MARKET SUMMARY - FRASER VALLEY REAL ESTATE, NOVEMBER 2021
SELLER’S MARKET
Lack of supply continues to be the biggest factor impacting the market. To see sales increase from October to November, even slightly, is unusual. Typically, as the weather changes and the holiday season approaches, we see sales start to decline, but not this year.
This is not an easy market. Buyers and sellers alike are relying on the experience and skill of their REALTOR® to help them navigate a lack of supply, multiple offer situations, and very fast turnaround times.
- Larry Anderson, President FVREB
Highlights
1,972 units sold, 1.8% INCREASE MoM and 9.2% DECREASE YOY
2,096 new listings (all types), 5.5% DECREASE YOY
3.048 Ending Inventory - 47.9% DECREASE YOY, and 11.6% DECREASE MoM
Full Report
Forecast
Bank of Canada will increase interest rates early 2022 due to inflation and positive economic and jobs growth despite December 8, 2021 forward guidance. Rasied interest rates will slow sales.
Proposed “Cooling off period” will slow sales
Increased inventory early 2022 will reduce sales pressure
Slow growth through first quarter