Market Report for October 2021
Attached here is the latest Video from our BCREA - British Columbia Real Estate Association with statistics on home sales in various areas of our Province, including Victoria, Vancouver Island, Greater Vancouver, Surrey, Langley, Maple Ridge, Abbotsford, Chilliwack and other areas of the interior and northern part of our province. All in All we are super low in inventory...historic lows, and that creates a ightening on the market which will increase prices as supply is low and demand remains strong.
This statistic is not vetted by any organization or statician of any sort, but to me, even if demand wained somewhat, it woudl take at least a year for the market to feel it. We are so behind on supply that it would take a lot of time to catch up to, even lighter or little demand. People buy and sell all the time for various life change reasons....so that happens even in horrible markets. New Construction is not keeping up so we are very restricted on inventory. If you are looking to make a move, it is still a good time, if you know where you are going. Let us help you with that. It is much more complicated to buy and sell right now and it is important to have someone in your corner to help you navigate the various scenarios that present themselves in this market.