I filmed this from my latest listing, 2 127 172 St., a fabulous four-bedroom, three-and-a-half-bath townhouse with all the deluxe trimmings to ensure your comfort.
A Shift Towards Buyers With only 1 out of every 20 homes selling, the list-to-sale ratio is steady at around 97.14%. The market is shifting. We now see active inventories at unprecedented levels over a decade, and sales are 30% below the 10-year average. If sales continue to lag, the Fraser Valley real estate market is edging closer to a full-blown buyer's market. Seasonally adjusted sales have hit their second-slowest level in a decade, adding to the pressure.
What's Driving the Market?
The Bank of Canada has already implemented three rate cuts this year, with more potentially on the horizon. Buyers carefully watch these trends, waiting for the perfect moment to enter the market. With further rate reductions likely, many are hoping for favourable purchasing conditions in the coming months. In addition to the interest rate shifts, the federal government is set to loosen mortgage rules. On November 21, the Office of the Superintendent of Financial Institutions (OSFI) will end the stress test for uninsured mortgage switches. This will allow homeowners to transfer their mortgage from one lender to another without the burden of requalifying under the stress test, making it easier to adjust their mortgages without worrying about higher qualification standards.What Does This Mean for You?
Once the market turns, activity is expected to surge. If you're thinking of selling, now is an excellent time. As rates decrease and mortgage rules ease, listing your property at a competitive price will allow you to sell and buy in this favourable market. Waiting could result in multiple offers and higher prices as demand rises again. Remember that BC housing construction needs help to keep pace with provincial targets. We do not have enough supply to meet the growing demand, meaning affordability will not improve substantially. This market is ripe for action, but timing it ideally can be tricky.Final Thoughts:
Don't try to time the market. Whether buying or selling, it's best to stay informed and act when the opportunity feels right. With changing rates, upcoming mortgage relief, and inventory shifting, it's more important than ever to have a trusted guide. Let's chat if you're curious about how these trends could affect your next move.Why not give me a call? Let's chat.