Second Quarter Housing Forecast - BCREA 2022 summary
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 % from a record high 2021 to 97,240 units this year. In 2023, MLS® residential sales are forecast to fall an additional 12.4 % to 85,150 units.
As markets adjust to the new interest rate landscape, we anticipate that prices may be somewhat volatile but will ultimately flatten out through 2023.