Real Estate Matters – November 2022
Hello!
Rates continue to rise, yet you still have the need to move? David Goodison breaks down what to look for and how to prepare yourselves to get better rates.
Prices continue to drop due to the interest rates, yet sale-to-listing ratio in Metro Vancouver saw a brief uptick last month. Is that perhaps a crack of stability on the horizon?
VANCOUVER, BC – November 2, 2022 – Home sale activity across the Metro Vancouver housing market continued to trend well below historical averages in October.
Last month’s sales were 33.3 per cent below the 10-year October sales average.
“Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options,” Andrew Lis, REBGV’s director, economics and data analytics said. “With sales remaining near historic lows, the number of active listings continues to inch upward, causing home prices to recede from the record highs set in the spring of 2022.”
“Recent years have been characterized by a frenetic pace of sales amplified by scarce listings on the market to choose from. Today’s market cycle is a marked departure, with a slower pace of sales and more selection to choose from,” Lis said. “This environment provides buyers and sellers more time to conduct home inspections, strata minute reviews, and other due diligence. With the possibly of yet another rate hike by the Bank of Canada this December, it has become even more important to secure financing as early in the process as possible.”
Looking to buy, sell or move? Please reply to this email and I’d be happy to chat with you! I truly would appreciate the opportunity to work with YOU!
Looking to buy, sell or move? Please reply to this email and I’d be happy to chat with you! I truly would appreciate the opportunity to work with YOU!
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