Interest Rates and MLS Listings On The Rise

Ok, I know this is going to drive my co-blogger Kerry crazy :-) Another real estate post. But given the recent interest rate hike, one has to wonder if we are finally going to see some sanity creep into the Vancouver housing market which for so long has led the country and in many ways, has played by its own set of rules.

MLS listings have now topped 14,000 which is considerably ahead of last year's pace. With more rate hikes expected before the year is through it is possible that we could see, dare I say, a reduction in Vancouver housing prices. Can you imagine?

While the market is showing some signs of softening, the harsh reality is that it has a long way to go before anybody will be floating the word 'correction'. The average cost of a Vancouver home is still trumping a Toronto home by a substantial margin.

Vancouver, British Columbia remained the most expensive place to buy a home, with a standard two-storey house averaging C$875,750, followed by Toronto at C$517,659.

image truthdig
via reuters
via rireb

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Interest Rates and MLS Listings On The Rise

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