APRIL SHOWERS MAY BRING DOUBTERS...
As April comes to close, the Metro Vancouver Market returns to “historically typical” numbers. Even with the onpour of rising interest rates, buyers might find optimism in what this means for their buying process. Will higher interest rates mean more time to view properties and submit offers? Or will this only add to the upward pressure in prices?
“With interest rates climbing and…inventory…inching higher each month, it’s important to work with your local Realtor to understand how these factors could affect your home buying or selling situation.”
- Daniel John, REBGV Chair
According to the REBGV April 2022 Market Report, analysts say that downward pressure on home prices occurs when the number of sales to the number of active listings falls below 12%, and upward pressure is experienced when the amount of properties sold surpasses 20% of the total market supply. Currently the average sales-to-active ratio across detached, attached and townhomes sits at 36.7%, indicating upward market pressure.
While the benchmark price for a detached home in the Greater Vancouver Area is $2,139,200 and $844,700 for condos, the Real Estate Board hopes this interest rate hike will fuel market slows that give way to buyers and sellers in conducting due diligence in their real estate process.
To read the full report, CLICK HERE!
To find out more about the current market updates, contact me and #MovewithMarce!