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There's a Silver Lining to Vancouver’s Cooling Housing Market

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After two-and-a-half years of unprecedented growth, this housingmarket cool-down is a result of a few factors: record-high inflation, rising interestrates, and general uncertainty in the stock market. realestate Vancouver realestatenews

According to data from The Real Estate Board of Greater Vancouver , home sales in Metro Vancouver peaked atin July 2022 — that’s more than a 40% decrease year-over-year, and a 22.85% dip compared to the month prior.

For instance, in 2008, prices dropped by about 20% during the height of the Global Financial Crisis. And even back then, Vancouver’s housing market was quick to bounce back once homebuyers realized that Vancouver and Canada at large weren’t dealing with the same issues as the United States. The silver lining of all this uncertainty? Because condos have seen a much smaller dip than detached homes, now may be a good time for suite owners to upsize.

 

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