. Homeownership in Metro Vancouver has become more difficult for ordinary people and, as a result, sellers will see their home prices drop, especially in the under-$2 million market.
Meanwhile the luxury market — both buyers and sellers — likely will not be affected as much, O’Toole adds.The Vancouver market is slow at the moment — or “incredibly slow” compared to the pandemic frenzy, O’Toole points out. According to figures from the Real Estate Board of Greater Vancouver , before the latest rate hike,compared to the 10-year August average. Compared to August of last year, it’s a 40 per cent drop.“It is more of a balanced market right now,” he says.
With slower sales, listings are collecting and lingering on the market, and O’Toole says some listed prices are not keeping up with reality. He heard one U.S. realtor sum it up perfectly. “‘Sellers are in the mindset of six months ago, buyers are in the mindset of six months from now’ — and I quite liked that phrase,” O’Toole says. “It’s a tough thing to accept that the market can change very quickly.”Looking ahead, British Columbia has another big move on the horizon. — expected to launch in January across the province, with specific details yet to be seen — will allow buyers to withdraw from a purchase agreement within a certain amount of time.
January feels like a million years away, however, considering how quickly the market has changed over the past few years — and the past few months. Written ByContent by STOREYS Custom Studio is created in partnership with companies and brands looking to tell their own story.