How to Spot the Opportunity in Vancouver’s Changing Real Estate Market – May 2022
The real estate market is changing, in this video I’ll explain how the average buyer will miss the bottom of the market because they will be focused on the wrong data. I also share some tips on how your buyers can capitalize on this period of uncertainty.
Summary:
- Inflation, interest rates, and higher stress-test requirements are the main cause of the shifting market sentiment.
- We are entering a period where buyers’ have a “fear of the unknown,” the last time we experienced a similar fear was in February 2020 – July 2020.
- Buyer’s watching real estate prices will miss the bottom of the market because they will be focused on listing price changes instead of sales prices.
- Once inflation is under control, certainty will return to the market and demand for housing will rebound.
- Housing starts had a record year in 2021, but it is expected to decrease in late 2022 & 2023.
- BC had a record number of new entrants in 2021
- BC Permanent Residents are expected to increase from 67k/yr to 75k/yr for 2022-2024