With housing sales remaining elevated at the start of 2022 and new listings entering the market at a reported "more typical level" What are you to expect in the upcoming months?
In a nutshell, Keith Stewart, Economist, has assessed the Metro Vancouver Housing Market Activity in the first quarter and this is the overview of the results:
• Listings remain stubbornly scarce in the early part of 2022, inventory will not build until sales fall
• Mortgage rates are expected to rise and the stress-test rate is expected to remain at in 2022
• Sales are expected to fall from 2021 levels due to deteriorating affordability
• Extreme upward price pressure remains at the start of 2022
• Prices are expected to rise in 2022, but the majority of upward moves will happen in the first half of the year.
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