Metro Vancouver Home Sales Might Decline

Sales across Metro Vancouver, BC, are expected to reach approximately 28,500 in 2023, a decrease of 2.6 per cent over the 29,261 sales in 2022, says the Real Estate Board of Greater Vancouver (REBGV). The board gives this forecast cautiously, however, because the precise impact of a recession in the region is difficult to predict “since it largely hinges on the severity of the recession and the Bank of Canada’s policy response,” it says in its ‘Residential Market

Forecast, First Half, January 2023 Edition.’ Therefore, sales could slow more significantly than forecast if the economy stalls and heads into a recession. However, sales activity could be higher than forecast if a recession is avoided and inflation declines more rapidly than expected, leading to meaningful reductions in the cost of borrowing.