The latest BCREA Market Intelligence: COVID-19: Population Growth and Housing Demand examines how the sharp drop in immigration this year due to the global pandemic has impacted the BC housing market.
Click here to read the full report.
Summary Findings:
- Immigration is the most important driver of population growth in BC, with a growing share within the prime working-age and household-forming demographic.
- The global pandemic has resulted in a sharp drop in immigration and consequently BC reporting one of the lowest quarterly increases in population growth since 2011.
- In the short term, the impact of lower population growth will weigh most significantly on the rental market due to a significant reduction in international students and new permanent residents.
For more information, please contact:
Brendon Ogmundson Kellie Fong
Chief Economist Economist
604.742.2796 778-357-0831
bogmundson@bcrea.bc.ca kfong@bcrea.bc.ca
Market Intelligence is published by the British Columbia Real Estate Association. Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.
Additional economics information is available here on BCREA’s website.