Instead of topping out in March, MLS sales in Metro Vancouver reached their apex in May, following five consecutive months of month-over-month increases — a pattern that is virtually unheard of in this market. That said, sales remain below long-run averages, despite the sustained growth.
So what does the dominance of macro-ality mean for our market going forward? Succinctly put, if the Bank raises its policy rate again in September – following the relative shock and awe of two hikes in June and July – expect sales to recede and inventory to continue to expand .