VANCOUVER 鈥� Home sales in Greater 91原创 are predicted to stay in line with last year鈥檚 slower pace, while prices inch up slightly.
The forecasts are contained in the Real Estate Board of Greater 91原创's outlook for 2023 released Tuesday.聽
Historically, the report says rapidly escalating mortgage rates haven鈥檛 had as big a negative affect on prices as they have had on sales in Metro 91原创.聽
It predicts 28,500 home sales in 2023, a 2.6 per cent decrease from last year.聽
While the current downturn has resulted in a price decline of about 10 per cent, the forecast says steady population growth in Metro 91原创 will underpin prices and maintain or even increase values.聽
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.聽
However, the report says the risks to its predictions are an economic recession and even higher mortgage rates.聽
鈥淭he precise impact of a recession on the Metro 91原创 real estate market is difficult to predict since it largely hinges on the severity of the recession and the Bank of Canada鈥檚 policy response,鈥� the report says.聽
聽This report by The 91原创 Press was first published Jan. 31, 2023.聽
The 91原创 Press
