on Jan. 12 said sales had declined 35.2 per cent from a record-setting and highly unusual 124,788 units sold in 2021.
“After that, if we get rates coming down in 2023 or 2024 and, most importantly, we have a huge increase in immigration over the next three years, that will really add to housing demand. I think we are set up for 2024, but it will be a pretty slow 2023.” “Fraser Valley single-family homes are probably a buyer’s market because we went from a red-hot sellers’ market to slamming on the brakes in the spring of 2022,” says Ogmundson.is a realtor and a lawyer, and she says sales have dropped way below the 10-year average, more than 30% below. Other than some investors who’d been waiting for the market to cool, there’s relatively little action.
For buyers, there aren’t any obvious deals to be had, but if it’s an investment, they should consider the long game, says Ogmundson. BC has four of the five fastest growing property markets in Canada: Kelowna, Chilliwack, Kamloops, and Nanaimo. And there will be those markets that likely draw the immigration numbers, driving prices back up one day.
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