The Vancouver Life Real Estate Podcast What High Inflation Means For Real Estate
Inflation is running at an 18 year high there is going to be some inevitable changes to the real estate market. Firstly, increased fixed rates are going to push buyers to the variable option, and begin to suppress buying power. Secondly as the overall cost of living increases, we're going to see less funds available for home purchases. This is already being seen in the consumer confidence index, and the real estate confidence index, which are down 9% and 18% respectively. While those indicators may provide forward guidance, today we're experiencing the fading moments of the strongest bull run in recorded history. National home sales increased 0.9% last month and prices hit a brand new all time high of $750,400. Above average sales with below average new listings is driving inventory to new all time lows of 102,000 across our country. A mere 5 years ago that number was over 250,000. In this weeks episode we share the recent national data and give our insights into where the market is headed next.
_________________________________
Contact Us To Book Your Private Consultation:
📆 https://calendly.com/thevancouverlife
Dan Wurtele, PREC, REIA
604.809.0834
Ryan Dash PREC
778.898.0089
ryan@thevancouverlife.com