Calmer housing market trends in Metro Vancouver
After reaching record-setting levels in 2021, home sales activity has returned to more typical seasonal levels in Metro Vancouver this spring.
Over the last two months, upward pressure on home prices has begun to ease in the housing market. The main reason we're seeing a shift from the strong Seller's marketwe've experienced over the past two years is rising interest rates and a modest increase in home listings. However, we still need housing supply totals to more than double in order to bring the market close to balanced territory. January 2022 was the lowest home inventory in more than 30 years.
“With interest rates rising, home buyers are taking more time to make their decisions in today’s housing market. Home buyers have been operating in a frenzied environment for much of the past two years. This spring is providing a calmer environment, with fewer multiple offer situations, which is allowing buyers to explore their housing options, understand the changing mortgage market, and do their due diligence." - Daniel John, REBGV Chair
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