The market is cooling off.
It's refreshing in many ways, and very interesting to watch.
"Moving forward for at least the next 12 months, we should see a considerably more balanced market in respect to sales / active ratio than we have seen for a long time."
What does it all mean?
Well, For the first time in 2 years, buyers are stepping back and taking a more relaxed approach to their offers by putting in offers that are within reason with terms. The lifted travel restrictions, Canadians are nervous about the trudeau government, The bank of Canada raising the Interest rates and rising rapidly, which obviously increases real-time costs of mortgages which in-turn decreases affordability and the future value of borrowing capability for everyone across the board especially first time home buyers.
All that said, Nothing new has really changed other then to say that the pendulum is now going to swing the other way and with inflation and daily needs prices & the rising rates, people are recognizing that they should start looking back at townhouses and condos because what does the lower mainland have an abundance? thats right, Family-sized townhouses and condos. and while market value has gone up like everything for these types of homes they are still within reach and dare I say affordable. comparatively.
The market has been crazy to say the least the last few yrs my job is to help people find homes and as realtors we are educators and negotiators, with a job that in the exist's only to serve you.
So, Let me know, if you or anyone you know might need my real estate services. If you need any help, advice or have any questions it would be my honour and privilege to help serve you!
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