Stalemate Between Sellers and Home Buyers Expected

A good discussion below from BNN on the expected stalemate between home sellers and home buyers in Canada this spring. It is worth suggesting that home sellers need to be realistic that the peak of home prices and the frenzy of buying is long behind us. That cycle peak occured during the mania of the pandemic in 2021 and into early 2022.

We are in a much higher mortgage rate environment today with prices still near all time highs compared to years past. As such, affordability is very constrained and the pool of willing (and more importantly financially able) buyers is much smaller today than it was during the peak of activity in 2021-2022.

If you are a Metro Vancouver or Fraser Valley area property seller looking to sell, pricing your home right and realistically for 2024's market conditions will make it easier to facilitate a sale. If you are a buyer, you do not need to panic buy and should include conditions in your contract of purchase that protect your best interests (i.e. subject clauses for financing, inspection, property disclosure statement, title search review etc.).

Click here for a direct link to the video below titled "Expect standoff between sellers and buyers this spring: RBC"

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