VANCOUVER — The British Columbia Actual Property Affiliation says the coolness throughout the province’s property sector will drag on via this 12 months, nevertheless it requires a robust rebound in 2024.
VANCOUVER — The British Columbia Actual Property Affiliation says the coolness throughout the province’s property sector will drag on via this 12 months, nevertheless it requires a robust rebound in 2024.
The affiliation makes the prediction in its housing forecast for the primary quarter of the 12 months.
Affiliation chief economist Brendon Ogmundson blames anticipated sluggish gross sales this 12 months on a slowing financial system and ongoing, elevated mortgage charges.
However he’s trying ahead to 2024 when the affiliation says a more healthy financial system, decrease mortgage charges and “document excessive” immigration ought to gas residence gross sales once more.
The forecast predicts residential gross sales in B-C will skid 7.1 per cent this 12 months earlier than surging almost 24 per cent in 2024.
It says regardless that residence listings stay scant, costs have fallen due to what the affiliation calls the “abrupt shift” in market situations, and it says charges ought to keep “comparatively flat” for many of this 12 months.
This report by The Canadian Press was first revealed Feb. 6, 2023.
The Canadian Press
