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REAL ESTATE NEWS AND UPDATES

August saw continued strong listing activity and slowing sales bringing the market to a more balanced position. Sales are down 51.3% compared to the same time last year as buyers adopt a "wait and see" approach to the recent interest rate hikes. WIth prices settling down, there could be renewed activity this fall from buyers looking for good value. More than ever REALTORS® play a critical role in advising buyers and sellers about the current market realities in order to help them achieve their objectives. Read the full FVREB stats report.
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According to the latest Royal Lepage Millenial demographic survey; While buyers have moved to the sidelines as they wait to see the results of rising interest rates on property prices, the need for housing has not gone away. We could see another surge after this cool down period when buyers re-enter the market.

- 60% of Canadian millennials who do not currently own a home believe they will one day, however, 52% of them say they would have to relocate in order to achieve this milestone

- Nationally, more than 4 million millennials (51%) say they plan to purchase a home within the next five years

Royal LePage urges policy makers to remain focused on efforts to increase supply of housing in Canada.

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The past two years since Covid began, after a brief pause in buying and selling there was a frenzy of activity and escalating home prices as we came out of the pandemic. Now with record inflation which Statistics Canada pegged at 8.1% in June has led the Bank of Canada to raise the Key Rate to 2.5% and its expected to be around 3.25% at the end of this year.

We've seen the real estate markets react. According to CREA prices have dipped from their February highs and in some markets buyers seem to be waiting to see what happens next. The economy works in pockets and real estate markets work in smaller activity zones. When assessing a homes worth, value is determined by the micro activity of the specific neighbourhood, street, sometimes even which side of the street.

As housing markets change, I'm always here to help bring clarity so dont hesitate to contact me if you're considering a move.

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.