Ben Truscott Real Estate Report - December 2021

Hi Everyone!

  As the year comes to an end we are still facing extremely low inventory with only 1,541 active listings in the Fraser Valley down 58% compared to the 3,692 active listings in December 2020.

Chilliwack currently has the lowest inventory it's ever had on record with only 283 active listings down 49% Compared to 555 active listings in December 2020.

Total sales year-to-date are still on the rise up 40.9% with 26,420 sold compared to last year's 18,746 in the Fraser Valley and up 37.5% in Chilliwack with 4,793 sold compared to the 3,484 sold last year.

It is a difficult market especially for new buyers, the average number of days on market is down 57.9% at only 8 days compared to 19 days last year in the Fraser Valley and down 37.8% at 23 days on market compared to 37 last year in Chilliwack.

With such low inventory and quick sales, homes are selling so fast that it leaves little room for negotiation while competing against subject-free offers.

One of the best steps you can take before shopping for a home is getting in touch with a mortgage broker and getting a pre-approval put into place. Once you know your buying power you will have a better chance of putting an offer in before it's too late.

If you don't have a mortgage broker and would like me to refer you to one or if you have any other questions give me a call or text at 604-798-3960.
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.