August is a time when vacations are calling, a new school year is approaching and buyers and sellers generally take time out to enjoy a quieter end to their summer season.
This year, August looked no different, as Metro Vancouver’s housing market experiencing reduced sale and listing activity.
Andrew Lis, Director of Economics and Data Analysis at the Real Estate Board of Greater Vancouver (REBGV), touched on additional factors also shaping last month’s trends, sharing that “With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer. This shift in market conditions caused prices to edge down over the past four months.”
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