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.