The mortgage rate affects the Vancouver real estate market by determining the cost of borrowing for home buyers.

In the past when mortgage rates were low, it made borrowing money to purchase a home more affordable, leading to an increase in demand for housing, and potentially driving up home prices!

Currently the mortgage rates are high, it becomes more expensive to borrow money, leading to a decrease in demand and causing home prices to decrease.

The relationship between mortgage rates and the real estate market is complex, and other factors such as economic conditions, housing supply and demand, and government policies also play a role.

Low housing supply in Vancouver is driving up home prices due to increased competition among buyers for limited inventory. When there are fewer homes available for sale, buyers may have to bid higher prices to secure a property, which can lead to an overall increase in home prices.

The low housing supply can also result in a slower pace of sales, as there may not be enough homes available to meet demand.

The shortage of housing supply can be caused by various factors, including limited land availability, zoning restrictions, a slow pace of new construction, and a strong demand for housing.

Call me for a current update on what’s happing in your housing market! When is a good time to buy or sell?

Jessica Prasad 778-241-8946

@jessiacrealty #ilovehomes ❤️#vancouver #buyahouse #sellahouse #remax #realtornearme #vancouverhomes #multipleoffers #sold

Low inventory in the real estate market can lead to higher prices and more competition among buyers.

In a market with low inventory, there are fewer homes available for purchase, which can drive up demand and prices. This can make it more difficult for buyers to find a suitable home at a price they can afford.

Additionally, in a market with low inventory, buyers may have to act quickly to make an offer on a home they are interested in, as they may face competition from other buyers.

Overall, low inventory can make the real estate market more challenging for buyers and can benefit sellers who are looking to sell their home at a higher price.

Call me to find out about a strategy for selling your home.

Jessica Prasad 778-241-8946

@jessicarealty #ilovehomes ❤️#vancouver #buyahouse #sellahouse #remax #realtornearme

Whether you should buy in a down real estate market depends on your personal financial situation and investment goals.

Historically, buying property during a market downturn can be a good opportunity to purchase at a lower price, but it also comes with increased risk.

It is important to consider factors such as your ability to hold onto the property for the long term and the potential for appreciation in the future.

It is highly recommended that you consult with a real estate professional like me Jessica Prasad and financial advisor before making any real estate investment decisions.

Please call me about your 2023 real estate goals 778-241-8946

@jessiacrealty #ilovehomes ❤️#vancouver #buyahouse #remax #realestategoals #realtornearme

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 28,903 in 2022, a 34.3 per cent decrease from the 43,999 sales recorded in 2021, and a 6.6 per cent decrease from the 30,944 homes sold in 2020.

Last year’s sales total was 13.4 per cent below the 10-year sales average.

Last month’s sales were 37.7 per cent below the 10-year December sales average.

There were 1,206 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2022. This represents a 38 per cent decrease compared to the 1,945 homes listed in December 2021 and a 60.5 per cent decrease compared to November 2022 when 3,055 homes were listed.

For all property types, the sales-to-active listings ratio for December 2022 is 17.5 per cent. By property type, the ratio is 12.3 per cent for detached homes, 19.5 per cent for townhomes, and 21.7 per cent for apartments.

Call me for a current update on what’s happing in your housing market! When is a good time to buy or sell? 

#ilovehomes  for more details about this current housing market please call me
778-241-8946
@jessicarealty
#vancouver #buyahouse #sellahouse #remax #realtornearme