There's Something About Vancouver...despite all the negative news on housing affordability, Metro Vancouver continues to witness internal migration. If you have been holding off on a home purchase, you may be interested to know that the recent announcement of increased immigration numbers for 2023 to 2025 in Canada, will cause the region to continue to grow and put pressure on the lack of housing supply. As the market adjusts to the higher mortgage rates, buyers will return to the market, think fast as REBGV predicts home prices to end with a slight increase in 2023 than the end of 2022.
Link to the REBGV Residential Market Forecast article and graphs here.
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