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 […]
Let’s hop into this Year of the Rabbit and review the numbers from the final quarter of 2022 with a concise summary of the completed fourth quarter of our Fifth Dimension Metro Vancouver & Fraser Valley report. As winter came upon us, there were new signs of hope in the market during the final quarter […]
February 2023…A blast from the past. Does it feel like 2019 to anyone else? When reviewing this month’s statistics in detail, you will see year over year comparisons with the number of sales being eerily close to the absorptions experienced back in February 2019. This month’s report clearly indicates the market bottom and the start […]
The third quarter of 2022 appears to have marked the market bottom, as sales in the final quarter of 2022 and January 2023 were unexpectedly high. Although yearly sales absorptions are still down significantly, the gains in Q4 2022 and January 2023 compared to Q3 are seen as positive. This is especially noteworthy as these […]