The Vancouver Life Real Estate Podcast Home Prices Up $130,000 In Q1 2022
With the March numbers firmly in place we can share that Vancouver home prices increased in value by over $130,000 in the first 3 months of 2022. This comes on the heels of a record setting 20% increase in prices during 2021. So when will this torrid pace of appreciating values end? Soon. Very soon. 2 of the 3 price metrics in March were lower - and this is just the beginning. With most banks Fixed Rate Mortgages around 4%, we're seeing an immediate impact on the marketplace. And how could you not? With rates up 2.5% this year the average home buyer has seen their buying power decrease by 20% A $2,400 monthly payment a year ago got you a $700,000 mortgage. Today, $500,000. Big big difference. So what happens next? We dive into the data and give you our feedback, analysis and predictions on what is going to happen over the upcoming months.
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