As usual the latest market stats will appear in my monthly Stilhavn newsletter. If you are not a subscriber and would like to be, please let me know. This below is my personal take on what’s happening out there.
As expected, it has been a quiet few weeks in the Vancouver real estate market. What is typically the slowest time of year has been even more so as the standoff between buyers and sellers continues. Buyers are only jumping in if, 1) they find a special property that wouldn’t typically be available, at least not without a line up around the block resulting in multiple offers, or 2) they perceive that the price mitigates not only the current higher cost of borrowing but the potential for further rate increases. Meanwhile sellers, unless extremely motivated to sell by other circumstances/opportunities, are reluctant to sell for less than the most recent comparable sales.
So what happens next? The two main factors will be supply and interest rates. If rates stabilize prior to the spring market (traditionally the busiest time of year), then we could see buyers become more active and the number of sales return to more “normal” levels. These are still likely to be well below the past two years, but should be enough to make the market functional again. In addition, if supply (the number of active listings) remains relatively tight, then prices will likely hold. However, this particular equation will very a lot in different locations and market sectors. This inconsistency will create opportunities for those both selling and buying. To find out how this could affect and/or benefit you, please reach out to me directly anytime.
Finally, as you have doubtless read, there are a number of new pieces of government legislation which will affect the process of buying and selling moving forward. Please follow the link below for a concise summary.