Will Metro Vancouver housing prices increase in 2023?
Tuesday, January 31, 2023
Home sales in 2023 will remain in line with last year while prices may see small increases, according to the Real Estate Board of Greater Vancouver’s (REBGV) first 2023 Residential Market Forecast.
The 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. A second forecast will be coming in the second half of the year.
- The consensus view among many economists and professional forecasters is that 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 causing an imbalance between supply and demand, like population growth, will continue to put upward pressure on prices.