Vancouver real estate market update for August, 2023. What's happening in the Vancouver real estate market? What's going on with listings, sales, interest rates.  

Sales were up 24% compared to this time last year. Keeping in mind this time last year, interest rates were on the rise. So a lot of people put their plans on hold and that 24% increase is still 13% below the 10-year average. 

Same for listings, still 13% approximately below the 10-year average. So we're just not seeing the volume that we're used to, not as many transactions, but with those sales, at least what that's telling us is that people are getting on with their lives despite the current rates. 

Speaking of rates, we got some good news yesterday. No change there. That's not to say they won't go up in the future, but at least we got a little bit of breathing room. 

Moving forward, a little bit of advice, word of caution. I know a lot of you are waiting for interest rates to come down before you make that move. Please just keep in mind that when interest rates go down, prices will go up. When prices go up, you're gonna need more cash. Down payments are gonna go up, okay? By no means should anybody be rushing into the market when they're not fully ready or it's gonna cause financial stress on their lives, but if your life circumstances and your financial abilities are aligned right now, you should be out there having the conversations and looking at properties. You don't have to do anything, but worst case, as you're doing all that stuff, you're gaining information. When you're gaining information, you're gonna make a more informed decision when the time comes. 

If you think you'd benefit from a conversation about your plans and your local market, please reach out, happy to help.

Posted by Glenn and Brittany Real Estate on

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