There is no denying the real estate market has slowed down considerably in the Greater Vancouver and Fraser Valley neighborhoods. Buyers have taken to the sidelines to get a better sense of where they think the market is going. Higher interest rates have diminished buying power and homes are on the market now for 60 days which compared to previous markets, feels like eternity. However, some homes have actually sold in a couple days and may even have had multiple offers. Those are generally the unique homes that have something special to offer like a large White Rock Rancher. Even still, in the midst of this slower market there is also this sense that there is an undercurrent or something brewing just below the surface. And while things may be tight for those who maxed out on their purchase at the peak of the market, one thing still remains - DEMAND. People still need a roof over their head and buyers are coming to terms with the new reality of higher borrowing costs. As long as there is no further rate increases, I think we are going to see a surge in sales in very early Spring. The ball is in Bank of Canada's court!