British Columbia’s real estate market is bracing for a major hit from the COVID-19 pandemic, but experts are split on how serious the downturn will be.

The B.C. Real Estate Association is predicting an initial deep recession leading to sharp decline in home sales, but a rebound by next summer driven by pent-up demand if the pandemic has not dragged on too long.

The consequences of a major real estate slowdown could be pronounced. The B.C. government’s 2020-2021 budget envisioned about $1.6 billion in revenue from the property transfer tax, and the real estate sector, which employs tens of thousands of people, is worth more than $22 billion annually to the province’s GDP, according to the industry non-profit, the Urban Development Institute.

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United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0

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