2023 Housing Market Forecast: Continuing Trends, Stabilization, and Growth in the Fraser Valley and Urban Areas

The housing pandemic of 2022 will continue into 2023, according to a new housing market forecast by Central 1. Home prices are expected to further drop through the first half of 2023 before stabilizing in the middle of the year. Employment levels will weaken from the economic slowdown, but remain relatively strong as a result of hiring rather than job cuts. The Fraser Valley of Canada's housing boom is set to continue into the next decade, with sales forecast to increase by 10.7% in 2024 and 12.5% in 2025. Urban areas are expected to lead recovery due to higher immigration and a tight labour market. Population growth is expected to remain well above debt levels and drive homeownership and rental market demand. Rents are expected to grow by at least 6% in 2023, with similar growth in 2024 and 2025.

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Original article: https://dailyhive.com/vancouver/bc-real-estate-market-forecast-2023-2024