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'Macro-Ality,' Not Seasonality, Is Ruling The Metro Vancouver Housing Market

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So far in 2023, the Metro Vancouver market hasn’t been following the script. So what does the dominance of macro-ality mean for the market going forward?

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 .

 

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'Macro-Ality,' Not Seasonality, Is Ruling Our Housing MarketSo far in 2023, our market hasn’t been following the script. So what does the dominance of macro-ality mean for our market going forward?
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