FVREB SURREY BC - Year over year the number of sold units for October were down across the board and new listings slower as buyers and sellers try to a find a balance in the market. Prices continued to soften, with month-over-month Benchmark prices down slightly across all property categories. For detached homes, prices are on par with October 2021 levels, while townhomes and apartments are up 7.7 per cent and 11.5 per cent, respectively, over 2021. The average number of days spent on the market before selling was relatively unchanged for detached homes and apartments compared to last month (34 days and 31 days, respectively). Townhomes moved more quickly at 27 days (compared to 32 days in September). FVREB Statistics package

• The Target Overnight Rate will increase by 0.50 percentage points to 3.75%.
• This is the highest Bank of Canada overnight rate since early 2008.
• Canada’s inflation rate dipped to 6.9% in September, but it’s still not enough for the Bank of Canada to ease off the brakes.
• Canada’s housing market continues to cool as interest rates rise across the country.
• Quantitative tightening (QT) began on April 25, 2022. This will gradually reduce the Bank of Canada’s balance sheet and put upward pressure on bond yields, driving up fixed mortgage rates