Many would-be buyers have moved to the sidelines as interest rates continue to increase.

Royal Lepage Q2 2022 House Price Update and Market Forcast. Increased supply and slowing sales push Greater Vancouver toward balanced market for the first time in more than two years. Some of the heat that was driving the market cooled during the quarter as rising interest rates coupled with economic uncertainty undermined consumer confidence and pushed buyers to the sidelines,” said Phil Soper, president and CEO of Royal LePage. “We have significantly reduced our outlook for 2022, however home prices are still forecast to end the year higher than 2021 and well above pre-pandemic norms.

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