February 2020 Real Estate Update
Jennifer Cook2020-12-17T19:00:47+00:00The Business Council of British Columbia has downgraded its 2020 forecast for BC amid economic turbulence and COVID-19 fears. The initial forecast had predicted economic growth of about two per cent for the year, but with the rapid spread of COVID-19 the Council is now forecasting growth of around 1.4% - 1.5% under an optimistic scenario, and growth of under one per cent or even the possibility of a recession should the spread of the virus accelerate. The brunt of the economic impact will likely be felt in air transportation, tourism and hospitality however BC will likely also feel a hit relating cancelled conferences and public events