What is happening with housing prices in the Spring??

What is happening with housing prices in the Spring??

I wish I had a crystal ball!!! 

 "According to the Canadian Real Estate Association’s (CREA) latest quarterly forecast, national average home prices are forecast to decline 5.9% on an annual basis in 2023 to $662,103. That said, the important thing to note here is based on the monthly data under the surface, that decline has already mostly happened over the course 2022. The reason the 2022 annual number is so much higher than the 2023 number has more to do with the short-lived sky-high peaks from a year ago.

CREA also notes home prices remain mixed in markets across Canada. In some markets in Ontario and British Columbia, significantly higher borrowing costs have noticeably cooled prices from their 2022 peaks. However, prices have been holding up much better in parts of Alberta, Saskatchewan and Newfoundland and Labrador. Quebec and the Maritime provinces fall somewhere between the two. So, what happens to home prices can depend largely on where you live in the country. When rates go up the way they have over the last year, the biggest regional factor is how expensive real estate is in different parts of the country.

It will also depend on the Bank of Canada’s efforts to control inflation and how Canadians react to it. At this point the Bank has promised rate increases will be on hold, but rates are still high, which could keep buyers and sellers on the sidelines. The sooner rates start to wind back down, the sooner housing market activity will likely start to pick back up."

Let's look at the Robson Valley... that includes Dome Creek, Crescent Spur, McBride, Dunster and Valemount...this information is based on Average market statistics from the last 12 months- February to February. 

Average days a listing is on the market:  73 days

Original Listing Price on a Percentage of Sales Price: 93.2%

Average list price per square foot: $250- which is an increase of 19%

Dome Creek $190

McBride Town $188

McBride Rural $242 

Dunster $281

Valemount Town $224

Valemount Rural $458

The Average Sales Price: $436,851- an increase of 22%

Dome Creek $455,000

McBride Town $337,577(+33%)

McBride Rural $497,000

Dunster $450,000

Valemount Town $400,643

Valemount Rural $754,000


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