07 Mar BUYERS ARE WINNING NOW, BUT FOR HOW LONG?
Homebuyers are starting to see relief and the pendulum swing their way for the first time in years.
It’s no surprise, as we’ve have had a collision of circumstances that have both slowed the local real estate market and dropped prices down as much as 30 per cent.
We have the stress test forcing borrowers to qualify at two per cent higher, a speculation tax in B.C. and raised interest rates from record lows.
We had a seller’s market with less than four months of supply on the market, then four to six months of a balanced market and now a buyer’s market, where we have over nine months of product on the market.
With all of the supply available, sellers are having to set their price below the last sale if they are serious about selling.
Buyers are winning now, but for how long?