Hey everyone, I’ve been digging into the latest real estate numbers for Vancouver and Metro Vancouver. Wow, August was wild! We’re seeing the lowest sales ever recorded for this month, plus inventory is through the roof. Crazy times, right?
Some quick highlights:
The market’s totally flipped. Remember when sellers had all the power? Now it’s a buyer’s market for sure.
Inventory is piling up like crazy, especially for detached homes and condos.
Those 2-3 year mortgages from the low-interest days are starting to expire. That’s pushing inventory even higher.
If you’re house hunting, now’s the time to be picky and maybe even lowball a bit. Don’t let FOMO push you into a bad decision.
Prices are sticky, but they’re starting to budge. Toronto’s already seeing drops, especially for investor condos.
Days on market keep climbing. Usually means prices will fall soon.
Government’s in a tough spot - they want home values high for retirees, but affordable for young families. Good luck with that!
Anyone else noticing these trends? What do you think will happen next?
yeah, i’ve been watchin the market too. its crazy how things changed so fast! im seein lots of for sale signs in my neighborhood that werent there before. ppl are definitely more cautious bout buying now. wonder if we’ll see a big crash or just a slow decline? either way, its def not the sellers market it used to be
Fascinating breakdown, Sarah84! Have you noticed any specific neighborhoods bucking the trend? I’m curious if certain areas are holding value better than others. Also, what’s your take on the rental market with all this happening? Seems like it could have some interesting ripple effects!
As someone who’s been closely monitoring the Vancouver market for years, I can confirm your observations, Sarah84. The current situation is indeed unprecedented. I’ve noticed a significant shift in buyer behavior lately; many are adopting a wait-and-see approach, expecting further price drops, which in turn is contributing to the inventory buildup. An increasing number of ‘subject-free’ offers are being accepted, and sellers have become considerably more flexible compared to the bidding wars of a year ago. Rising interest rates have also impacted homeowners facing mortgage renewals, potentially leading to more listings if this trend continues.