In 2023, the real estate world has seen both little change and lots of change.

On one hand, 2023 was a year when interest rates continued to increase, continued to dominate the conversion, and continued to dictate the market — for buyers, sellers, and developers, much like they did in 2022.

On the other, 2023 was also a year that saw all the new levels of government that entered office in late-2022 get to really dive into their work. On the provincial level, Minister of Housing Ravi Kahlon delivered a steady stream of actions and announcements throughout this year, showing that, if nothing else, our senior level of government is at least taking the housing crisis seriously. The same can be said for all the new municipal governments that were elected last fall and took real steps — whether you agree with them or not, and their effectiveness aside — towards doing what they were elected to do.

For builders, developments costs remain high, there remains uncertainty around numerous aspects of the industry, such as the office market, and many projects were forced to be put on pause, or worse. But success was nonetheless still available to be found, and some in real estate were able to find it.

With a new year comes a new beginning, and new hope, but before we get to 2024, it's only proper that we take a moment to reflect on the stories and people that made 2023 the year that it was.

STOREYS’ BC Real Estate Project Of The Year: Fraser Mills

The envisioned Fraser Mills community along the Fraser River.(Beedie)

STOREYS' BC Real Estate Newsmaker Of The Year: Ravi Kahlon

Ravi KahlonRavi Kahlon/Facebook Ravi Kahlon/Facebook

STOREYS' BC Real Estate Issue Of The Year: Exclusionary Zoning

exclusionary zoningHouses being built in Vancouver, BC. (Shutterstock)

STOREYS' Commercial Real Estate Trend Of The Year: Office Conversions

The Post in Vancouver, an example of an adapative "overbuild"

STOREYS' BC Real Estate Policy Of The Year: Short-Term Rentals

An Airbnb in Victoria, British Columbia. (Airbnb)