Low supply keeps upward pressure on home prices across Metro Vancouver’s housing market. The first month of 2022 saw home sales come down from last year’s record-setting pace, while low supply continued to cause home prices to edge higher across Metro Vancouver.
As we approach spring, we’ll keep a close eye on the impact of rising interest rates on buyers’ willingness to buy and on whether more home owners will opt to become sellers in what’s traditionally the busiest season of the year. With home prices reaching new highs in recent months, the need has never been greater for government to collaborate with the building community to expedite the creation of housing supply and provide more choice for those struggling to buy a home today.
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