Canada Mortgage and Housing Corporation is predicting home prices and sales will fall from last year's levels by December.
But the federal housing agency says the declines won't blunt much of the market's heat.
Chief economist Bob Duggan says home ownership will be less affordable in the near-term because of higher mortgage rates and high price levels.
He also expects rental affordability will likely decline as well.
The record rains brought by an atmospheric river last November swamped southwest B.C., inundated farmland, washed out major highways and railways and forced thousands to flee. Five people died in what the Insurance Bureau of Canada ranks as B.C.'s most costly weather event, with insured losses of $675 million.
It presents two options, with the first stopping further spending on the SPS while a plan is submitted to the province for approval to end the integration and "ramp down" the municipal police agency.
The victim was walking in the south lane of East 2nd Avenue from Commercial Drive on November 1 at around 7:15 a.m. when she was hit by the driver of a Cadillac Escalade. She was taken to hospital where she died from her injuries.
“I was in the same store where I bought the ticket,” recalled Raj, who shared a Maxmillions prize from the draw with another winner in Ontario. “I checked a few tickets and they were small wins, then I checked the winning ticket and I was sweating.”
Farnworth says the provincial government has dedicated $1.6 million to the Sumas dike project, as he gave an update on recovery progress ahead of the one-year anniversary of what he called "one of the most devastating weather events in the history of our province."
Health Canada pegged the problem to “unprecedented demand since the summer,” with stock “limited” at stores and hospitals in various parts of the country. Observers point to a complex web of factors driving demand, limiting supply and complicating any attempt at a quick fix.