This has been a tumultuous year in our real estate market and I will continue to provide information to help you make good decisions, whatever your circumstance.
Here is a link to the complete set of charts and graphs – it may be useful to refer to them as you read through this piece!
Sales and Listings
- Sales for last month were 35.7% below the 10 year average and down 46.4% compared to September 2021
- Current listings are 8% higher than a year ago, and with fewer sales occurring we can expect the inventory to build.
Prices
This noted change in microeconomic dynamics has led prices across the REBGV to decrease around since the spring peaks (sometime in early April?) in the order of:
- – 9.3% – detached
- – 8.7% – townhouse
- – 6.6% – apartment
and for the most part prices are now back to the levels of January 2022.
Outlook
- We are heading into the a traditionally slower season (October – February)
- Interest rate increases have reduced affordability
- will inhibit demand at current prices
- will continue to bid down price levels
Questions of future timing include:
- when can we expect a return to typical (10 year average) sales and listings and a stabilization of price changes – will it be during 2023 or not until 2024?
- And when that time comes will it be to a balanced market or will the pendulum swing quickly in the other direction to another Sellers’ market?
I am here to arm you with the best information and give my professional advice so you can make the best decisions to help yourself move forward!
call/text: 604.603.8538
or email: dbauck@deanbauck.com
