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But any price decline will not last long, and a strong recovery is predicted for 2024

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Published on 02/06/2023 • Last updated 1 hour ago • 2 minutes read

Join the conversation Homes are covered in snow as the downtown skyline can be seen in the distance in Vancouver on Wednesday, December 21, 2022. The British Columbia Real Estate Association says the cold weather in the province’s real estate sector will continue into 2023, but it requires a strong recovery next year. Photo by DARRYL DYCK/THE CANADIAN PRESS

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BC’s once-boosting housing market is expected to continue its decline this year, driving prices down across the province, the British Columbia Real Estate Association said.

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But any price decline will not last long, and a strong recovery is predicted for 2024.

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In a forecast released on Monday, the association said home sales fell last spring and summer and are nearly 25 percent below normal.

Sales are expected to fall 7 percent in 2023 – from nearly 81,000 units in 2022 to just over 75,000 – as households adjust to a slowing economy and grapple with higher mortgage rates.

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But sales will increase to about 93,000 by 2024, an increase of nearly 24 percent, the BCREA said.

“A slowing economy and still high mortgage rates are expected to keep housing activity below normal for much of 2023,” chief economist Brendon Ogmundson said in a press release.

“However, we expect a strong recovery, fueled by an expected fall in mortgage rates and record high immigration, which will bring significant momentum into 2024.”

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The sales slump is expected to be most dramatic in Chilliwack, where home sales are expected to fall 14.7 percent; the Fraser Valley, 11 percent; and the Okanagan, 10.6 percent.

Victoria and Greater Vancouver are expected to see more modest declines of 3.1 percent and 4.3 percent, respectively.

The “sudden change” in market conditions has led to falling prices despite low inventories. Average prices for MLS will be “relatively flat” this year, the BCREA said in its report.

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Home prices in Chilliwack are expected to fall nearly 14 percent to $700,000, while Fraser Valley home prices are expected to fall 13 percent to $955,000.

In Greater Vancouver, home prices are set to fall 7.2 percent in 2023, the report says, from an average price of $1.27 million to $1.18 million, while house prices in Victoria are expected to fall down 5.7 percent from just over $1 million to $955,000.

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Source: theprovince.com