May Monthly Market Report & April Statistics

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    May 2022 Market Update

    B.C. homes prices forecast to dip 3.8% next year following interest rate hikes (CTV News)

    Rising interest rates will likely trigger a “modest price correction” in Canadian real estate next year, with B.C. and Ontario seeing the biggest drops, according to a new housing forecast.

    Royal Bank of Canada is predicting the aggregate benchmark price will decline 2.2 per cent nationwide in 2023, down to $776,900, with a more pronounced impact in some of the country’s hottest real estate markets.

    “We expect downward price pressure to be more intense in Vancouver, Toronto and other pricey markets,” assistant chief economist Robert Hogue wrote in RBC’s latest housing outlook.

    “By comparison, we expect activity and prices to be more resilient in Alberta, where local markets have more catching up to do following a prolonged slump before the pandemic.”

    READ MORE

    Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single-family homes in cities across BC. For more up-to-date market information please visit macrealty.com/blog.

    Abbotsford

    Bowen Island

    Burnaby East

    Burnaby North

    Burnaby South

    Cloverdale

    Coquitlam

    Kelowna

    Ladner

    Langley

    Maple Ridge

    Mission

    Nanaimo

    New Westminster

    North Delta

    North Surrey

    North Vancouver

    Parksville

    Pitt Meadows

    Port Coquitlam

    Port Moody

    Richmond

    Saanich Peninsula

    South Okanagan

    South Surrey/
    White Rock

    Squamish

    Sunshine Coast

    Surrey – Central

    Tsawwassen

    Vancouver – East

    Vancouver – West

    Victoria

    Vernon

    West Vancouver

    Whistler

    32 easy garden ideas to transform your outdoor space in no time

    Outdoor space is such a precious commodity that we all want to make the most of what we have. Easy garden ideas will simplify your time planning, planting and primping your space so you can enjoy it to the fullest

    Whether you’re short on time, money or knowledge, these garden ideas are here to inspire you to create a space you love – whether you have a large lawn or petite patio.

    READ MORE

    B.C. Real Estate News

    LOWER MAINLAND

    Home sales across Lower Mainland dropped steeply in April, real estate boards say (CBC News)

    As Canadians return to the office, homebuyers are showing more interest in major cities (Livabl)

    Vancouver to hike empty homes tax to 5% in 2023 (Global News)

    Housing prices still rising in Burnaby – but that trend might be slowing down (Burnaby Now)

    World’s tallest ‘passive house’ building will be built in downtown Vancouver (CTV News)

    How the Vancouver Special, once described as bland, holds a key to solving B.C.’s housing crisis (CBC News)

    WHISTLER & SQUAMISH

    Squamish has a younger population, more people per household than national average (The Squamish Chief)

    Poll: Most Squamish homebuyers didn’t have financial help from their parents (The Squamish Chief)

    VICTORIA & VANCOUVER ISLAND

    Inflation, higher interest rates deflate home sales in Greater Victoria (Victoria News)

    Vancouver Island demographics skewing younger, report finds (Global News)

    OKANAGAN

    Benchmark price for Central Okanagan detached home hits $1.1M (Castanet)

    It’s about to cost a bit more to be a homeowner in Kelowna (CTV News)

    Millennials outnumber boomers in downtown Kelowna (Global News)

    This communication is not intended to cause or induce breach of an existing agency agreement.

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    ©2022 Macdonald Realty Ltd. 2105 W 38th Ave, Vancouver, B.C. V6M 1R8 | macrealty.com

     

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