January 2021 Real Estate Update


Job losses in January far exceeded the predictions, with Canada’s economy shedding 213,000 jobs. Most of the jobs lost, however, were part time positions in sectors hardest hit by pandemic-related restrictions, indicating that they may be relatively quick to return when restrictions are lifted. Despite job losses, Canada’s real estate market remains hot, with industry insiders predicting that the current upward trajectory of sales and prices will continue into 2021. Yet, with increasing housing prices comes challenges to affordability, as saving for a down payment has never been harder while housing in some regions in BC has now been priced out of the reach of the local residents.