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.
Association chief economist Brendon Ogmundson blames expected sluggish sales this year on a slowing economy and ongoing, elevated mortgage rates. The forecast predicts residential sales in B-C will skid 7.1 per cent this year before surging nearly 24 per cent in 2024.
The survivor has life-threatening injuries, but police say the public is not believed to be at risk. IHIT is trying to determine if the tripped alarm and triggered sprinklers could be linked to the case.
IHIT investigators have identified the victim as a 17-year old man, who lived in the complex in which the shooting took place. At approximately 9:15 a.m. a White Nissan Rogue was reported to have been set on fire in the area of 173 Street and 101 Avenue in Surrey.
On Wednesday, Surrey RCMP received a report that a man was masturbating in the pathway behind a townhouse complex located in the 6400-block of 168 Street. The man jumped a fence entering the backyard of one of the units, and then used a flashlight to capture the attention of the residents before shining the light on his exposed genitalia.
Upon police arrival, officers located a body of a man. During the search of the home, police also found a drug lab. Early indications suggest that this incident is targeted, and the public is not at risk.
Canada's Department of National Defence said the balloon's movements were being actively tracked by the North American Aerospace Defence Command, which is responsible for monitoring airborne threats to the continent.