We’re halfway through January, so it’s time to start talking about market predictions for Q1 and the rest of the year. While no one has a crystal ball, here’s what experts and enthusiasts see coming into view for 2023:
1. Multiple Listing Service residential sales in BC are forecast to decline 11.4% to 72,960 in 2023.
2. We expect that the average Canadian variable mortgage will rise to 6.35%, consistent with a 4.5% Bank of Canada overnight rate.
3. Thanks to the uptick in rates, buyers will have less buying power in 2023. Some will consider creative ways to pursue homeownership, like pooling their resources to buy with friends and family, a trend experts first noticed in the spring of 2022.
4. Listings have nearly doubled across the Thompson-Okanagan region since January 2022, although they remain below historically normal levels.
5. Homeowners in a position to do so will look to rent their low-mortgage-rate homes and step into the role of landlord. With rental rates predicted to increase faster than home values, renting out a home will be lucrative in 2023.
DM us if you want to chat about what these predictions mean if you’re looking to buy or sell in 2023. We’d love to connect!
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