Canadian Real Estate Markets Show Signs of Recovery

On Wednesday, March 15, the Canadian Real Estate Association (CREA) released its national housing statistics for the month of February 2023. Below, CREA’s Senior Economist Shaun Cathcart provides an update on the current state of housing markets in Canada and explains what the data means for members:

We’ve been wondering for a few months whether—and to what extent—2023 would be a recovery year for housing markets following a steep drop-off in 2022, albeit from a lofty start.
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Canada’s Population Grew By Record 1 Million In 2022, Spurred By International Migration

Total population closing in on 40 million as Canada remains fastest-growing G7 country: StatsCan

Canada’s population grew by 1 million in 2022: StatsCan

New Statistics Canada figures show the country added more than one million new people in 2022 — the biggest one-year population spike since 1957. But while a growing population brings new energy and ideas, it comes as Canada struggles with a serious housing crisis.
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“Strong Recovery” Expected For The BC Housing Market in 2024

Based on recent developments and trends, British Columbia’s housing market is expected to experience a “strong recovery” in 2024, according to the BC Real Estate Association’s (BCREA) forecast update released today.

But before that recovery happens, the pronounced slump that began in 2022 will continue well into 2023, with total home sales across the province expected to fall 7.1% this year to 75,150 units . Such home sales volumes would be higher than in 2018 and 2019.

The average home price will also fall by 7% to $925,500 in 2023 compared to 2022.
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Living In small condos may be the future for more Tri-Cities home buyers

More people moving to the Tri-Cities will live in 500 sq-ft. studios or junior one-bedrooms in new condos across Coquitlam and Port Moody.

A housing form called junior one-bedroom is becoming more common in new Tri-Cities developments.

Also known as a studio apartment, micro condo or compact housing, these homes can be 500 sq. ft. or less.
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Experts Say Foreign-Buyer Ban Won’t Bite B.C. Real Estate Prices

B.C.’s hot markets have already cooled due to rising interest rates and the foreign-buyers tax has already deterred a number of foreign purchases

Author of the article: Derrick Penner Published Jan 02, 2023

Canada’s temporary ban on foreign purchases of residential real estate sends the world a mixed message just as this country is ramping up immigration, but few B.C. experts expect it to have a major effect in this province.

“The message it sends broadly is that we’re not open for business,” said realtor Adil Dinani, who is with the Dinani Group, Real Estate Advisors.
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2022 Market Insights for Greater Vancouver

After seeing record sales and prices during the pandemic, Metro Vancouver’s housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation.

Here’s a summary of the December 2022 housing market statistics.
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