Historically, real estate sales slowdown and new listings increase in the latter part of the year. I expect this year to be no different if buyers decide to stay on the sidelines and take a wait-and-see approach because of the gloomy economic conditions, inflation remaining well above BoC’s 2% target and the expectation for interest rates to remain higher for longer. The reasons that keep the buyers on the sidelines may motivate some sellers to consider offers that they would otherwise not and be open to price negotiations. A buyer that is willing to go against the market sentiments may be rewarded with a great property at a great price. In my opinion, the end of this year and the beginning of next year could be a good opportunity to purchase real estate properties in Metro Vancouver.
