“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
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