Real Estate Matters – February 2022
Real Estate Interest Rates:
Hello!
And just like that, it’s February! We are talking about Real Estate interest rates. January we saw a shortage of supply that was half of what we need for steady market values, pushing up prices. Finally, towards the end of January, we saw a slight uptick in homes for sale. Despite the short supply, demand has been steadily high, resulting in above-average sales volume for the month.
Are you thinking of selling or moving this year? David Goodison joins me this week to discuss his predictions of the Federal Interest Rate, and what to expect for consumers. Long story short, there looks to be a surge in demand coming shortly!
Please do reach out if we can help!
VANCOUVER, BC – February 2, 2022 – The first month of 2022 saw home sales come down from last year’s record-setting pace, while low supply continued to cause home prices to edge higher across Metro Vancouver*.
Last month’s sales were 25.3 percent above the 10-year January sales average.
“Our listing inventory on MLS® is less than half of what would be optimal to begin the year. As a result, hopeful home buyers have limited choices in the market today. This trend is causing fierce competition for a scarce number of homes for sale, which, in turn, increases prices,” Keith Stewart, REBGV economist said.
“As we approach spring, we’ll keep a close eye on the impact of rising interest rates on buyers’ willingness to buy and on whether more homeowners will opt to become sellers in what’s traditionally the busiest season of the year,” Stewart said. “With home prices reaching new highs in recent months, the need has never been greater for government to collaborate with the building community to expedite the creation of housing supply and provide more choice for those struggling to buy a home today.”
Looking to sell or move? Please reply to this email and I’d be happy to chat with you! I truly would love the opportunity to work with YOU!
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