The British Columbia Real Estate Association (BCREA) is forecasting a decline in overall provincial residential sales during 2023, but subsequently forecasting a rebound in 2024.
In a news release, the BCREA predicted a 6.6% decrease in home sales for 2023. However, the association predicted a 19.3.% rise in 2024 due to high demand.
“An uptick in home sales to start the spring, despite still high mortgage rates, indicates how much pent-up demand there is in the market waiting to be unlocked,” said Brendon Ogmundson, the chief economist with the BCREA, in the release.
“With the Bank of Canada on hold and fixed mortgage rates still stubbornly high, home sales are unlikely to fully normalize this year.”
The BCREA report goes on to say that home sales remain close to 25% below average and some sellers have held off listing because of the down market. The BCREA expects home prices to finish the year higher than at the start, yet still down about 6% from the record high in 2022.
In terms of the residential home market in Squamish, one previously tracked home has dropped in price in the last few months while another has not.
A green-coloured rancher for sale on Buckley Avenue listed for about $1.25 million in mid-March has been lowered to about $1.09 million, equating to about a $160,000 decrease.
And, perhaps with some cheekiness, the for sale sign outside of the home boasts that the buyer will receive a free pizza with the purchase of the home.
However, another previously tracked home on Government Road remains at about the same price it was listed for in mid-March at about $1.2 million.
A third home tracked in mid-March is no longer listed for sale. Several previously tracked property lots for sale in Squamish have also not changed in price.
