The BC housing market is entering 2022 with the lowest level of active listings on record and significant demand-side momentum. That means strong sales should persist through the first few months of the year and supply will remain severely limited. As a result, we expect to see continued upward pressure on home prices in all markets.
Slower sales activity will allow the inventory of resale listings to rebuild, but given how low listings currently are, it will take considerable time before markets can return to a healthy balance. In fact, active listings in most markets need to more than double to bring markets back into balance. Rebuilding the inventory of active listings is likely a multi-year process. As a result, home prices are expected to rise by 8.5 per cent in 2022 with much of that gain happening in the first half of the year. With sales activity normalizing in 2023 and inventories rebuilding, market conditions around the province should improve, and price growth is anticipated to slow to 2.7 per cent.
Find below British Columbia Real Estate Association two page Housing Forecast Update:
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