Continued growth in new listings a hopeful sign for homebuyers in the Fraser Valley
Within a week I felt there was a notable shift in the market and I wasn’t the only one. With the war in Ukraine, the high inflation rate caused by supply chain issues, and oil and gas issues, the interest rate increase created a shift which us Realtors saw before anyone else. I felt as though the wheel started to move again with more people deciding to list their homes and make the move they have been waiting for.
Sandra Benz, President of the Board, said of this month’s statistics, “Sales were strong again in March as more new listings continued to come on stream. We’re hopeful this will contribute to a slowing in price growth, which is good news for the home-buying public. Other encouraging signs, such as less open house traffic and fewer multiple offers, may help us get to a more balanced market, however until the fundamental issue of lack of supply is addressed, we won’t see that happen anytime soon.”
Economists predict 3 rate hikes of 50 point one in April, June, and July. If the inflation rate is not under control by July/August, the Bank of Canada runs the risk of overshooting the rate hike. We may not see the impact of recent interest rate hikes on the market trends until later in 2022. With fixed rates nearly double what they were a year ago, new homebuyers will likely be more impacted than other segments of the home-buying public,
Among the new measures the Government is discussing to introduce is a cooling off period introduced in B.C., that would give buyers an unspecified amount of time to be revealed later this year to change their minds after making an offer, leeway to pursue a home inspection or perform other due diligence. It potentially would create a backfire because you basically create a situation where maybe if everybody has a seven-day rescission period and you can use that to back out, you can basically just go and tie up two, three properties at a time to figure out which one that you want. It is flawed because a buyer can rescind their offer on a home, leaving the seller in the lurch. Realistically to control price appreciation, supply of housing inventory would need to increase.
We are still in a seller’s market, but we’re just starting to see a lot less competition.
For nearly eight years, I have worked as an award-winning realtor in the White Rock-Surrey area, focusing on development and residential real estate. My specialty is helping people who are anxious about moving to see the market clearly. In the last year, I helped more than 34 families make their move to find their dream homes and create memories for a lifetime.
Call me to schedule your sales consult to plan your next move!
Call me to schedule your sales consult to plan your next move!
Warm Regards,
Amanda