February Monthly Market News

Glimmer of hope for Fraser Valley home buyers as new listings surge in January.
We are all looking forward to the market stabilizing! Recently there has been an uptake in the number of listings that have hit the market, which is good news. The prices this past month have continued to increase, but as more new listings become available, the market should stabilize somewhat. We have a long way to go after a 2 year run of lower inventories and price increases, and it will take time to balance the market. By the way, detached home prices have grown 27.5% this past year! 

Larry Anderson, President of the Board, said, “In January, REALTORS® saw the return of home sellers. Yes, sales in our region remain elevated, but a positive, early trend for 2022 is we experienced a significant increase in requests from sellers to list. “It’s early days yet, but if this trend continues into spring, we could see an easing of the supply-demand dynamic in our region. We have a long way to go to replenish our housing stock and bring much-needed balance to the market, but this is a step in the right direction.”

We did anticipate the Bank of Canada to increase their overnight target rate this last month. Still, the Governing Council decided to hold off until March or April because of the economic slowdown in the first quarter of growth arising from the Omicron restrictions. It is anticipated that raising interest rates will be required to moderate domestic spending growth and bring inflation back to target. Increased interest rates will start to have a ripple effect in the market and hopefully stabilize it further as the rates increase a 2nd and 3rd time. 

I still see huge demand however, I have seen my investor clients decide to pick and choose properties to offer on rather than grab them. There is a real demand for homeowners needing to make a move but searching for a new home first before selling their house. I have also seen homeowners desire to  liquidate from the market and move out of town. Real Estate is about people, not about houses. 

They know they want to move, they just don’t know where or how to start the process. I help people overcome their anxiety and stress to see the market clearly. Last year alone, I helped 34 families with my proven system – a total sales value of over $55 million in Real Estate – go from imagining their dreams to actually living it and creating memories for a lifetime in their new home. 
Call me to find out how I can help you!