The BCREA predicts high mortgage rates will slow the housing market through 2023.
In its forecast released Thursday, the BCREA said residential sales in B.C. are forecast to decline 34.4 per cent from a record high in 2021 to 81,900 units this year.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails.
In Metro Vancouver, the average price of a home is expected to dip 3.1 per cent to $1,225,000 this year and 2.9 per cent to $1,190,000 next year. The numbers are similar for the Fraser Valley, where prices are expected to fall 1.6 per cent to $1,030,000 this year and by 3.9 per cent next year to under a million at $990,000.Article content
Brendon Ogmundson, the BCREA’s chief economist, said mortgage rates have risen at a much faster rate and to a higher level than previously anticipated,. Weaker sales and rising inventory mean that some regions, mainly in more expensive markets, have tipped into buyers’ market territory, added Ogmundson.Article content
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