We are seeing big changes in the real estate market this month. Home sellers were more active in Metro Vancouver’s housing market while home buyer demand remained below the region’s long-term averages.
The Real Estate Board of Vancouver (REBGV) reported that residential home sales in the region totalled 1,687 in September 2022, a 46.4% decrease from the 3,149 sales recorded in September 2021, and a 9.8% decrease from the 1,870 homes sold in August 2022.
Andrew Lis, REBGV director, says “With the Bank of Canada and other central banks around the globe hiking rates in an effort to stamp out inflation, the cost to borrow funds has risen substantially over a short period. This has resulted in a more challenging environment for borrowers looking to purchase a home, and home sales across the region have dropped accordingly.
For the full report goto: