January 2023 Greater Vancouver Real Estate Market Update
Posted by Galia Horwitz on
Due to seasonality, market activity is generally quieter in January. The same pattern occurred this past month as inventory remained low and home sales dipped well below monthly historical averages. This was no surprise given the rapid pace of interest rate hikes over the past six months. Looking forward, however, the Bank of Canada has said that it will pause further rate increases as long as the incoming economic data continues to support this policy stance.
Let's talk prices! Will they increase or decrease? Over the past six months as interest rates increased we started to see prices decline. In addition to declining prices we also witnessed a dramatic dip in inventory. What does this mean? Due to the lack of inventory on the…
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