During the month of November, the market continued to show signs of speeding up. Inventory is way down, and sales are a whopping 25% higher than they were in December 2023.

Prices for detached homes have seen the largest year-over-year increase across Chilliwack and Fraser Valley with condos under $400,000 selling quickly in Chilliwack.

Things will likely take a break over December and I think we will be off to a busy January!

September market stats are out! A slow beginning of the month was balanced out by an increase in activity in the last half of the months, leaving things fairly balanced both month-over-month and year-over-year.

Will the new mortgage rules and expected future rate drops bring more activity to the market? Interested to find out!

Right now there are still some incredible deals to be had, making this market still best for first time home buyers, or those looking to upsize.

The Bank of Canada’s recent rate cuts didn’t quite spark the housing market as expected, but more cuts could still impact things. With lower mortgage rates on the horizon, we might see more people purchasing homes this Fall.

Even though the current 4.25% rate hasn’t made homes significantly more affordable yet, falling rates offer a glimmer of hope. Canadians are eagerly waiting for further cuts to make buying more doable.

Home prices have cooled slightly but are still high compared to average income. This has pushed many first-time buyers to wait it out. Higher property taxes, stress-test rates, and upcoming mortgage renewals will also play a role in the fall market.

The real estate market is continuing to be pretty flat throughout Summer, with inventory levels at a high point not seen in years. As a result, home prices have stabilized with only slight declines month to month. Whether the combination of softening prices and better borrowing rates will attract more buyers this fall remains to be seen. Typically, it takes a few months for lower borrowing costs to boost transaction numbers, so we’re still in the early stages of this shift.

Since market conditions can vary widely depending on where you are and the type of property you are looking to buy or sell, please reach out to me at 604-798-3960 if you ever have questions about when it's the right time for you.

While the weather is heating up - the real estate market is staying pretty still.

Despite the Bank of Canada's interest rate cut that people were waiting on, sales volume decreased pretty substantially month-to-month in both the Chilliwack, and Fraser Valley districts.

Inventory continued to climb, and prices remained relatively stable, with mild decreases in prices for detached homes.

The condo and townhome market is still strong, with affordability still being the largest factor for home buyers.

Sales volume is still healthy though, homes with competitive prices are still selling, and there are some excellent deals out there. I still think these market conditions are the best time to upsize from a condo or townhome to a detached home if the payments are affordable. The gap between townhomes and detached has never been smaller!

The real estate market throughout May overall stayed pretty consistent. No major variations in prices or sales activity, a slow and steady market that doesn't really favour buyers or sellers.

There are a lot of buyers out there shopping, but not as many ready to pull the trigger and write an offer.

For those buyers who are willing, there are still some pretty good deals to be found!

Those who can benefit the most in current market conditions are people who have large down payments to avoid higher interest rates, or people looking to upgrade from a townhouse/condo to a detached home.

With the Bank of Canada's interest rate cut today, I am curious to see what effect this has on the market over the next few months!

Sales volume continued to rise, but not quite as fast as the new inventory. In April the active inventory of homes increased by 113 homes, while the amount of monthly sales only increased by 14. Due to having more competition, especially in the townhome and condo market, prices have softened a little bit from where they were earlier in the year.

We're still very much in a changing market, some areas are slow, some are lightning fast.

Detached homes have not risen in price as much as townhomes have over the last year, so it's still my opinion that now is a great time to upsize from a townhome to a detached.

Spring is here, and the market is continuing to gradually increase pace, but there have been, and will likely be no sudden increases in price until the interest rates lower this year.

Sales volume continued to rise, but not quite as fast as the new inventory. In April the active inventory of homes increased by 113 homes, while the amount of monthly sales only increased by 14. Due to having more competition, especially in the townhome and condo market, prices have softened a little bit from where they were earlier in the year.

We're still very much in a changing market, some areas are slow, some are lightning fast.

Detached homes have not risen in price as much as townhomes have over the last year, so it's still my opinion that now is a great time to upsize from a townhome to a detached.