{"id":19356,"date":"2022-02-07T10:10:00","date_gmt":"2022-02-07T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19356"},"modified":"2022-02-02T12:09:34","modified_gmt":"2022-02-02T20:09:34","slug":"bcrea-q1-housing-forecast-update-activity-normalizing-into-2022","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/02\/bcrea-q1-housing-forecast-update-activity-normalizing-into-2022\/","title":{"rendered":"BCREA Q1 Housing Forecast Update &#8211; Activity Normalizing into 2022"},"content":{"rendered":"<p>Vancouver, BC \u2013 February 2, 2022. The British Columbia Real Estate Association (BCREA) released its 2022 First Quarter Housing Forecast Update today.<\/p>\n<p>Multiple Listing Service\u00ae (MLS\u00ae) residential sales in the province are forecast to decline 17% from a record high 2021 to 103,250 units this year. In 2023 MLS\u00ae residential sales are forecast to fall an additional 12% to 90,200 units.<\/p>\n<p>\u201cWe expected home sales in 2022 do moderate from the frenetic pace of 2021,\u201d said BCREA Chief Economist Brendon Ogmundson. \u201cHowever, sales activity will remain high by historical standards.\u201d<\/p>\n<p>The BC housing market is entering 2022 with the lowest level of active listings on record and significant demand-side momentum. That means strong sales should persist through the first few months of the year and supply will remain severely limited. As a result, continued upward pressure on home prices is expected in all markets.<\/p>\n<p>As a result, home prices are expected to rise by 8.5% in 2022 with much of that gain happening in the first half of the year. With sales activity normalizing in 2023 and inventories rebuilding, market conditions around the province should improve and price growth is anticipated to slow to 2.7%.<\/p>\n<p><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2022-02-02-forecast.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> for the complete news release, including detailed statistics.<\/p>\n<p><a href=\"https:\/\/www.bcrea.bc.ca\/economics\/bcrea-2022-first-quarter-housing-forecast-update-provincial-housing-market-activity-normalizing-into-2022\/\" target=\"_blank\" rel=\"noopener\">BCREA 2022 First Quarter Housing Forecast Update &#8211; Provincial Housing Market Activity Normalizing into 2022<\/a> by Brendon Ogmundson | Chief Economist | BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 February 2, 2022. The British Columbia Real Estate Association (BCREA) released its 2022 First Quarter Housing Forecast Update today. Multiple Listing Service\u00ae (MLS\u00ae) residential sales in the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/02\/bcrea-q1-housing-forecast-update-activity-normalizing-into-2022\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-19356","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCREA Q1 Housing Forecast Update - Activity Normalizing into 2022 &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2022\/02\/bcrea-q1-housing-forecast-update-activity-normalizing-into-2022\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Q1 Housing Forecast Update - Activity Normalizing into 2022 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 February 2, 2022. 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