Home sales dropped 35% from this time last year in the Vancouver area, and a full 43% in the Fraser Valley. Toronto saw a similar decrease at 41%. This is the third consecutive month of declines where the sales sit at 23% below the 10 year average. The landscape is now vastly different than it was 3 months ago when buyers lined up to compete for the same home. Now, homes are sitting, prices are dropping, properties can be negotiated, and yet, buyers aren’t interested. Of course the rising rates have been the largest contributing factor, but oddly, all the cries for more homes and less competition have been heard, and the buyers are gone.
Perhaps sidelined is a better term. With rates rising at the fastest rate in history, with the Bank of Canada increasing further next week, there is a feeling of ‘shell shock’ in the industry. Buyers have pulled back to see where things will settle. On top of this, many people have seen a tremendous amount of wealth eroded in the stock market. Lastly, we’re about to enter the typically slower summer months where minds shift away from real estate and more towards enjoying the weather.
In this episode we look into the June numbers, share predictions on where prices are going next, and discuss recent Mortgage Rate Drops, yes DROPS, that are already taking place in the States.
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