The million dollar question is "how far will prices drop and when will they start to rise again?"
Now let's be real, if we all knew the answer to this question, none of us would ever have to work again! So let's take a look at some statistics and see what economists are predicting.
The MLS benchmark price fell 9% for condos from its peak in April 2022. Detached homes fell 15% from their peak in February 2022. Both home segments showed shallower declines than between 2008-2009 AND 2017-2018.
Economists predict that prices won't be tumbling much more and this is due to 4 key reasons:
- low inventory + pent up demand from home buyers
- a strong job market
- increased migration to the Greater Vancouver region; AND
- a better rate environment to come in late 2023
Now from what the experts are telling us, we're not expecting a housing crash if that's what you're waiting for me to say!
Contact me to discuss market specifics for your neighbourhood in Greater Vancouver!
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