Home sales in Greater Vancouver are predicted to stay in line with last year’s slower pace, while prices inch up slightly.
The forecasts are contained in the Real Estate Board of Greater Vancouver’s outlook for 2023 released Tuesday.
Historically, the report says rapidly escalating mortgage rates haven’t had as big a negative affect on prices as they have had on sales in Metro Vancouver.
It predicts 28,500 home sales in 2023, a 2.6 per cent decrease from last year.
While the current downturn has resulted in a price decline of about 10 per cent, the forecast says steady population growth in Metro Vancouver will underpin prices and maintain or even increase values.
- BC Conservatives plan to tackle street disorder while BC NDP targets health care
- Thousands of Alberta referendum mail-in ballots invalid due to errors: officials
- B.C. Conservatives plan to repeal no-fault insurance, leaked letter shows
- Ontario asks OPP to look into OSAP payments at private career colleges
-
![]()
Republican influence in Alberta separatism movement revealed in Globe and Mail investigation -
![]()
Quebec election 2026: What a projected win for the sovereigntist PQ means for the province -
![]()
Quebec Election: Separatist party to form a minority government after crushing defeat for the CAQ -
![]()
Angus Reid poll shows narrowing gap between Conservatives and NDP
It says the average home price this year for apartments, attached and detached homes is expected to climb slightly to $1.2 million, a 1.4 per cent increase.
However, the report says the risks to its predictions are an economic recession and even higher mortgage rates.
Get daily National news
“The precise impact of a recession on the Metro Vancouver real estate market is difficult to predict since it largely hinges on the severity of the recession and the Bank of Canada’s policy response,” the report says.
Comments
Want to discuss? Please read our Commenting Policy first.