Fewer listings will lead to yet higher real estate prices in British Columbia, according to the British Columbia Real Estate Association’s 2022 first quarter market forecast.

“We expected home sales in 2022 to moderate from the frenetic pace of 2021,” said BCREA Chief Economist Brendon Ogmundson. “However, sales activity will remain high by historical standards.”

After hitting a record high last year, listings are expected to drop 17% to 103,250. They are expected to drop another 12% in 2023, when 90,200 homes will be put on the market.

Competition for homes could push prices 8.5% higher in 2022, Ogmundson said. Most of those gains would come in the first half of the year, he said, with price gains slowing to 2.7% in 2023.

BC Home Prices to Jump Another 8.5% in 2022? by Livabl