Central 1 B.C. housing analysis predicts slower market in 2022 but prices continue upward

Central 1 B.C. housing analysis predicts slower market in 2022 but prices continue upward

The forecast from Central 1, the financial services partner for 250 credit unions across Canada, predicts B.C. home sales will leap 37 per cent this year but slip 21 per cent next year and a further 3.7 per cent in 2023. VANCOUVER — The latest analysis of British Columbia’s housing market predicts yo-yo-like activity over the next 18 months as sales spin out this year and curl back in 2022. The forecast from Central 1, the financial services partner for 250 credit unions across Canada, predicts B.C. home sales will leap 37 per cent this year but slip 21 per cent next year and a further 3.7 per cent in 2023. Central 1 chief economist Bryan Yu makes the forecast in his latest housing market economic analysis looking at trends through 2023. Yu says current “red hot” sales are unsustainable and he expects a move toward more normal markets by the second half of this year as the pandemic wanes, but his forecast shows prices won’t follow. After a nearly nine per cent boost in the median resale price of …
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