British Columbia Real Estate Association expects prices to drop more across the B.C.

 

British Columbia Real Estate Association expects prices to drop more across the B.C.

 Last year, the housing market experienced a significant price drop through spring and summer. 


  • Home sale prices will drop approximately 7% this year from 81,000 units in 2022 to 75,000. 
  • However, BC Real Estate Association says, "we expect a strong recovery" next year. 
    • "A slowing economy and still elevated mortgage rates are expected to keep housing activity lower than normal through much of 2023," explains chief economist Brendon Ogmundson. 
  • The agency predicts a significant sale surge in 2024, with an overall 24% increase in sales volume. 

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