Real Estate Matters – August 2022
Rising interest rates, typical summer lull, etc. have been affecting the market quite a bit. Almost feels upside down compared to 4 months ago. Why is this happening and what should you do if you are a Buyer or Seller?
VANCOUVER, BC – August 3, 2022 – Metro Vancouver’s* housing market has entered a new cycle marked by quieter home buyer demand and a gradual rise in the supply of homes for sale.
Last month’s sales were 35.2 per cent below the 10-year July sales average.
“Home buyers are exercising more caution in today’s market in response to rising interest rates and inflationary concerns,” Daniel John, REBGV Chair said. “This allowed the selection of homes for sale to increase and prices to edge down in the region over the last three months.”
“After two years of market conditions that favoured home sellers, home buyers now have more selection to choose from and more time to make their decision,” John said. “In today’s changing housing market, both home buyers and sellers should invest the time to understand what these changes mean for their personal circumstances.”
Looking to sell or move? Please reply to this email and I’d be happy to chat with you! I truly would love the opportunity to work with YOU!
Please click below links for your complimentary updated Vancouver Real Estate statistics package.