Mellow November Welcome to Fall 2023, a season of reflection and market analysis in the Fraser Valley region. Let’s delve into the data from the third quarter alongside a concise summary of the market’s performance. Undoubtedly, amidst the prevailing uncertainty, the market has witnessed a decline in sales activity over the third quarter of 2023 […]
Blustery October Amidst rising interest rates and an escalating cost of living, recent government announcements unveiling legislation for 2024, dictating property uses, have profoundly impacted the real estate landscape. This endeavor to address the province’s housing supply issues has resulted in a decline in sales across all home product types compared to the prior month. […]
Status Quo September Given the current higher interest rates, which contrast with the exceedingly low rates our population has grown accustomed to over the past decade. With no increase observed in the month of September, home buyers are still in the process of adapting to the new financial landscape. This landscape entails increased mortgage payments. […]
August 2023, Summertime Blues On September 7, 2023, the Bank of Canada (BOC) maintained the prime rate at 5%, keeping it unchanged since the last increase in mid-July. Future rate increases appear imminent as the BOC battles inflation, aiming to reach 2.5% by mid-2025. Nevertheless, they have provided Canadian consumers a slight break for the […]
July 2023, More Market Uncertainty In mid-July, the Bank of Canada (BOC) raised the prime interest rate to 5% and is hinting at a potential further increase in September. This is happening even though inflation dropped as low as 2.8% after the July increase and then stabilized at 3.3% by August. It seems that interest […]
June 2023, Uncertainty In May, we observed signs of overall market improvement, but we also discussed potential changes that could lead to some turmoil. Recently, the Bank of Canada (BOC) raised the prime rate to 5% in mid-July, and there is a possibility of further increases in September. This is happening even though inflation has […]
May 2023, Changes Are Brewing While last month clearly had a strong sense of equilibrium, the month of May appears to bring changes to the real estate industry and market from every angle. Last month, the Bank of Canada did not move interest rates for two periods; however, they spoke of potential increases that materialized […]
April 2023, Balance April clearly represents balance or equilibrium that is slowly starting to weigh more toward the seller’s side. Clear signs of stabilization and confidence can be seen in the Fraser Valley real estate market. The Bank of Canada has continued to hold rates, helping to substantiate this new consumer confidence in our local […]
March 2023, Steady Eddy When reviewing this month’s statistics in detail, you will notice strong increases in sales absorptions compared to the previous month, although most are lower than the same time last year. What is most notable is that the Bank of Canada has not moved interest rates for two consecutive periods now, and […]