Real Estate Matters – December 2021
Real Estate Decreased Market
Supply in the Greater Vancouver real estate market decreased dramatically in November, back down to a record low. This means rising prices, again!
With the announcement from the Minister of Finance looking to mandate a Cooling Off period for Buyers, Chris and I discuss how this would affect the market, and ultimately how it would affect YOU.
Whenever the government tries to artificially “manage” the market, it tends to have the opposite effect. In this video, we discuss some potential outcomes and repercussions that may be on the horizon. Please do reach out if we can help by replying to this email.
VANCOUVER, BC – December 2, 2021 – As we near the end of 2021, home buyer demand remains well in excess of long-term averages and the supply of homes for sale continues to decline across Metro Vancouver’s* housing market.
“We expect home sale totals to end the year at or near an all-time record in our region,” Keith Stewart, REBGV economist said. “We’ve had elevated home sale activity throughout 2021 despite persistently low levels of homes available for sale. With a new year around the corner, it’s critical that this supply crunch remains the focus for addressing the housing affordability challenges in our region.”
“The imbalance between supply and demand, coupled with some buyers wanting to use rate holds on lower rate fixed-term mortgages, is keeping upward pressure on home prices in this traditionally quieter time of year for the market,” Stewart said.
Looking to sell or move? Please reply to this email and I’d be happy to chat with you! I truly would love the opportunity to work with YOU!
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