{"id":20700,"date":"2022-10-07T10:10:00","date_gmt":"2022-10-07T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20700"},"modified":"2022-10-06T01:40:13","modified_gmt":"2022-10-06T08:40:13","slug":"fears-over-an-uncertain-economy-have-discouraged-potential-sellers-buyers-to-get-in-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/10\/fears-over-an-uncertain-economy-have-discouraged-potential-sellers-buyers-to-get-in-market\/","title":{"rendered":"Fears Over an Uncertain Economy Have Discouraged Potential Sellers & Buyers to Get In Market"},"content":{"rendered":"

The national average for home prices is expected to go down by 2.2% in the coming months, according to RE\/MAX Canada\u2019s 2022 Fall Housing Market Outlook Report, released Wednesday Sept. 28th.<\/p>\n

This easing in price is a result of increases in interest rates, inflation and economic uncertainty over a recession.<\/p>\n

These rising rates have resulted in 44% of Canadians holding off on their home-buying aspirations for the near future, says the report. In addition, the report shows that fears over a recession has caused 41% of Canadians to put a pause on plans to either buy or sell a home in Fall of 2022. However, 34% said that they wouldn\u2019t hold on purchasing a home in the foreseeable future.<\/p>\n

Tim Hill, a realtor from RE\/MAX All Points Realty in Vancouver, says that while there is a lot of a \u201cwait and see approach,\u201d buyers who weren\u2019t able to get into the market during the first quarter are making their move now.<\/p>\n

\u201cA lot of good families, good people, with good jobs, couldn’t buy homes. Due to the multiple offer situations and the rising prices. And so right now, good people can afford to do it and they might look at it in the sense that in a few years, they might want to be doing something like a refinance, to take advantage of better rates,\u201d he said.<\/p>\n

According to a RE\/MAX survey of brokers and agents, 25 out of 30 said rising interest rates have affected activity in their local residential market this year. In addition, some indicated that that this has been the biggest factor impacting homebuyer and seller confidence.<\/p>\n

They added that this is a trend that is likely to persist throughout the fall. This was echoed by Hill who said that in Greater Vancouver and the Fraser Valley region, sales have slowed.<\/p>\n

\u201cWhile we are still facing significant housing supply shortages across the country, many markets are experiencing softer sales activity given recent interest rate hikes. This provides some reprieve from the unprecedented demand and unsustainable price increases we\u2019ve seen across Canada through 2021 and in early 2022,\u201d says Christopher Alexander, president of RE\/MAX Canada.<\/p>\n

\u201cHowever, the current lull in the market is only temporary. Until housing supply increases, these \u2018boom\u2019 and \u2018bust\u2019 cycles will likely be a recurring event.\u201d<\/p>\n

RE\/MAX says that in western Canada and the prairies, increases in interest rates are resulting in a softer market with less consumer confidence, fewer multiple offers from buyers, and a shift toward more balanced conditions between buyers and sellers.<\/p>\n

Hill says that his advice to buyers right now is to focus on micro-markets.<\/p>\n

\u201cLook at what you’re buying, when you’re buying and what is that area doing, not just what is the overall market doing,\u201d he said.<\/p>\n

\u201cMaster your market.\u201d<\/p>\n

Housing Market Outlook for The Fall Predicts A Drop in Home Prices<\/a> by Claire Wilson | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"

The national average for home prices is expected to go down by 2.2% in the coming months, according to RE\/MAX Canada\u2019s 2022 Fall Housing Market Outlook Report, released Wednesday Sept. … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-20700","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nFears Over an Uncertain Economy Have Discouraged Potential Sellers & Buyers to Get In Market • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2022\/10\/fears-over-an-uncertain-economy-have-discouraged-potential-sellers-buyers-to-get-in-market\/\" \/>\n<meta name=\"twitter:card\" 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