Vancouver housing market undersupplied despite current slowdown, says expert

The Vancouver housing market faces conflicting forces: structural undersupply amid a cyclical demand pullback. Challenges include a recessionary economy, job losses, high construction costs, and federal immigration curbs, leading to rising inventory and fewer sales. Despite recent easing, home values remain 32% above 2019 levels, with affordability still poor globally. Long-term prospects remain positive due to B.C.'s diversified economy and quality of life.