HOW QUIET IS IT?
August is an historically quiet month. No real surprise that number of sales (across BC) were down from July and also down considerably from last year.
In fact, in the last few months we’ve seen a (slight) rise in inventory and a moderate decrease in prices. We can also look back and see that the peak of the market was March of this year.
The culprit ? Predominantly, rising interest rates...and the prospect of continued inflation & further rate hikes. Another reason is that buyers are now feeling a little more power than they did most of last year & into this Spring.
MEDIAN $ |
Detached |
|
Townhome |
|
Apartment |
August 2019 |
$1.5 M |
|
$940K |
|
$632K |
March 2022 |
$2.3 M |
|
$1.4M |
|
$852K |
August 2022 |
$1.8 M |
|
$1.3M |
|
$700K |
What's next? Check out the video !
A 2-minute watch.
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