May 2023 showed some clear growth in the real estate market from the previous month and from the same time last year. Most markets now favor sellers as prices are creeping up and as inventory stays low. We are back to bidding wars and subject free offers in a lot of categories throughout the lower mainland.
As I was preparing this post, the Bank of Canada increased their interest rate by .25% with the expectation there will be further hikes. Clearly this should have a cooling effect on the market however low inventory will likely prevent a major price correction.
If you have any questions regarding the housing market, please feel free to reach out anytime.