By Canadian Press

Greater Vancouver home sales to flatten while prices inch up, forecast says

Jan 31, 2023 | 1:42 PM

VANCOUVER — Home sales in Greater Vancouver are predicted to stay in line with last year’s slower pace, while prices inch up slightly.

The forecasts are contained in the Real Estate Board of Greater Vancouver’s outlook for 2023 released Tuesday. 

Historically, the report says rapidly escalating mortgage rates haven’t had as big a negative affect on prices as they have had on sales in Metro Vancouver. 

It predicts 28,500 home sales in 2023, a 2.6 per cent decrease from last year. 

While the current downtown has resulted in a price decline of about 10 per cent, the forecast says steady population growth in Metro Vancouver will underpin prices and maintain or even increase values. 

One Man's Opinion

COLLINS: Are the B.C. Conservatives digging their own graves?

4h ago

Sound Off

SOUND OFF: Culturally appropriate food goes beyond the ingredients on a plate

Dec 14, 2024

Two and Out

PETERS: Whether building up or tearing down, Kamloops is what you make it

Dec 13, 2024

It says the average home price this year for apartments, attached and detached homes is expected to climb slightly to $1.2 million, a 1.4 per cent increase. 

However, the report says the risks to its predictions are an economic recession and even higher mortgage rates. 

“The precise impact of a recession on the Metro Vancouver real estate market is difficult to predict since it largely hinges on the severity of the recession and the Bank of Canada’s policy response,” the report says. 

 This report by The Canadian Press was first published Jan. 31, 2023. 

The Canadian Press