The region has already posted double-digit gains in the spring when prices rose nearly 20 per cent in the second quarter of 2021 compared to the same time period last year.
“Last summer it was full on pedal to the metal,” he said. “Now with higher prices and buyer’s fatigue — they’ve been taking a licking for a long time — we are thinking we might see more of a typical Vancouver summer, but slightly more intense than that.
While several offers with no conditions were standard in the spring, “now you are starting to see buyers able to submit offers with conditions, and they’re able to do their due diligence,” said Ryalls. “Household formation will undergo another major shift before the end of the year, with many young Canadians who chose to move in with parents during the lockdowns looking for their own places to live,” said Phil Soper, president and CEO of Royal LePage, in the report.
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