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Vancouver’s housing market saw significant growth in the second quarter of 2022 but will it sustain over the year? An onset of new market trends, rising home prices, and mortgage rates have led many people to ask that question. The housing market in Vancouver, Washington is slowly inching towards stability which was recently shaken by the Covid pandemic. To understand what this means for sellers and buyers, let’s take a deeper dive into Vancouver’s housing market.
While this time of the year tends to be somewhat slower when it comes to real estate, the Vancouver metro area has continued its upward trend through the first quarter. Since it’s still a seller’s market, this has had a considerable impact on the number of homes available to potential buyers.
Will the housing market in Vancouver continue to grow in 2022? If so, how much more growth can be sustained before another housing market bubble bursts? How far will interest rates rise over the year and how will we deal with a historic shortage of housing stock?
The numbers for the housing market in Vancouver showed growth in the fourth quarter, much as they have throughout the year. Homes are commanding higher sales prices—even as the number of sales dipped and the median days on the market increased.
There’s more good news for the housing market in Vancouver in the third quarter as we witness the continuation of a historic hot streak. Low interest rates are one of the main drivers of this as it has prompted a flood of house hunters into the market in search of homes. Read on for some key numbers on the Vancouver real estate market for the third quarter.