British Columbia Real Estate Association (BCREA) predicts low mortgage rates to remain low until 2023.
![](https://s.realtyninja.com/static/media/med/5152_cce88353_mortgagerateforecast.jpg)
Very low inventory levels in all categories have created upward pressure on home prices and low inventory levels have reduced competition in the market, resulting in a strong seller's market entering into 2021.
On the buyer's side, record low mortgage rates have created an opportunity for buyers to lock in a very low rates.
It's a great time to look at the Bowen Island market - we're the size of Manhattan Island but with only 4000 people (and very different wild life). We invented social distancing!