Real Estate Matters – November 2021
Hello!
We are seeing more supply come out in October, however still well below the normal pace. Although price has held steady generally, the speed of purchase and sale has increased.
With the announcement of increasing federal prime rates, Chris and I discuss how this would affect the market, and ultimately how it would affect YOU.
Ultimately, with the interest rates set to increase, and the record low inventory in the last 3 years, if you’ve been contemplating selling then this is likely the best time to do so. Please do reach out if we can help by replying to this email.
VANCOUVER, BC – November 2, 2021 – Home sale activity in Metro Vancouver* remained above historical averages in October while the overall supply of homes for sale dipped to levels not seen in three years.
“Home sale activity continues to outpace what’s typical for this time of year and the pool of homes available for sale is in decline. This dynamic between supply and demand is causing home prices to continue to edge up across the region,” Keith Stewart, REBGV economist said.
“Rising fixed mortgage rates should eventually help ease demand, but for now sales remain strong and buyers with rate holds will remain motivated to find a property for the rest of the year,” Stewart said.
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!
Please click below links for your complimentary updated Vancouver Real Estate statistics package.