Real Estate Matters – October 2022
In this special episode of Real Estate Matters, we are introducing a new segment called “Bright Minds”. Today we have Mr. Warren Smith of Smith Legal Search. Smith Legal Search is one of the top recognized legal placement firms in the country, massively expanding over the last couple years. Along with his knack for business, he applies the same mindset to his Real Estate portfolio. See how he went from a small townhouse years ago to multi million dollar mansions today, and why he sees today’s market as an opportunity.
Vancouver, B.C. – October 4, 2022 – Home sellers were more active in Metro Vancouver’s* housing market in September while home buyer demand remained below the region’s long-term averages.
Last month’s sales were 35.7 per cent below the 10-year September sales average.
“With the Bank of Canada and other central banks around the globe hiking rates in an effort to stamp out inflation, the cost to borrow funds has risen substantially over a short period,” said Andrew Lis, REBGV director, economics and data analytics. “This has resulted in a more challenging environment for borrowers looking to purchase a home, and home sales across the region have dropped accordingly.”
“With fewer homes selling and new listings continuing to come to market, inventory is beginning to accumulate, providing buyers with more selection compared to last year,” Lis said. “With more supply and less demand within this market cycle, residential home prices have edged down in the region over the last six months.”
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