The British Columbia Housing market is directly affected by Canadian interest rates.  After the surprise depend during COVID-19, with low rates, the market was brisk.  

Now with inflation reaching 30 year highs, the Bank of Canada has risen rates in attempts to mitigate costs.  The housing market will be quite different than it was in the last two years. Inventory is still low and it is not anticipated that a balanced market will not be for some time.  Markets remain tight but is a fine balance between prices and product.  It is anticipated prices will fluctuate but ultimately flatten out in 2023 according to the British Columbfia Real Estate Association housing forecast