Andrew Hasman & Jeff Benna Recap the Year 2022

Vancouver Realtors Andrew Hasman and Jeff Benna recap the biggest real estate news of 2022 and their predictions for 2023.

The Biggest Real Estate Changes for 2022

1. The first half of the year saw very low inventory with a high amount of buyers. The second half of the year saw less buyers, less urgency and less competition and softening prices.
2. 2022 saw a 14% increase in properies listed for sale and a 30% decline in sales.
3. House prices dropped between 1-7% depending of the area you are in.
4. The Foreign Buyer Ban has been put into place.
5. Anti-Flipping Rules have been imposed, but there is a possibility this has and will hit other industries such as contractors.Our Real Estate Predictions for 2023

1. Interest rates will continue to rise, and people will eventually get used to the rising rates.
2. Sellers will eventually realize that they need to sell their homes and cannot hold back due to the softening market and rising interst rates.

Thinking of buying and/or selling a home? Let us help you! Give us a call at 604-657-7936. We'd be happy to help you get started on your real estate journey!