Yes it is spring and the real estate market generally likes the springtime! People start thinking about moving. Buyers want to get out and look at the homes on a nice spring day. Sellers want to get their house on the market before everyone else does. The cycle repeats in some form or another every single year.
The market tend to warm up in the spring. This spring seems to have the added braking effect of interest rate creep. Yes those pesky rates have been inching higher and that can take a bite out of the buyer's wallet. But I don't think that will stop the market from doing its fresh spring dance. Inventory should increase a bit and buyers may jump in as well.
I still feel strongly that 2018 will be a much more modest market in terms of price appreciation. The tug of higher rates will likely keep things under a sustainable growth pattern. Vancouver is bringing hundreds and hundreds of new apartment units to market over the next couple of years and that will ease some pressure on housing in general.
The real factor in whether this local market can continue to sustain solid growth will be int he job arena. Will the area continue to add good paying jobs across a diverse sector of business? If so we will continue to see a great and healthy real estate market. If not, then things will slow down abruptly.
The market is showing signs of a slight softening, not a pull back mind just a slowing in the rate of price appreciation. Buyers with tight budgets need to make their move now as the double jeopardy of rising prices and rising rates in in play.
Things are looking healthy and bright for 2018.