A nice high level overview of recent and current market conditions across the British Columbia (B.C.) housing market, in the video below. The Chief Economist for the British Columbia Real Estate Association raises some interesting stats.
I believe there are two especially interesting themes worth considering. First, inventory levels of active listings are just starting to return to pre-pandemic levels. Low selection of active listings had led to fierce competition for homes during the pandemic. If more listings come online and provide a more healthy supply of homes for sale, then that should ease demand pressures we've seen for a few years now. Secondly, rising interest rates in 2022 led to a slowdown of sales and is reflected in a sales-to-active listings ratio that indicates a balanced market right now.
The key to the 2023 housing market and prices in Metro Vancouver and the Fraser Valley will be how many homes get listed for sale during the spring market that is coming quickly. If a healthy supply of homes get listed, then there might be more easing in prices. If not, then maybe a floor on price declines gets set sooner than many might expect.
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