Vancouver Home Prices Drop 5% in May

The effects of the interest rate hikes are being felt as home prices dropped 5% in May. This was prior to the June 1st hike of an additional 0.5% that will further add downward pressure on prices as purchasing power has been eroded to the tune of 15%. Inventory surpassed 10,000 for the first time in 10 months and detached homes entered into a Balanced Market for the first time in 2 years. We did into the May numbers and let you know what to expect in the upcom...