December Market Update 2022

The market continues to weaken

Too many negative parameters continue to put pressure on housing prices in the Lower Mainland and the Fraser Valley. First the higher interest rates, then weaker demand, then continued low inventories and now the changes looming over the real estate market and coming into effect by January 1st of 2023. Please see below, how November shaped up from a statistical standpoint and look especially close to some of the percentile changes year over year:

It's almost mindboogling, how we currently are even considering callin this a real estate "market" since clearly the entire market seems to have fallen into hibernation compared to just eight or so months ago. 

However, every market holds opportunities and these opportunities are shaping up to potentially being bigger than the gains in the previous 2+ years. If you want to move up from a condo to a townhouse or from a townhouse to a house, this market is exactly what you have been hoping/waiting for. Call your agent from the IMPACT Real Estate Group to let them explain, why this is and how you can take advantage of the current market environment.