Vancouver’s real estate market is cooling off quickly. Rising interest rates have already slowed down home sales, and prices are starting to drop—although they remain out of reach for many households.
Although Vancouver’s consumer price inflation is expected to decelerate from this year’s 7.2 per cent average, the city’s households and businesses are still reckoning with today’s elevated prices. Vancouver typically has among the highest gas prices in the country, and households were hit by surging energy prices earlier this year.
Tourism is rebounding in Vancouver, with activity at Vancouver International Airport reaching 80 per cent of its pre-pandemic level in June.
Overall, Vancouver’s real GDP will grow by 2.8 per cent in 2022 and around 2.2 per cent in 2023 and 2024.
There are no reviews yet.