Our board just just released its first 2023 residential market forecast report. The Real Estate Board of Greater Vancouver (RBGV) is saying:
‘Home sales in 2023 will remain in line with last year while prices may see small increases.’
The RBGV forecast looks at current and historical market trends alongside economic factors like inflation and risk of recession to predict what 2023’s housing market will look like.
The reports key highlights include:
• The Bank of Canada is at, or very near, the peak of the current interest rate tightening cycle.
• Apartment sales are forecast to decrease over last year, while detached homes are forecast to increase.
• While increasing mortgage costs are decreasing purchasing power, other factors will continue to put upward pressure on prices.
Scroll through the full 10 page report below.JuneConway Residential-Market-Forecast 2023