Navigating the Recession: BCREA's Insights on BC's Housing Market Outlook for 2023

A forthcoming recession is expected to affect BC. But what does that imply for the housing market? In a recent report, BCREA made predictions on how the housing market may perform in a recession in 2023. According to BCREA, the business cycle has typically been led by house sales. Home sales start to decline months before the start of a recession, and by the time a recession starts, the housing market has reached its lowest point. BCREA predicts that the housing market in 2023 will be below average and that prices will go "downward in the coming months."

BCREA thinks that the beginning of a recession could "roughly coincide with the beginning of the housing market's recovery." Even though the housing market and economy may slow down over the next year, there will always be a need for housing in the future. How do you feel about an upcoming recession?

BCREA report: https://www.bcrea.bc.ca/wp-content/uploads/2023-01-19-market-intelligence.pdf