{"id":6156,"date":"2023-02-14T11:11:53","date_gmt":"2023-02-14T19:11:53","guid":{"rendered":"https:\/\/www.yaorealestate.com\/?p=6156"},"modified":"2023-02-14T11:12:36","modified_gmt":"2023-02-14T19:12:36","slug":"interest-rates-february-2023","status":"publish","type":"post","link":"https:\/\/www.yaorealestate.com\/interest-rates-february-2023\/","title":{"rendered":"Real Estate Matters &#8211; February 2023"},"content":{"rendered":"<h3 style=\"text-align: center;\">Real Estate Matters &#8211; February 2023<\/h3>\n<p>&nbsp;<\/p>\n<div class=\"entry-content-asset videofit\"><iframe loading=\"lazy\" title=\"Real Estate Matters: February 2023 - Market Bottomed Out!  Up Curve starting!\" width=\"720\" height=\"405\" src=\"https:\/\/www.youtube.com\/embed\/eR2sA6B-fBg?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe><\/div>\n<h2><\/h2>\n<p>&nbsp;<\/p>\n<p>Hello!<\/p>\n<p><strong>As take a look back on what we said last month:<\/strong><\/p>\n<p><em><strong>&#8220;We think we are reaching a bottom here in regards to the Vancouver Real Estate Market trend.&#8221;<\/strong><\/em><\/p>\n<p><strong>As we look back on the stats from January, this was indeed the case.\u00a0 But this time, price increases seem to be from the bottom up.\u00a0 What this means is that this is &#8220;need based buying&#8221;.\u00a0 How long as this trend been going on?\u00a0 Actually, it started at the beginning of the pandemic.\u00a0 Allow me to explain.<\/strong><\/p>\n<p><strong>2015 to 2018, we saw a frenzy of &#8220;speculative buying&#8221;.\u00a0 Whether it was from investors or foreign money, trickling down to people not wanting to &#8220;miss the train&#8221;.\u00a0 This caused a record price hike like no other.\u00a0 In turn, it caused even more investors seeing it as an opportunity as well as buyers not wanting to let the price outgrow their abilities.\u00a0 It was the perfect storm.<\/strong><\/p>\n<p><strong>After that, we saw the market take a pause for a year and a half, until COVID hit.\u00a0 This was when the &#8220;need based buying&#8221; began.<\/strong><\/p>\n<p><strong>2020 to 2022, as many start working from home, spending much more time with their households, and going out much less, the need for space became the driving factor.\u00a0 We saw individuals and families having to have that home office, extra kid&#8217;s playroom, extra pantry\/storage, etc.\u00a0 This created a top down effect, as the desire for larger homes was the driving factor.<\/strong><\/p>\n<p><strong>Since the numerous rate hikes in 2022, it shocked the market into a transition period.\u00a0 As we kept mentioning, this was the best time to buy, but the majority of people stood on the sidelines due to the fear of the unknown (risk).\u00a0 This created a pent up demand, which will need to be released sooner or later &#8211; that&#8217;s the natural course of the economy.\u00a0 Now that the rates stabilized (and is coming down slightly), those that have been waiting to see what happens, are jumping back in.\u00a0 Another factor that is motivating this trend of bottom up, is the cost of rentals.\u00a0 Because of the rate hikes last year, rental rates have exploded.\u00a0 To a point where it costs more to rent than to pay a mortgage.\u00a0 The condo buyers \/ first time buyers are feeling this, and taking advantage of the last bit of the low market.<\/strong><\/p>\n<p><strong>As we go into 2023, we expect the prices to slowly increase.\u00a0 It won&#8217;t be at the rate of late 2010&#8217;s or the pandemic, because supply will come out along with the demand.\u00a0 Nevertheless, price increases\u00a0will trickle upwards in the price band.<\/strong><\/p>\n<p><strong>If you are looking to Buy, Sell, or Move, this is the market where you can do it all.\u00a0 You just need to be equipped with the right information, be realistic, and work with someone that has the experience and expertise to help you navigate it.<\/strong><\/p>\n<p><strong>It&#8217;s never too early to be prepared.\u00a0 Drop us a line or give us a call, and we&#8217;d be happy to discuss your options.<\/strong><\/p>\n<p>VANCOUVER, BC \u2013 February 2, 2023 \u2013 Inventory remains low in Metro Vancouver* while home sales dipped well below monthly historical averages in January. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,022 in January 2023, a 55.3 per cent decrease from the 2,285 sales recorded in January 2022, and a 21.1 per cent decrease from the 1,295 homes sold in December 2022.<\/p>\n<p>\u201cDue to seasonality, market activity is quieter in January. With mortgage rates having risen so rapidly over the last year, we anticipated sales this month would be among the lowest in recent history,\u201d said Andrew Lis, REBGV\u2019s director, economics and data analytics. \u201cLooking forward, however, the Bank of Canada has said that it will pause further rate increases as long as the incoming economic data continues to support this policy stance. This should provide more certainty for home buyers and sellers in the market.\u201d<\/p>\n<p>\u201cWe know the peak for prices in our market occurred last spring. Over the coming months, year\u0002over-year data comparisons will show larger price declines than we\u2019ve been reporting up to now,\u201d said Lis. \u201cIt\u2019s important to understand that year-over-year calculations are backward- looking. These price declines already happened, and what we are seeing today is that prices may have found a footing, even if it\u2019s an awkward one sandwiched between low inventory and higher borrowing costs.\u201d<\/p>\n<p><strong>Looking to buy, sell or move?\u00a0 Please reply to this email, and we would be delighted to chat with you!\u00a0 Check out our Google reviews <a href=\"https:\/\/www.google.ca\/search?q=yao+real+estate&amp;source=hp&amp;ei=d8CYY6fOOcO_0PEPhuaJ4AI&amp;iflsig=AJiK0e8AAAAAY5jOh02jYZBeo7vnbhBFLoG6M1k2nNf4&amp;gs_ssp=eJzj4tVP1zc0TLcszC1MyakyYLRSNagwNbEwMzdOMTRMTTIwTTJKsTKoSDU2MbQwMrIwTDFPMUiyNPbir0zMVyhKTcxRSC0uSSxJBQDPqRTI&amp;oq=yao+real&amp;gs_lcp=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&amp;sclient=gws-wiz\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" data-cke-saved-href=\"https:\/\/www.google.ca\/search?q=yao+real+estate&amp;source=hp&amp;ei=d8CYY6fOOcO_0PEPhuaJ4AI&amp;iflsig=AJiK0e8AAAAAY5jOh02jYZBeo7vnbhBFLoG6M1k2nNf4&amp;gs_ssp=eJzj4tVP1zc0TLcszC1MyakyYLRSNagwNbEwMzdOMTRMTTIwTTJKsTKoSDU2MbQwMrIwTDFPMUiyNPbir0zMVyhKTcxRSC0uSSxJBQDPqRTI&amp;oq=yao+real&amp;gs_lcp=Cgdnd3Mtd2l6EAEYADILCC4QgAQQxwEQrwEyBggAEBYQHjIGCAAQFhAeMgYIABAWEB4yBggAEBYQHjIGCAAQFhAeMgYIABAWEB4yBggAEBYQHjIGCAAQFhAeMgYIABAWEB46EQguEIMBEMcBELEDENEDEIAEOhEILhCABBCxAxCDARDHARDRAzoLCAAQgAQQsQMQgwE6CwguEIAEELEDEIMBOgUIABCABDoUCC4QgAQQsQMQgwEQxwEQ0QMQ1AI6CAguEIAEELEDOggILhCxAxCDAToLCC4Q1AIQsQMQgAQ6EQguEIAEELEDEIMBEMcBEK8BOg0IABCABBCxAxCDARAKOgcIABCABBAKOgoILhCABBDUAhAKOgoILhDUAhCABBAKOgUILhCABDoICC4Q1AIQgAQ6CAguEIAEENQCOgsILhCABBDHARDRAzoLCC4QgwEQsQMQgAQ6CwguEK8BEMcBEIAEOg0ILhCABBDHARDRAxAKUABY9RhgpCVoBXAAeACAAV2IAe4HkgECMTOYAQCgAQE&amp;sclient=gws-wiz\" data-cke-saved->HERE<\/a>.<\/strong><\/p>\n<p>Please click the below links for your complimentary updated Vancouver Real Estate statistics package.\u00a0 For a more detailed pricing\/activities package for your relevant area, please feel free to contact us, and we would be happy to send one to you.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><a class=\"btn btn-lg btn-primary\" href=\"https:\/\/mcusercontent.com\/777c684ad3d3eb63b0df8e318\/files\/e8357afb-79e2-1156-2485-3314664ae72d\/REBGV_Stats_Pkg_Jan_2023.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Detailed Real Estate Board Statistics Package<\/a><\/p>\n<div class=\"row\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Real Estate Matters &#8211; February 2023 &nbsp; &nbsp; Hello! As take a look back on what we said last month: &#8220;We think we are reaching a bottom here in regards to the Vancouver Real Estate Market trend.&#8221; As we look back on the stats from January, this was indeed the case.\u00a0 But this time, price&#8230;<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[122,121,120],"tags":[158,159,119,118,117],"taxonomy_info":{"category":[{"value":122,"label":"Economy"},{"value":121,"label":"Housing Supply"},{"value":120,"label":"Interest Rates"}],"post_tag":[{"value":158,"label":"Interest rates 2022"},{"value":159,"label":"mortgage interest rates 2022"},{"value":119,"label":"mortgage rates Canada"},{"value":118,"label":"mortgage rates Vancouver"},{"value":117,"label":"real estate interest rates"}]},"featured_image_src_large":false,"author_info":{"display_name":"Alex Yao","author_link":"https:\/\/www.yaorealestate.com\/author\/yaorealestate\/"},"comment_info":0,"category_info":[{"term_id":122,"name":"Economy","slug":"economy","term_group":0,"term_taxonomy_id":122,"taxonomy":"category","description":"","parent":0,"count":8,"filter":"raw","cat_ID":122,"category_count":8,"category_description":"","cat_name":"Economy","category_nicename":"economy","category_parent":0},{"term_id":121,"name":"Housing Supply","slug":"supply","term_group":0,"term_taxonomy_id":121,"taxonomy":"category","description":"","parent":0,"count":9,"filter":"raw","cat_ID":121,"category_count":9,"category_description":"","cat_name":"Housing Supply","category_nicename":"supply","category_parent":0},{"term_id":120,"name":"Interest Rates","slug":"interest-rates","term_group":0,"term_taxonomy_id":120,"taxonomy":"category","description":"","parent":0,"count":9,"filter":"raw","cat_ID":120,"category_count":9,"category_description":"","cat_name":"Interest Rates","category_nicename":"interest-rates","category_parent":0}],"tag_info":[{"term_id":158,"name":"Interest rates 2022","slug":"interest-rates-2022","term_group":0,"term_taxonomy_id":158,"taxonomy":"post_tag","description":"","parent":0,"count":9,"filter":"raw"},{"term_id":159,"name":"mortgage interest rates 2022","slug":"mortgage-interest-rates-2022","term_group":0,"term_taxonomy_id":159,"taxonomy":"post_tag","description":"","parent":0,"count":9,"filter":"raw"},{"term_id":119,"name":"mortgage rates Canada","slug":"mortgage-rates-canada","term_group":0,"term_taxonomy_id":119,"taxonomy":"post_tag","description":"","parent":0,"count":17,"filter":"raw"},{"term_id":118,"name":"mortgage rates Vancouver","slug":"mortgage-rates-vancouver","term_group":0,"term_taxonomy_id":118,"taxonomy":"post_tag","description":"","parent":0,"count":17,"filter":"raw"},{"term_id":117,"name":"real estate interest rates","slug":"real-estate-interest-rates","term_group":0,"term_taxonomy_id":117,"taxonomy":"post_tag","description":"","parent":0,"count":17,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/www.yaorealestate.com\/wp-json\/wp\/v2\/posts\/6156"}],"collection":[{"href":"https:\/\/www.yaorealestate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yaorealestate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yaorealestate.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yaorealestate.com\/wp-json\/wp\/v2\/comments?post=6156"}],"version-history":[{"count":3,"href":"https:\/\/www.yaorealestate.com\/wp-json\/wp\/v2\/posts\/6156\/revisions"}],"predecessor-version":[{"id":6160,"href":"https:\/\/www.yaorealestate.com\/wp-json\/wp\/v2\/posts\/6156\/revisions\/6160"}],"wp:attachment":[{"href":"https:\/\/www.yaorealestate.com\/wp-json\/wp\/v2\/media?parent=6156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yaorealestate.com\/wp-json\/wp\/v2\/categories?post=6156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yaorealestate.com\/wp-json\/wp\/v2\/tags?post=6156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}