Home sellers were more active in Metro Vancouver’s housing market in September while home buyer demand remained below the region’s long-term averages.
Home sales totaled 1,687 that is a 46% decrease compared to September 2021 and a 10% decrease compared to August 2022.
This difference in sales activity of single family homes versus apartments & townhomes provides an opportunity for homeowners looking to upsize. With fewer homes selling and new listings continuing to come to market, there is more inventory, providing buyers with more selection compared to last year.
With the Bank of Canada and other central banks around the globe hiking rates in an effort to stamp out inflation, the cost to borrow funds has risen substantially over a short period but at the same time, home prices have edged down over the last 6 months. It’s very important for buyers to work with experienced and professional mortgage brokers.
If you are wondering how much you can borrow in today’s environment, please give me a call and I can connect you with my network of amazing mortgage brokers or if you have any other real estate questions.
Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.