The Metro Vancouver real estate market is witnessing a unique mix of factors influencing the housing landscape. Inventory is on the rise, with the first interest rate drop in years creating a dynamic environment. Along with these changes, prices continue to climb, even as sales dip below last year's figures.
“The surprise in the May data is that sales have come in softer than what we’d typically expect to see at this point in the year, while the number of newly listed homes for sale is carrying some of the momentum seen in the April data,” Andrew Lis, GVR’s director of economics and data analytics said. “It’s a natural inclination to chalk these trends up to one factor or another, but what we’re seeing is a culmination of factors influencing buyer and seller decisions in the market right now. It’s everything from higher borrowing costs, to worries about the economy, to policy interventions imposed by various levels of government.”
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