Higher prices, increased activity ‘shocking’ after nine interest rate hikes from central bank.
Greater Vancouver real estate activity started off as expected in 2023 but quickly changed course in the spring, surprising industry experts.
Higher borrowing rates were expected to depress local real estate activity throughout much of 2023. Then, April sales and prices rose to normal market levels, though activity has since eased, Ogmundson said. At the beginning of 2023, REBGV was one of the only organizations to predict an increase in prices, according to Lis.
Between January and May, the benchmark price across all housing types throughout the Lower Mainland increased by 6.6 per cent to $1,188,000 from $1,114,800, according to Lis. More buyers are starting to look east at Alberta – specifically Calgary – said Amy Leong, a real estate agent with Engel and Voelkers Vancouver.
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