, says the Vancouver real estate market has indeed cooled off after going straight up during the COVID-19 pandemic, but buyers shouldn’t be too alarmed because there hasn’t been a dramatic fall.
From his vantage point as somebody who’s been in the business for over 28 years, McGowan’s read on the current market is that it’s leaning towards a buyers’ market — which may be surprising amidst all this talk about rising interest rates.“Real estate is a long-term play,” he explains. “The average hold on a house is about seven to nine years, and a home that costs $1M today may be worth $10M a decade from now. Whatever happens today is almost kind of irrelevant.
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