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May 2022 Market Update

 

B.C. homes prices forecast to dip 3.8% next year following interest rate hikes (CTV News)

Rising interest rates will likely trigger a "modest price correction" in Canadian real estate next year, with B.C. and Ontario seeing the biggest drops, according to a new housing forecast.

Royal Bank of Canada is predicting the aggregate benchmark price will decline 2.2 per cent nationwide in 2023, down to $776,900, with a more pronounced impact in some of the country's hottest real estate markets.

"We expect downward price pressure to be more intense in Vancouver, Toronto and other pricey markets," assistant chief economist Robert Hogue wrote in RBC's latest housing outlook.

"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."

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Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single-family homes in cities across BC. For more up-to-date market information please visit macrealty.com/blog.

 

Abbotsford

Bowen Island

Burnaby East

Burnaby North

Burnaby South

Cloverdale

Coquitlam

Kelowna

Ladner

Langley

Maple Ridge

Mission

Nanaimo

New Westminster

North Delta

North Surrey

North Vancouver

Parksville

Pitt Meadows

Port Coquitlam

Port Moody

Richmond

Saanich Peninsula

South Okanagan

South Surrey/
White Rock

Squamish

Sunshine Coast

Surrey - Central

Tsawwassen

Vancouver - East

Vancouver - West

Victoria

Vernon

West Vancouver

Whistler

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READ MORE

 
 

B.C. Real Estate News

LOWER MAINLAND

Home sales across Lower Mainland dropped steeply in April, real estate boards say (CBC News)

As Canadians return to the office, homebuyers are showing more interest in major cities (Livabl)

Vancouver to hike empty homes tax to 5% in 2023 (Global News)

Housing prices still rising in Burnaby - but that trend might be slowing down (Burnaby Now)

World's tallest 'passive house' building will be built in downtown Vancouver (CTV News)

How the Vancouver Special, once described as bland, holds a key to solving B.C.'s housing crisis (CBC News)

WHISTLER & SQUAMISH

Squamish has a younger population, more people per household than national average (The Squamish Chief)

Poll: Most Squamish homebuyers didn't have financial help from their parents (The Squamish Chief)

VICTORIA & VANCOUVER ISLAND

Inflation, higher interest rates deflate home sales in Greater Victoria (Victoria News)

Vancouver Island demographics skewing younger, report finds (Global News)

OKANAGAN

Benchmark price for Central Okanagan detached home hits $1.1M (Castanet)

It's about to cost a bit more to be a homeowner in Kelowna (CTV News)

Millennials outnumber boomers in downtown Kelowna (Global News)

 
 

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©2022 Macdonald Realty Ltd. 2105 W 38th Ave, Vancouver, B.C. V6M 1R8 | macrealty.com