My comments:
The Bank of Canada has raised its benchmark interest rate to 4.5%, its highest level since 2007, and the 8th hike since March 2022. As per my market observation, I have noticed an increase in sales activity for properties under $1 million. One of my listings, a 1-bedroom condo in downtown Vancouver, was sold above asking price in less than a week. 2-bedroom strata properties under $1 million in Greater Vancouver are selling faster compared to the end of 2022. Sellers are becoming more realistic in their expectations and it has become easier for buyers and sellers to reach an agreement. The average time to sell a property is also shrinking. This doesn’t necessarily mean the market is heating up again, but rather that sellers are becoming more accepting of current market conditions, as reflected in recent sales prices. For example, in the past 12 months, two similar houses sold in Boundary Park, Surrey, 8 months apart, showing a market drop of over 20%.
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