May 2022 Market Insights
Spring ushers in calmer housing market trends in Metro Vancouver.
After reaching record-setting levels in 2021, home sale activity has returned to more typical seasonal levels in Metro Vancouver this spring due, in large part, to rising interest rates.
"With interest rates rising, home buyers are taking more time to make their decisions in today’s housing market," said Daniel John, Chair, REBGV .
"Home buyers have been operating in a frenzied environment for much of the past two years. This spring is providing a calmer environment, with fewer multiple offer situations, which is allowing buyers to explore their housing options, understand the changing mortgage market, and do their due diligence."
Here's Daniel John's summary of the May 2022 housing market statistics.
Looking for the full story? Get the May Monthly Market Report by going to the Market Watch section of our site.