As we welcome in a new year, we also look forward to welcoming buyers and sellers to the new 2023 market.
There were certainly different playing cards held last year compared to the previous two, as the Metro Vancouver* property market found ways to adjust after the record-setting pandemic period. However, it became a balancing act for prospective buyers and sellers between the levelling out of property costs and the rise of borrowing costs.
Andrew Lis, Director of Economics and Data Analytics at the Real Estate Board of Greater Vancouver (REBGV), commented, “The headline story in our market in 2022 was all about inflation and the Bank of Canada’s efforts to bring inflation back to target by rapidly raising the policy rate. This is a story we expect to continue to make headlines into 2023, as inflationary pressures remain persistent across Canada.”