Greater Vancouver home sales to flatten while prices inch up, forecast says
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 downturn 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.
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.
CTVNews.ca Top Stories
Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
Northern Ont. lawyer who abandoned clients in child protection cases disbarred
A North Bay, Ont., lawyer who abandoned 15 clients – many of them child protection cases – has lost his licence to practise law.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Maple Leafs fall to Bruins in Game 3, trail series 2-1
Brad Marchand scored twice, including the winner in the third period, and added an assist as the Boston Bruins downed the Toronto Maple Leafs 4-2 to take a 2-1 lead in their first-round playoff series Wednesday
Cuban government apologizes to Montreal-area family after delivering wrong body
Cuba's foreign affairs minister has apologized to a Montreal-area family after they were sent the wrong body following the death of a loved one.
'It was instant karma': Viral video captures failed theft attempt in Nanaimo, B.C.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
What is changing about Canada's capital gains tax and how does it impact me?
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
New Indigenous loan guarantee program a 'really big deal,' Freeland says at Toronto conference
Canada's Deputy Prime Minister Chrystia Freeland was among the 1,700 delegates attending the two-day First Nations Major Projects Coalition (FNMPC) conference that concluded Tuesday in Toronto.
'Life was not fair to him': Daughter of N.B. man exonerated of murder remembers him as a kind soul
The daughter of a New Brunswick man recently exonerated from murder, is remembering her father as somebody who, despite a wrongful conviction, never became bitter or angry.