world-of-pandemic-economics-why-bcs-housing-market-remains-strong-despite-covid-19","status":"publish","type":"post","link":"https:\/\/www.chrisbrownrealestate.ca\/blog\/the-unusual-world-of-pandemic-economics-why-bcs-housing-market-remains-strong-despite-covid-19\/","title":{"rendered":"The Unusual World of Pandemic Economics"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2220\" src=\"http:\/\/www.chrisbrownrealestate.ca\/blog\/wp-content\/uploads\/2020\/09\/2020-09-09MIR.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-content\/uploads\/2020\/09\/2020-09-09MIR.png 960w, https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-content\/uploads\/2020\/09\/2020-09-09MIR-300x225.png 300w, https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-content\/uploads\/2020\/09\/2020-09-09MIR-768x576.png 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><\/p>\n<p>Vancouver, BC \u2013 Septemeber 9, 2020. The British Columbia Real Estate Association\u2019s (BCREA) latest Market Intelligence report, The Unusual World of Pandemic Economics, points to uneven job losses across sectors, an increase in many households\u2019 rate of savings, swift government aid, a tighter-than-ever housing supply and low interest rates as the drivers behind BC\u2019s recent housing market highs.<\/p>\n<p>\u201cThe COVID-19 recession has battered many sectors of the BC economy. However, looking at recent data in the housing market, it would be difficult to tell there was a recession at all,\u201d says BCREA Chief Economist Brendon Ogmundson. \u201cIn a typical recession, we would see falling demand and rising supply, but this recession is anything but typical.\u201d<\/p>\n<p>Previous BCREA forecasts anticipated housing prices would return to the pre-COVID-19 baseline in early 2021. However, a surge of pent-up demand into an undersupplied market has prices at pre-COVID-19 levels well ahead of schedule.<\/p>\n<p>\u201cPandemic economics are proving to be very unusual. Many of the trends we are seeing are without precedent and significant uncertainty remains, but we are cautiously optimistic that this housing recovery will continue,\u201d notes Ogmundson.<\/p>\n<p>For media enquiries:<br \/>\nShaheed Devji<br \/>\nMarketing Communications Specialist<br \/>\n604.757.7260<br \/>\nsdevji@bcrea.bc.ca<\/p>\n<p>Market Intelligence is published by the British Columbia Real Estate Association. Real estate boards, real estate associations and REALTORS\u00ae may reprint this content, provided that credit is given to BCREA by including the following statement: &#8220;Copyright British Columbia Real Estate Association. Reprinted with permission.&#8221; BCREA makes no guarantees as to the accuracy or completeness of this information.<\/p>\n<p>Additional economics information is available here on BCREA&#8217;s website.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cThe COVID-19 recession has battered many sectors of the BC economy. However, looking at recent data in the housing market, it would be difficult to tell there was a recession at all,\u201d says BCREA Chief Economist Brendon Ogmundson. \u201cIn a typical recession, we would see falling demand and rising supply, but this recession is anything but typical.\u201d<\/p>\n","protected":false},"author":2,"featured_media":2220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[12,382],"tags":[82],"class_list":["post-2219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advice-for-buyers","category-advice-for-sellers","tag-bcrea"],"_links":{"self":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/2219"}],"collection":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/comments?post=2219"}],"version-history":[{"count":3,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/2219\/revisions"}],"predecessor-version":[{"id":2320,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/2219\/revisions\/2320"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/media\/2220"}],"wp:attachment":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/media?parent=2219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/categories?post=2219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/tags?post=2219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}