BCREA 2022 Second Quarter Housing Forecast
Vancouver, BC – May 31, 2022. The British Columbia Real Estate Association (BCREA) released its 2022 Second Quarter Housing Forecast today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 22 per cent from a record high 2021 to 97,240 units this year. In 2023, MLS® residential sales are forecast to fall an additional 12.4 per cent to 85,150 units.
“After a strong first quarter, BC markets are now adjusting to a much different interest rate environment,” said BCREA Chief Economist Brendon Ogmundson. “With mortgage rates surpassing 4 per cent for the first time in over a decade, the housing market over the next two years may have very little resemblance to the housing market of the past year.”
On the supply side, we have begun to see active listings move off of record lows and re-sale inventories trend back toward balance. However, because inventories reached such low levels over the past year, the journey back to balance may take up to a year or more in some areas. As markets adjust to the new interest rate landscape, we anticipate that prices may be somewhat volatile but will ultimately flatten out through 2023.
To view the BCREA Housing Forecast PDF, click here.
For the complete news release, including detailed statistics, click here.
For more information, please contact:
Brendon Ogmundson | Chief Economist | Direct: 604.742.2796 | Mobile: 604.505.6793 | Email: email@example.com
Ryan McLaughlin | Economist | Direct: 778.657.5960 | Mobile: 604.366.6511 | Email: firstname.lastname@example.org
Housing Forecast is published twice a year by the British Columbia Real Estate Association. Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: "Copyright British Columbia Real Estate Association. Reprinted with permission." BCREA makes no guarantees as to the accuracy or completeness of this information.
Additional economics information is available here on BCREA's website.