Market Update

Check out the information below for the latest on what the market in Metro Vancouver is doing

Market Update

Source: The Real Estate Board of Greater Vancouver

Inventory is on the rise!

September 2022 home sales were down 2.4% compared to August 2022, and were 35.7% below the 10-year September sales average.

Rising interest rates over the last several months have created a challenging environment for many borrowers looking to purchase a home. As a result of this, inventory has been steadily accumulating & home sales have been falling accordingly in the region.

While home buyers are having to look for homes in lower price brackets than they normally would in order to qualify for a mortgage, they are also able to take the time to find the right home due to the increase in inventory. With additional interest rates projected in the near future, home buyers should be looking into their financing options & discussing home prices as well as other considerations with a real estate professional.

Home sellers who are holding firm to their ideal prices are seeing their homes sitting on the market for longer than they would have liked. At the same time, new listings are coming onto the market, & this rise in inventory is causing prices to edge down further. It's important for home sellers to consider market conditions and a variety of other factors when pricing their homes in order to maximize their chances of achieving a successful sale.

If you're ready to make your move, or want more localized information, contact Irfan today!

Market Insights

Quarterly Housing Update

Q3 2021 - Interest Rate Trends

Ready to make your move? Contact Irfan Today!

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Irfan Keshavjee

RE/MAX Crest Realty

#1 - 5050 Kingsway  Burnaby,  B.C.  V5H 4C2 

Mobile: 604-619-6786

irfan@irfankeshavjee.com

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Get In Touch

Irfan Keshavjee

Mobile: 604-619-6786

irfan@irfankeshavjee.com

Office Info

RE/MAX Crest Realty

#1 - 5050 Kingsway  Burnaby,  B.C.  V5H 4C2 

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