According to the CREA (The Canadian Real Estate Association), looming interest rate increases and continued housing supply shortages are predicted to push home prices to rise in 2022. Rise by how much? Experts predict a rise of more than 9% throughout Canada, with provinces like BC potentially seeing even greater numbers due to an increased limited housing supply and high demand fueled by Canada’s ambitious immigration policy. The new Immigration Levels Plan aims to welcome 411,000 immigrants in 2022, and an additional 421,000 in 2023. Vancouver is one of Canada’s main beneficiaries of immigration, hence a strong demand for housing in the lower mainland.
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