{"id":20570,"date":"2022-09-14T10:10:00","date_gmt":"2022-09-14T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20570"},"modified":"2022-09-13T14:48:46","modified_gmt":"2022-09-13T21:48:46","slug":"higher-mortgage-rates-will-slow-housing-activity-in-bc-through-2023","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/09\/higher-mortgage-rates-will-slow-housing-activity-in-bc-through-2023\/","title":{"rendered":"Higher Mortgage Rates will Slow Housing Activity in BC Through 2023"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 September 8, 2022. The British Columbia Real Estate Association (BCREA) released its 2022 Third Quarter Housing Forecast Update today.<\/p>\n<p style=\"text-align: justify;\">Multiple Listing Service\u00ae (MLS\u00ae) residential sales in BC are forecast to decline 34.4% from a record high 2021 to 81,900 units this year. In 2023, MLS\u00ae residential sales are forecast to fall an additional 5% to 77,790 units.<\/p>\n<p style=\"text-align: justify;\">\u201cMortgage rates have risen at a much faster rate and to a higher level than previously anticipated,\u201d said BCREA Chief Economist Brendon Ogmundson. \u201cFaced with a dramatic shift in the cost of borrowing, housing market activity is likely to fall well below normal over the next year.\u201d<\/p>\n<p style=\"text-align: justify;\">Weaker sales and rising inventory mean that some regions, largely in more expensive markets, have tipped into buyers\u2019 market territory. Consequently, average MLS\u00ae home prices have come down from peak levels.<\/p>\n<p style=\"text-align: justify;\">While the housing market is currently feeling the weight of higher interest rates, the downturn is unlikely to be long-lived as BC\u2019s strong population growth combined with extremely favourable demographics means there will be no shortage of demand for housing in the province.<\/p>\n<p><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2022-09-08-housing-forecast.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> for the complete news release, including detailed statistics.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/economics\/housing-forecast_\/\" target=\"_blank\" rel=\"noopener\">BCREA 2022 Third Quarter Housing Forecast Update &#8211; Higher Mortgage Rates will Slow Housing Activity in BC Through 2023<\/a> by Brendon Ogmundson | Chief Economist | BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 September 8, 2022. The British Columbia Real Estate Association (BCREA) released its 2022 Third Quarter Housing Forecast Update today. Multiple Listing Service\u00ae (MLS\u00ae) residential sales in BC &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/09\/higher-mortgage-rates-will-slow-housing-activity-in-bc-through-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-20570","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>Higher Mortgage Rates will Slow Housing Activity in BC Through 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\/09\/higher-mortgage-rates-will-slow-housing-activity-in-bc-through-2023\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Higher Mortgage Rates will Slow Housing Activity in BC Through 2023 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 September 8, 2022. 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