February 2022 has proven to be the most recent peak of property prices in Vancouver, which have since dropped 10%. (That is in reference to the Median & Average prices - the HPI, a lagging indictor, will follow in the upcoming months.) The majority of this drop happened last month, to the tune of around 5%.

Inventory though was a surprise in June, after increasing by 14% in April and 10% in May, it only increased by 2.5% in June. Plus, we're now going into what looks to be a fairly typical summer where activity levels will be low - and new listings few and far between. This could keep the sales ratio just at or above the sellers market position for the next couple months.

But will anyone buy? And will prices keep going down? Global wealth is being eroded, at the estimated amount of $13 Trillion year to date, and this is definitely being felt in Vancouver as well. Plus, we are less than 2 weeks away from another rate hike, further diminishing buying power. There will be more pain in the system before things turn around.

So what's next? More inflation? A recession? Stagflation? Right now it could go any one of those routes - and yet, here comes more money printing. Have we really not learned our lesson yet?

www.thevancouverlife.com

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Dan Wurtele, PREC, REIA

604.809.0834

dan@thevancouverlife.com

Ryan Dash PREC

778.898.0089
ryan@thevancouverlife.com

Vancouver Real Estate Down 10%