Home sales in B.C. are expected to drop 21 percent in 2020 compared to last year’s transactions.

However, the average price of homes in the province is anticipated to increase 1.8 percent this year.

These are a couple of highlights from the second quarter housing forecast released Wednesday (June 10) by the B.C. Real Estate Association.

“The bright outlook for 2020 home sales has been upended by the COVID-19 pandemic and resulting recession,” BCREA chief economist Brendon Ogmundson said in a media release.

In Greater Vancouver, a total of 20,500 homes are expected to be sold in 2020.

The number is 20.2 percent lower than last year’s sales.

The average home price in Greater Vancouver is forecast to be $1,010,000 this year.

The figure is 2.4 percent higher than the average price of a home in 2019.

In the Fraser Valley, which includes Surrey, White Rock, and North Delta, a total of 11,300 homes are seen to transfer ownership in 2020.

The number represents a 23 percent drop compared to 2019 deals.

The average price in the Fraser Valley is anticipated to be $731,700 in 2020.

The anticipated price is 1.4 percent higher than last year’s record.

For the entire province, including Greater Vancouver and the Fraser Valley, home sales are expected to total 60,885, a drop of 21.3 percent compared to 2019.

The average price in B.C. is anticipated to reach $713,000, a 1.8 percent rise over last year.

The BCREA sees better prospects for the housing market across the province in 2021, predicting a 45.3 percent increase in home sales or 88,500 units.

The average home price in B.C. is forecast to increase 5.6 percent in 2021 to $753,000.