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

http://www.fvreb.bc.ca/statistics/positive-start-to-fall-market-new-listings-increase-sales-soften-2/

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

Fraser Valley Real Estate Board Statistics

Inventory

Sales

Pricing

Sales-to-Active Listings Ratio