The latest housing assessment figures in British Columbia show residential property markets softening across the province, but analysts say it may not bode well for affordability in the coming year.

The concerns stem largely from the potential drop in interest rates later this year, which may spur homebuying activity while housing supply remains limited, driving up prices.

“There are a lot of buyers on the sideline right now,” said Central 1 Credit Union chief economist Bryan Yu.

“Once that certainty arises that rates are stabilized or are falling, we do expect to see that more buyers are going to come back and look into purchasing.”

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