The British Columbia Real Estate Association says the chill across the province鈥檚 property sector will drag on through this year, but it calls for a strong rebound in 2024.

The association makes the prediction in its housing forecast for the first quarter of the year.

Association chief economist Brendon Ogmundson blames expected sluggish sales this year on a slowing economy and ongoing, elevated mortgage rates.

But he is looking forward to 2024 when the association says a healthier economy, lower mortgage rates and 鈥渞ecord high鈥� immigration should fuel home sales again.

The forecast predicts residential sales in B-C will skid 7.1 per cent this year before surging nearly 24 per cent in 2024.

It says even though home listings remain scant, prices have fallen because of what the association calls the 鈥渁brupt shift鈥� in market conditions, and it says rates should stay 鈥渞elatively flat鈥� for most of this year.