{"id":20063,"date":"2022-06-06T10:10:00","date_gmt":"2022-06-06T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20063"},"modified":"2022-06-01T12:03:41","modified_gmt":"2022-06-01T19:03:41","slug":"bcrea-forecasts-housing-sales-will-plunge-by-30-in-the-fraser-valley-this-year-prices-will-flatline-by-2023","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/06\/bcrea-forecasts-housing-sales-will-plunge-by-30-in-the-fraser-valley-this-year-prices-will-flatline-by-2023\/","title":{"rendered":"BCREA Forecasts Housing Sales will Plunge by 30% in The Fraser Valley This Year &#038; Prices will &#8220;Flatline&#8221; by 2023"},"content":{"rendered":"<p style=\"text-align: justify;\">Housing sales in the Fraser Valley will fall more than 30% this year \u2013 most in the province &#8211; compared to 2021 and Valley price increases will flatline by 2023, according to the BC Real Estate Association (BCREA).<\/p>\n<p style=\"text-align: justify;\">The average price forecast may prove optimistic. Recent listings show price reductions ranging from $10,000 to $300,000 on more than 300 Fraser Valley condos, townhomes and detached houses.<\/p>\n<p style=\"text-align: justify;\">No area of British Columbia will be immune to the sales downturn and price corrections, according to the BCREA\u2019s 2022 Second Quarter Housing Forecast, released May 31.<\/p>\n<p style=\"text-align: justify;\">Multiple Listing Service residential sales in the province are forecast to decline 22% from a record high 2021 to 97,240 units this year. In 2023, MLS residential sales are forecast to fall an additional 12.4% to 85,150 units, the forecasts states.<\/p>\n<p style=\"text-align: justify;\">\u201cAfter a strong first quarter, BC markets are now adjusting to a much different interest rate environment,\u201d said BCREA chief economist Brendon Ogmundson. \u201cWith mortgage rates surpassing 4% for the first time in over a decade, the housing market over the next two years may have very little resemblance to the housing market of the past year.\u201d<\/p>\n<p>BCREA anticipates \u201cthat prices may be somewhat volatile but will ultimately flatten out through 2023.\u201d<\/p>\n<p style=\"text-align: justify;\">The biggest sales declines this year are forecast in the Fraser Valley, down 30.3% from a year earlier, and Chilliwack, with a 27.1% decline. Greater Vancouver housing sales will drop 22% in 2022 from a year earlier, which matches the sales forecast for the province, according to the BCREA.<\/p>\n<p style=\"text-align: justify;\">The BCREA predicts that home prices will increase 11.5% this year compared to 2021, but that now appears optimistic based on recent listings information, particularly in the Lower Mainland.<\/p>\n<p style=\"text-align: justify;\">On May 31, real estate listing portal ojohome posted more than 300 homes in Surrey where the listing price had been reduced. An example is a 7-bedroom luxury detached house on 62 Avenue, Surrey, where the asking price was cut by $301,000 to $1.99 million after 13 days on the market.<\/p>\n<p style=\"text-align: justify;\">The Royal Bank of Canada is forecasting that BC will see the largest price reductions in Canada next year, due to rising interest rates.<\/p>\n<p style=\"text-align: justify;\">Most analysts now expect the Bank of Canada to increase its key overnight lending rate with consecutive rate hikes of 50 basis points on June 1 and in July, which would bring the key rate from 0.25% to 2% in a matter of four months.<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2022\/05\/metro-vancouver-suburbs-take-hardest-home-sales-hit\" target=\"_blank\" rel=\"noopener\">Metro Vancouver Suburbs Take Hardest Home Sales Hit<\/a> by Frank O&#8217;Brien | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Housing sales in the Fraser Valley will fall more than 30% this year \u2013 most in the province &#8211; compared to 2021 and Valley price increases will flatline by 2023, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/06\/bcrea-forecasts-housing-sales-will-plunge-by-30-in-the-fraser-valley-this-year-prices-will-flatline-by-2023\/\">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-20063","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 Forecasts Housing Sales will Plunge by 30% in The Fraser Valley This Year &amp; Prices will &quot;Flatline&quot; by 2023 &#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\/06\/bcrea-forecasts-housing-sales-will-plunge-by-30-in-the-fraser-valley-this-year-prices-will-flatline-by-2023\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Forecasts Housing Sales will Plunge by 30% in The Fraser Valley This Year &amp; 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