It is official that the Government has now removed age and rental restrictions in BC, other than short-term rentals restrictions, and 55+ age restrictions are still in place. As we saw last week it is tough to put an exact increase that we may see for young families and investors but it appears the overall impact could be somewhere between 7-10%.
Strong sales continuing as we head into December. Next week we will look at the statistics.
We are heading into the last month of 2022, there will be a lot of statistics on how many sales there have been in the last 2 years.
As the statistics are put out there, this week I am putting some perspective on what is selling and what price ranges are accounting for the amount of the sales.
As could be expected, with the higher interest rates, the most affected people with the increased cost of borrowing are the buyers in the lower price bracket.
The price ranges have also eroded in the lower price bracket over the last two years. As the House Price Index indicates, we have seen prices increase 30% across the board, and the lower price brackets are becoming no more.
When looking at the overall figures, the high-end market has really been driving the real estate market this year. With a month left worth of sales data so far this year, the $1.5m+ price range is the only price range that has surpassed the number of sales we saw last year. With the $1.25-$1.5M price range only 12 sales behind last year, it seems as though that is the only other price range that has a chance of surpassing 2021.
The real difference this year, compared to last year, was the interest rates that have steadily increased. Putting a damper on the real estate market, the numbers don't lie where the most impacted price ranges have been.
Have a great week!!!!!
Personal Real Estate Corporation