BCREA Real Estate Update
“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. – BCREA
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