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Vancouver Home Prices Drop 5% in May
Description
The effects of the interest rate hikes are being felt as home prices dropped 5% in May. This was prior to the June 1st hike of an additional 0.5% that will further add downward pressure on prices as purchasing power has been eroded to the tune of 15%. Inventory surpassed 10,000 for the first time in 10 months and detached homes entered into a Balanced Market for the first time in 2 years. We did into the May numbers and let you know what to expect in the upcoming months, plus we give our insights into how much we expect prices to fall for the remainder of 2022.
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Dan Wurtele, PREC, REIA
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Ryan Dash PREC
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