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
- 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.
- 2022 saw a 14% increase in properies listed for sale and a 30% decline in sales.
- House prices dropped between 1-7% depending of the area you are in.
- The Foreign Buyer Ban has been put into place.
- 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
Our Real Estate Predictions for 2023
- Interest rates will continue to rise, and people will eventually get used to the rising rates.
- 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!