Fall 2023 Vancouver Market Forecast
Posted by Adam Chahl on
As we round the corner into October, now is a great time to touch base about what to expect in the marketplace this Fall!
As you may have heard, The Bank of Canada opted to maintain its policy rate at 5% as of September. The recent rate hikes over the spring and summer have slowed the housing and mortgage markets as potential buyers were unsurprisingly spooked by the rise in mortgage rates.
More recently, fixed-rate loans have become more expensive because of the rise in longer-term interest rates. As a result, housing affordability became a bigger hurdle and led to a slight decrease in home prices by 6% in major markets over the summer.
With The Bank of Canada currently maintaining the 5% policy rate, many hope this will be the peak in overnight…
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