Metro Vancouver’s housing market appears to have hit bottom in most areas last summer and has been coming up since. Some markets are already, way before expected, seeing property values higher than the peak of the market a year ago (Ladner & Mission condos). If you are trying to chase the bottom of the market, you likely already missed it quite a bit.
The following detached markets are the only areas to hit bottom yet: Cloverdale, New Westminster, Coquitlam, Pitt Meadows & Vancouver Eastside.
The following condos/townhomes markets are the only areas to hit bottom yet: Pitt Meadows, Maple Ridge, Richmond, and Tsawwassen.
With the market heating up for the first time in a year (for most places), would you like to chat with me to set up a no-pressure property search for you? If you would like to monitor a particular area or property, I would be thrilled to help.
Subscribe to my YouTube channel for all updates and access to my market predictions for 2023 (coming soon). January 2023 Sales Statistics are below; the links will expire after 30 days, so save the documents within that time frame if deemed necessary. To view statistical data more specific to your area, click these links:
Mortgage rate update, here are today’s “best” options:
- 1yr : 5.79%
- 2yr: 5.39% (5.29 on exception).
- 3yr: 4.99%
- 4yr: 4.79%
- 5yr: 4.59%
- VRM: P-0.9% = 5.8%