Tuesday, September 5, 2023 / by Derek Turci
August 2023 Real Estate Insights: Unraveling the Impact of Rate Hikes on Sales and Prices in Greater Vancouver
Your Market Update for August 2023
Sales activity slid for three consecutive months over the summer period following the typical seasonal cycle of the GVRD. In August, sales totalled 2,296 for Greater Vancouver which is 22% more sales when compared to the same time last year and 14% below the 10-year average.
With 2 recent rate hikes coinciding with the aforementioned seasonal cycle, it's hard to say with full certainty how much of the slowdown can be blamed on the Bank of Canada's ruthless campaign to curb inflation and how much is simply because of the typical lull we experience over the summer months.
As Andrew Lis, REBGV’s director of economics and data analytics said. “It’s been an interesting spring and summer market, to say the least. Borrowing costs are fluctuating around the highest levels we’ve seen in over ten years, yet Metro Vancouver’s housing market bucked many pundits’ predictions of a major slowdown, instead postin. ...
Sales activity slid for three consecutive months over the summer period following the typical seasonal cycle of the GVRD. In August, sales totalled 2,296 for Greater Vancouver which is 22% more sales when compared to the same time last year and 14% below the 10-year average.
With 2 recent rate hikes coinciding with the aforementioned seasonal cycle, it's hard to say with full certainty how much of the slowdown can be blamed on the Bank of Canada's ruthless campaign to curb inflation and how much is simply because of the typical lull we experience over the summer months.
As Andrew Lis, REBGV’s director of economics and data analytics said. “It’s been an interesting spring and summer market, to say the least. Borrowing costs are fluctuating around the highest levels we’ve seen in over ten years, yet Metro Vancouver’s housing market bucked many pundits’ predictions of a major slowdown, instead postin. ...