Gloomy economic outlook, elevated mortgages drag down 2023 B.C. housing market: BCREA
The British Columbia Real Estate Association says the chill across the province's property sector will drag on through this year, but it calls for a strong rebound in 2024.
The association makes the prediction in its housing forecast for the first quarter of the year.
Association chief economist Brendon Ogmundson blames expected sluggish sales this year on a slowing economy and ongoing, elevated mortgage rates.
But he is looking forward to 2024 when the association says a healthier economy, lower mortgage rates and “record high” immigration should fuel home sales again.
The forecast predicts residential sales in B.C. will skid 7.1 per cent this year before surging nearly 24 per cent in 2024.
It says even though home listings remain scant, prices have fallen because of what the association calls the “abrupt shift” in market conditions, and it says rates should stay “relatively flat” for most of this year.
CTVNews.ca Top Stories
New Norad commander calls Canada's defence policy update 'very encouraging'
American troops will be spending more time training in the Far North, the new commander of Norad says, a strategy that fits 'hand-in-glove' with Canada's renewed focus on Arctic defence.
opinion The special relationship between King Charles and the Princess of Wales
Royal commentator Afua Hagan writes that when King Charles recently admitted Catherine to the Order of the Companions of Honour, it not only made history, but it reinforced the strong bond between the King and his beloved daughter-in-law.
$70M Lotto Max winners kept prize a secret from family for 2 months
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Improve balance and build core strength with this exercise
When it comes to cardiovascular fitness, you may tend to focus on activities that move you forward, such as walking, running and cycling.
Documents reveal Ottawa's efforts to get Loblaw, Walmart on board with grocery code
It was evident to the federal government as early as last fall that Loblaw and Walmart might be holdouts to the grocery code of conduct, jeopardizing the project's success.
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Madonna says her kids' 'enthusiasm' kept her going while on tour after 'near death' hospitalization
As Madonna approaches her 80th show on her 'Celebration' tour, she took a moment to appreciate how much her six children have helped her get to this point after being hospitalized last year before the tour began.