November 2023 – Vancouver and surrounding areas market updates

“High interest rates and low affordability have deeply impacted the market, as many transaction metrics show year-over-year decline. However, the silver lining to a slower moving market is that we are inching back toward a “balanced” market (6-9 months of inventory), as November closed out with 3.7 months of inventory on the market. Hopefully, we get good news regarding rates in the next few weeks so buyers get some relief on pricing, and more inventory is freed up as the rate environment becomes more conducive to market activity.” ~ CCAR President, Curtis Ambrose