The Housing Market in Vancouver in February
Benjamin Thompson Kirk
The Housing Market in Vancouver in February Benjamin Thompson Kirk
Despite the increased number of homes being offered for sale in February, activity is currently slowing in the Vancouver housing market, and it is probable that the Vancouver area could see the beginnings of a more balanced situation in terms of supply and demand.
The Near-Term Outlook
The Situation for Buyers
For now, high demand and relatively low supply are keeping house prices raised, and this is likely to continue to be the case in the near term. The gain over the past year stands at $226,000, which represents an increase of 20.8%, while Vancouver’s composite MLS HPI increased by more than $58,000 from January to February, to total $1.31 million.
The housing market in Vancouver is currently a challenging one for buyers. Rising interest rates are negatively affecting property affordability and making things even more difficult for those looking to purchase. It is expected that, as the year progresses, this will impact demand, and gradually bring about a rebalancing of the market.
For more information on the conditions of the housing market in Canada, as well as many other aspects of the real estate industry, visit the blog of real estate agent Benjamin Thompson Kirk.