Last week I had the pleasure of attending a presentation by Keith Stewart (Chief Economist of the Real Estate Board of Vancouver). Lots of great takeaways from this session, I highly recommend
I am, as always, available to answer any questions you have on the topic. feel free to reach out if you'd like to have a chat about the status of today's markets, I'd love to hear from you!
taking in the full content from the video below. This is a quick recap of the important points covered:
- Price growth was very strong in 2021, but was not on the same level of other parts of the country
- Employment has recovered quicker compared to other cities
- Interest rates are rising, as they have been throughout 2021
- Inventory is at a 30-year low, deteriorating affordability will eventually reduce sales and inventory will start replenishing in the second half of 2022
- 2022 sales are forecasted to dip 9 to 20%
- 2022 prices are expected to move up 7 to 13%