{"id":19366,"date":"2022-02-14T11:11:00","date_gmt":"2022-02-14T19:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19366"},"modified":"2022-02-14T09:11:49","modified_gmt":"2022-02-14T17:11:49","slug":"which-bc-housing-market-expects-to-see-prices-rise-the-most-in-2022","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/02\/which-bc-housing-market-expects-to-see-prices-rise-the-most-in-2022\/","title":{"rendered":"Which BC Housing Market Expects to See Prices Rise The Most in 2022?"},"content":{"rendered":"<p style=\"text-align: justify;\">Despite historically low inventory, housing demand remains high in British Columbia and prices are expected to continue climbing, according to the British Columbia Real Estate Association\u2019s (BCREA) 2022 first quarter market forecast.<\/p>\n<p style=\"text-align: justify;\">\u201cStrong sales should persist through the first few months of the year and supply will remain severely limited,\u201d said BCREA chief economist Brendon Ogmundson. \u201cAs a result, we expect to see continued upward pressure on home prices in all markets.\u201d<\/p>\n<p style=\"text-align: justify;\">But which market expects to see prices rise the most in 2022? The Kootenay region \u2014 anchored by Nelson to the west and Cranbrook to the east \u2014 is forecast to see the province\u2019s biggest price growth in 2022, with an average Multiple Listing Service (MLS) price of $508,000, a 12.8% increase from 2021 ($450,466).<\/p>\n<p style=\"text-align: justify;\">\u201cAs increasing average prices are directly linked to falling inventory, I don\u2019t see any reduction in the upward pressure on average prices any time soon,\u201d said Bruce Seitz, Kootenay Association of Realtors president. \u201cSellers will continue to benefit from the high demand for homes in the Kootenay region through 2022.\u201d<\/p>\n<p style=\"text-align: justify;\">Kamloops follows close behind, with a projected increase of 12.6% for an average MLS price of $630,000, while Victoria is forecast to see average prices rise 11.4% to exceed the $1 million mark.<\/p>\n<p style=\"text-align: justify;\">Fuelled by buyers shifting east across the Lower Mainland, Chilliwack saw the province\u2019s fastest price growth during 2021, increasing a whopping 26.2% to $728,146. The BCREA forecasts 10.6% growth this year to $805,000.<\/p>\n<p style=\"text-align: justify;\">Vancouver Island rounds out the top five, with anticipated price growth of 9.2% pushing the average MLS price from $664,149 to $725,000.<\/p>\n<p style=\"text-align: justify;\">While demand should remain high in the short term, the housing market is expected to see more balanced conditions this year. The BCREA is forecasting a total of 103,250 transaction during 2022, a 17% decline from last year\u2019s record-setting sales totals.<\/p>\n<p style=\"text-align: justify;\">\u201cSlower sales activity will allow the inventory of resale listings to rebuild, but given how low listings currently are, it will take considerable time before markets can return to a healthy balance,\u201d Ogmundson said. \u201cIn fact, active listings in most markets need to more than double to bring markets back into balance.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2022\/02\/five-b-c-housing-markets-forecast-to-see-the-most-price-growth-in-2022.html\" target=\"_blank\" rel=\"noopener\">Five BC Housing Markets Forecast to See The Most Price Growth in 2022<\/a> by Ryan Garner | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite historically low inventory, housing demand remains high in British Columbia and prices are expected to continue climbing, according to the British Columbia Real Estate Association\u2019s (BCREA) 2022 first quarter &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/02\/which-bc-housing-market-expects-to-see-prices-rise-the-most-in-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-19366","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>Which BC Housing Market Expects to See Prices Rise The Most in 2022? 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