As Metro Vancouver moves out of a quieter summer season for the housing market, home prices are expected to stabilize in the next three months, according to the British Columbia Real Estate Association .
The BCREA 2022 Third Quarter Housing Forecast Update released Sept. 8 says this is somewhat due to major shifts in the composition of sales toward less expensive homes, but also largely as a result of significantly depressed sales activity. Because of the steep increase at the beginning of the year, “home prices averaged across all of 2022 will still end the year up 4.4 per cent but average price levels will be slightly lower in 2023,” the report said.
“Right now, I think it'd be better if sales were a little higher, inventories were a little higher and markets were kind of balanced in that way. Instead, sales activities are pretty slow, inventory’s up but kind of plateauing,” he said.
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