To summarize, the effect of rising interest rates for mortgages is cooling the residential housing market. Generally, sales are taking longer which, in turn, increases the number of listings on the market. More new listings are appearing while the number of sales are decreasing, this also results in a growing number of listings on the market.
Buyers have more selection, more time to decide and more opportunity to present conditional offers.
Are prices falling? Perhaps some sellers are "panicking" and accepting less, however, I feel it's a bit early to make the judgement that prices are coming down. Perhaps statistics will show average selling prices are declining but this may be because more lower priced homes are selling than higher priced homes resulting in average prices appearing to be less than before.
Here's the latest report from the BC Real Estate Association (BCREA) economist. To view the video click here... Housing Market Update.
To see the charts, click here.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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