An Island realtor has an urgent message for anyone expecting a job transfer or needing to sell their house for other mandatory reasons: put it on the market as soon as possible.

B次元官网网址淭he local real estate market has taken a strong and definitive turn,B次元官网网址� explained Debbie Simmonds of exp Realty in Chemainus. B次元官网网址淚t is now evident that prices and volume of sales peaked in 2021, with the peak ending in February.B次元官网网址�

Year-to-date Vancouver prices have fallen 11 per cent and the volume of sales has dropped by 36 per cent, she pointed out.

B次元官网网址淭his mirrors what IB次元官网网址檝e been experiencing, especially in the past month. There are very few multiple offers occurring locally, and very few sales going over ask.

B次元官网网址淢y last two deals have collapsed over financing.B次元官网网址�

ItB次元官网网址檚 all due to the recent government interest rate increases, Simmonds added, that were designed to fight inflation.

B次元官网网址淭heyB次元官网网址檝e caused an immediate reaction and itB次元官网网址檚 only going to get worse. ItB次元官网网址檚 going to collapse the housing market and the economy.B次元官网网址�

More interest rate increases are coming June 1 and Sept. 1, possibly another 0.5 per cent to 0.75 per cent to further slow the market.

As for the exact amounts, B次元官网网址渨e wonB次元官网网址檛 know until an hour before it happens,B次元官网网址� said Simmonds.

B次元官网网址淗igher interest rates have already knocked 12 per cent of buyers out of the market.B次元官网网址�

Simmonds noted sheB次元官网网址檚 already had to change pricing strategies and strategies on handling offers in the suddenly different market environment.