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Vancouver real estate market beginning downturn that could last 2 years, expert says

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A Vancouver real estate and property tax expert believes Vancouver’s real estate market is seeing the start of a downturn that could last up to two years.

from the Royal Bank of Canada that the country, B.C. and Ontario in particular, will see big price drops next year.

"By comparison, we expect activity and prices to be more resilient in Alberta, where local markets have more catching up to do following a prolonged slump before the pandemic." Paul Sullivan is a B.C. property tax expert and Ryan LLC principal who leads the Business Tax Alliance, a partnership with B.C. Business Improvement Associations. He said the market is changing in an almost perfect storm of circumstances.

Sullivan said even though the price of housing is coming down, it won’t help affordability. Record high inflation and interest rate increases mean buyers can afford less, and it’s getting harder to build.

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