MARKET SUMMARY - FRASER VALLEY REAL ESTATE, DECEMBER 2021
SELLER’S MARKET
No one could have predicted how the pandemic would impact the real estate market. Our region’s relative affordability, combined with a newfound ability to work from home and the value for housing dollar in the Fraser Valley attracted buyers in numbers like we’ve never seen.”
- Larry Anderson, President FVREB
Highlights
1,808 units sold, 13.3% DECREASE YOY
1,278 new listings (all types)
1,957 in inventory - 60% below the 10 year average, lowest in 41 years
NOTES & FORECAST
BOC rate announcement is Jan 26 - likely rate increase to stem inflation, however, with borrowing where it is and economic interruption from the latest covid variant - strong possibility the BOC may decide to wait.
Inventory at historical lows - any increase in inventory will reduce sales pressure.
Slow growth through first quarter.
“The Canadian labour market added 55k positions in December, and was well above the consensus call for a gain of 25k position. Full-time (+123k) employment drove the increase in December, while part-time (-68k) employment fell on the months…Hopefully, the impact of Omicron will be short-lived, allowing the labour market to recover quickly in coming months.” - Sri Thanabalasingam, Senior Economist, TD Bank
*** Speculation tax will also apply to properties with rental restrictions in 2022.
