A good discussion in the Financial Post video below where Deloitte predicts that the housing market pause will persist.
In my opinion a balanced and stable market provides some degree of predictability for both buyers and sellers. In the absence of market frenzy, the silver lining is that buyers can take their time to shop around for a home that really fits their needs and wants. More importantly, buyers can properly do their due diligence before or while making an offer. This includes incorporating subject clauses that serve this purpose such as title searches, financing approval, property inspections etc. This is a good thing considering this is the single largest transaction that most people make in a lifetime.
The forecast for a slower housing market into at least the first quarter of 2024 means that buyers and sellers can make thoughtful decisions around their housing transactions. This is what 'normal' should look like.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.