A report from BCREA said that the slow market has seen a rise in the number of homes for sale, which will keep prices flat. Cameron Muir, BCREA Chief Economist, said, “The negative shock to affordability and purchasing power created by the B20 stress test on mortgage borrowers is expected to continue constraining housing demand in the province this year, however, favourable demographics along with continuing strong performance of the BC economy is expected to underpin housing demand over the next two years.” In other words, the average annual residential price is forecast to remain essentially unchanged.
Source: https://www.vancourier.com/real-estate/b-c-home-sales-to-creep-back-up-over-next-two-years-bcrea-1.23644991
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