B.C. housing prices to drop roughly 5% in 2023, real estate association predicts

British Columbia’s housing market is unlikely to bounce back to the record-breaking days of 2021 anytime soon, according to the latest forecast from the B.C. Real Estate Association.

The BCREA predicts a residential sales slump of 34.4 per cent on the Multiple Listing Service from last year to the end of this year and an additional drop of 11.4 per cent in 2023.

The association, which represents more than 25,000 realtors in the province, also forecasts a decrease in the provincial average home price of about five per cent next year.

“I think 2023 is going to be a challenging year for the housing market,” BCREA chief economist Brendon Ogmundson told CKNW’s Jill Bennett Show.

Interest rates are the highest we’ve seen since 2007 and we’re probably going to see the economy slowing, so those factors mean continued slow activity in the housing market.”

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