Home sale and listing activity in Metro Vancouver moves off of its record-breaking pace.
While home sale and listing activity remained above our long-term averages in May, conditions moved back from the record-setting pace experienced throughout Metro Vancouver in March and April of this year. With a little less intensity in the market today than we saw earlier in the spring, home sellers need to ensure they’re working with their REALTOR® to price their homes based on current market conditions.
We’ll pay close attention to these factors leading into the summer to understand what effect they’ll have on the current market cycle. The first is that sales easing down from record peaks. The second is the revised mortgage stress test that reduces the maximum borrowing amounts by approximately 4.5%. And third factor to watch is the average five-year fixed mortgage rate climbing back over 2% since the beginning of 2021.
If you are looking to buy, sell or have questions about real estate, please give me a call.
Victor Song PREC*
Royal LePage Sterling Realty