Real Estate Matters – January 2022
Real Estate Mortgage Lenders & Vancouver Condo Sales
Happy New Year! Hope you and yours had a wonderful holiday season and were able to enjoy some downtime.
Are you thinking of selling or moving this year? Chris and I discuss the vicious cycle of low supply, how to get over the fear of not finding the home you want and alternative lending practices. This may just benefit you!
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VANCOUVER, BC – January 5, 2022 – Metro Vancouver* home sales reached an all-time high in 2021 as housing needs remained a top priority for residents in the second year of the COVID-19 pandemic.
Last year’s sales total was 33.4 percent above the 10-year sales average.
“Home has been a focus for residents throughout the pandemic. With low-interest rates, increased household savings, more flexible work arrangements, and higher home prices than ever before, Metro Vancouverites, in record numbers, are assessing their housing needs and options,” Keith Stewart, REBGV economist said.
Last year’s listings total was 11 percent above the 10-year average. “While steady, home listing activity didn’t keep pace with the record demand we saw throughout 2021. This imbalance caused residential home prices to rise over the past 12 months,” Stewart said.
“We begin 2022 with just over 5,000 homes for sale across the region. This is the lowest level we’ve seen in more than 30 years,” Stewart said. “With demand at record levels, residents shouldn’t expect home price growth to relent until there’s a more adequate supply of housing available to purchase.”
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