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.

鈥淭he local real estate market has taken a strong and definitive turn,鈥� explained Debbie Simmonds of exp Realty in Chemainus. 鈥淚t is now evident that prices and volume of sales peaked in 2021, with the peak ending in February.鈥�

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

鈥淭his mirrors what I鈥檝e been experiencing, especially in the past month. There are very few multiple offers occurring locally, and very few sales going over ask.

鈥淢y last two deals have collapsed over financing.鈥�

It鈥檚 all due to the recent government interest rate increases, Simmonds added, that were designed to fight inflation.

鈥淭hey鈥檝e caused an immediate reaction and it鈥檚 only going to get worse. It鈥檚 going to collapse the housing market and the economy.鈥�

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, 鈥渨e won鈥檛 know until an hour before it happens,鈥� said Simmonds.

鈥淗igher interest rates have already knocked 12 per cent of buyers out of the market.鈥�

Simmonds noted she鈥檚 already had to change pricing strategies and strategies on handling offers in the suddenly different market environment.