What to expect from the real estate market in 2023

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Inflation is the name of the game when it comes to real estate in 2023. In eight meetings this year the Bank of Canada raised interest rates seven times. While one more rate hike is expected in January forecasts look promising past that.

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“We’re expecting that most people’s forecasts for interest rates are that they start to come off a bit off of their peak at some point in 2023 as the central bank changes course,” said Mclaughlin.

Despite all the different factors the BCREA anticipates, a Local Mortgage expert is hopeful that Prince George will continue to be resilient and steady.

“I love investing in Prince George because I may not be able to buy the right time and sell at the right time,” said Christine Buemann, a mortgage expert. “I can ensure that my investment is going to remain consistent and that it will appreciate over time.”

The Bank of Canada has there first interest announcement of 2023 scheduled for January 25th.