He said demand for housing in Vancouver last year went in two different directions: demand for homeownership expanded, and demand for rental housing receded.
“Vancouver’s housing market will adjust to reopening borders and development in fundamentals over the next three years,” said Batch, in the report. Sales increased because more people had the budget to purchase a house. However, he noted that once prices adjust, higher budgets will be required. She said resale activities will continue to increase in 2021 before declining by 2023 as a result of slowly rising borrowing costs. Sun also noted, in the report, that prices will grow, but at a progressively slower pace over the next three years as competition among buyers tapers off.Article content