12/29/2022
What does the housing inventory level tell us?
Inventory of homes for sale across B.C. has increased throughout 2022. This comes on the heels of an enormous run up of prices during 2021 and the low interest rates and changing needs incentivized thousands of people to move.
Inventory not is increasing, not because more homes are for sale, but because they are selling much slower than they have in the past couple of years.
We have actually moved to a much healthier overall market as supply and demand move close to equilibrium. Yes, mortgage payments may have increased due to rising interest rates, but overall this is a much better time to buy than 2021. The slower market means buyers do not have to concede terms such as waived inspections just to get their offer accepted.
Even if the only way you can buy a home now is with a loan with higher rates, the reduced competition means you will more likely be able to the home you want. If you are thinking of buying, we would love to have a chat and determine what is best for your unique situation.
