The Fraser Valley Real Estate Market and Buying a home in 2021
Are you thinking about purchasing a home in 2021? In today’s housing market like this How do you find the right home?
Canada’s Housing Market
Despite the pandemic, Canada’s housing market has continued to defy expert opinions.
In cities like Toronto and Vancouver, fierce competition for detached houses meant back-to-back months of record-breaking prices.
The Fraser Valley’s Housing Market
Specifically, the Fraser Valley’s real estate market is showing no signs of slowing down after what experts say was a record-breaking December for home sales. 2,086 homes sales occurred in the Fraser Valley, making it the best December on record (The Fraser Valley Real Estate Board). New listings in December were the second highest on record, stated by the Fraser Valley Real Estate Board.
Total annual sales in the Fraser Valley finished 12.4 per cent above the 10-year average and 81 per cent above normal for the month due to demand from the second half of 2020 (The Fraser Valley Real Estate Board).
Detached Homes Most Desired
Detached homes are continuing to be the most desirable properties. With all time spent at home this winter, many have had time to reconsider their living situations. Experts explain the trend occurring during the pandemic has seen many moving from cities to the eastern suburbs.
“Typical seasonal cycles did not apply, how we conduct business had to change to keep the public safe; and most unexpected, has been the unwavering demand for family-sized homes in our region and so far, there is no sign of it slowing down.” Chris Shields, president of the Fraser Valley Real Estate Board
Low Inventory a Concern
One concern remains that the overall inventory is 28 per cent below normal, which has produced a sellers’ market.
How we can help you
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Original Article – Global News
Original Article – CTV News
