Canada’s housing market is inching closer to its “cyclical bottom,” and British Columbia is following suit, with home resale activity in the province gradually stabilizing, according to a recent housing market update from the Royal Bank of Canada .
Currently, home sales in the Vancouver market, he said, are roughly 25 per cent below normal levels and are “about as low as they can get,” he added. In the coming months, Hogue said he expects to see home prices depreciate further. The Multiple Listing Service Home Price Index for B.C. has declined 10 per cent from its February 2022 peak, with the index for Vancouver dropping eight per cent, according to RBC’s market update.
Metro Vancouver home listings on MLS reached 53,865 in 2022, a 13.5 per cent decrease compared to the 62,265 homes listed in 2021, according to the Real Estate Board of Greater Vancouver.