Real Estate Matters – April 2022
BC Government has now confirmed that the “Cooling Off Period” will be legislated by Summer 2022. Details are still unknown. What is the real purpose of this? Will it really cool off the market? What has history taught us when the government tries to stick their fingers in a free market?
VANCOUVER, BC – April 4, 2022 – While down from last year’s record numbers, home sale activity in Metro Vancouver’s* housing market remained elevated in March.
Last month’s sales were 25.5 per cent above the 10-year March sales average.
“March of 2021 was the highest selling month in our history. This year’s activity, while still elevated, is happening at a calmer pace than we experienced 12 months ago,” Daniel John, REBGV Chair said. “Home buyers are keeping a close eye on rising interest rates, hoping to make a move before their locked-in rates expire.”
“We’re still seeing upward pressure on prices across all housing categories in the region. Lack of supply is driving this pressure,” John said. “The number of homes listed for sale on our MLS® system today is less than half of what’s needed to shift the market into balanced territory.”
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