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In 2022, Vancouver's real estate market was notably driven by institutional investors and top real estate development firms, leveraging their significant capital and strategic investments. This trend underscored that 2022's major real estate deals in Vancouver were mainly steered by these established institutions, as opposed to individual or small-scale investors. However, despite these high price tags, Vancouver experienced a 50% decline in sales growth from the previous year (2021) per a CoStar summary report, which one could attribute this decline to (the word of the last 18 months) interest rates. Fast forward to 2023, the landscape for multifamily investors, both big and small, has shifted and continues to slow down. With the Bank of Canada (BoC) increasing the overnight lending rate to 5.00%, we are now in a position whereby any buyers looking within the Lower Mainland (and some areas of the Interior) are commonly faced with negative leverage from the outset. Albeit not a guarantee, with potential more rate hikes to come; the next BoC announcement being September 6th, we can confidently suggest that this will only further mitigate deal flow in Q3 and Q4 of 2023.