This too will pass
Here are a few thoughts on the housing market in Vancouver. For starters, currently home owners are working hard to hold on to their most important asset. The interest rates have not come down yet so.. and for that reason some owners may have to make a switch which could result in an increase in listing inventory. The condo market alone in the GVA is up by a 20% just this past month alone. If you want more Click Here MarketStatisticsDatedfeb2022.ubrstanvanwoerkens.com Sellers and buyers are not sure what to do and are hesitant and maybe a bit nervous. Currently buyers need to qualify at 9% not 7% because of the stress test. That's having an impact. So what to keep in mind? As a buyer you have an opportunity out here, we just have to find it for you. There are sellers who are willing to negotiate. As a seller you are facing steep competition so price aggressively if you need to sell. And finally This too shall pass Housing starts have only increased in Toronto and Montreal ,Vancouver is falling behind. With immigration at a high and relative low housing starts and we need close to 750 thousand homes in the next 5 years. Inventory will remain a challenge and this shall pass as well. Lets hang in there together if you can. Our Team is here to provide good help and lets plan together.
This entry was posted on October 18th, 2023 by Stan van Woerkens | Posted in General