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REBGV April 2022 Market Update
As April comes to close, the Metro Vancouver Market returns to “historically typical” numbers. Even with the onpour of rising interest rates, buyers might find optimism in what this means for their buying process. Will higher interest rates mean more time to view properties and submit offers? Or will this only add to the upward pressure in prices?
“With interest rates climbing and…inventory…inching higher each month, it’s important to work with your local Realtor to understand how these factors could affect your home buying or selling situation.”
- Daniel John, REBGV Chair
According to the REBGV April 2022 Market Report, analysts say that downward pressure on home prices occurs when the number of sales to the number of active listings falls below 12%, and upward pressure is experienced when the amount of properties sold surpasses 20% of the total market supply. Currently the average sales-to-active ratio across detached, attached and townhomes sits at 36.7%, indicating upward market pressure.
While the benchmark price for a detached home in the Greater Vancouver Area is $2,139,200 and $844,700 for condos, the Real Estate Board hopes this interest rate hike will fuel market slows that give way to buyers and sellers in conducting due diligence in their real estate process.
To read the full report, CLICK HERE!
To find out more about the current market CLICK HERE!
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.