Has Metro Vancouver's red-hot real estate market finally started to cool?

  • 📰 VancouverSun
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 61%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

\u0022There is definitely a slowdown now. I can sense it. I can feel it,” said local real estate agent, as buyers take longer to make decisions

“There is definitely a slowdown now. I can sense it. I can feel it,” said One Flat Fee real estate agent Mayur Arora, who has clients in both Metro Vancouver and the Fraser Valley. “Markets are driven by sentiment, and now the sentiment is toward a slowdown.”

“Before, people would ask, ‘What do I have to do to get this property?’ And now it is, “Let’s wait for a few days for a price drop and then we can move forward.’ Arora said the market is mainly responding to the Bank of Canada’s mid-April decision to raise its key interest rate a half-point to one per cent. He said the bank intends to make more hikes as it works to lower the inflation rate to a target of two per cent from 6.7 per cent in March.

In his latest housing outlook, Hogue forecast B.C.’s aggregate home price will dip 3.8 per cent in 2023 to about $1.02 million. It’s the biggest drop he is forecasting for provinces across the country, with Ontario at a 2.3-per-cent decrease.Article content

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 49. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

What Metro Vancouver realtors are saying about the housing marketHere\u0027s what some Metro Vancouver realtors are experiencing on the ground across the region\u0027s housing market.
Source: VancouverSun - 🏆 49. / 61 Read more »

Vancouver real estate market beginning downturn that could last 2 years, expert saysA Vancouver real estate and property tax expert believes Vancouver’s real estate market is seeing the start of a downturn that could last up to two years.
Source: CTVNews - 🏆 1. / 99 Read more »

What Metro Vancouver realtors are saying about the housing marketHere\u0027s what some Metro Vancouver realtors are experiencing on the ground across the region\u0027s housing market.
Source: VancouverSun - 🏆 49. / 61 Read more »