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The Bank of Canada increased its policy interest rate by another 75 basis points to 3.25%. RBC and TD were the first to lift their prime rates to 5.45% effective today, with the other big banks to follow. The next scheduled date for announcing the overnight target is on October 26, 2022. We may see more deals collapse in the coming weeks as the Bank of Canada continues to move rates higher. There are mixed expectations on whether the rate hiking cycle has peaked, or if it will end with one last move in October.

"Given the outlook for inflation, the Governing Council still judges that the policy interest rate will need to rise further. Quantitative tightening is complementing increases in the policy rate. As the effects of tighter monetary policy work through the economy, we will be assessing how much higher interest rates need to go to return inflation to target."

– Bank of Canada

Metro Vancouver’s housing market experienced a quieter summer with residential home sales down nearly 41% from August 2021. Total new listings in the region reached the lowest in more than 28 years, falling 17%. In Fraser Valley, sales were down 51% compared to the year before, and total inventory up 44% as the average number of days to sell a home has increased. The sales-to-actives listings ratio in the Fraser Valley is in balanced territory at 17%, and prices are off 13%.

"With the Fraser Valley continuing to settle after months of record sales and prices, we expect to see more activity this coming fall as buyers look to capitalize on the region’s reputation for providing greater value for the real estate dollar."

– Sandra Benz, FVREB President

Fall activity feels like it’s already beginning to pick up, as buyers are revisiting the market at lower prices. Be prepared to encounter offers on the table even before the scheduled open house, as offer presentation dates have become less frequent. A pre-emptive offer is highly likely to succeed in a competitive environment, especially if the seller is motivated. In a multiple offer situation, the listing agent has a legal duty to advise every agent of competition, or face hefty fines.

For rental housing, the B.C. Government announced support measures to help bring down costs for tenants, placing a cap of 2% on rent increases for 2023. I’ve heard many a story of “renovictions” or Landlord’s Use of Property in order to sell, as they in turn are facing higher operating costs. To those in rental units, the best course of action is to stay put, if possible. Yet another reason to seek out purpose-built rental housing or passive house construction offering below market rents, and most importantly, security of tenure.

Price Adjustments

1309 5058 JOYCE STREET
Collingwood
Original price: $749,000
List price: $698,000
List date: 3/22/2022
Fixed term tenancy at $2,250/month ended Aug. 31st.
6178 171A STREET
Cloverdale
Original price: $1,999,900
List price: $1,699,900
List date: 5/24/2022
Duplex on corner lot with 3 units. Opportunity for a house hack.
15764 BUENA VISTA AVENUE
White Rock
Original price: $2,888,000
List price: $2,298,800
List date: 4/19/2022
1173 DUCHESS AVENUE
Ambleside
Original price: $875,000
List price: $2,900,000
List date: 5/18/2022
Another For Sale By Owner special. Mostly for entertainment value.

Featured Listings

PURA condos in Surrey Central

Unveiling Tuesday September 13th from 2-4pm.

Starting from the high $300's, PURA's thoughtfully designed homes range in size from 464 sq.ft. for a 1 bedroom to 858 sq.ft. for a 2 bedroom + den with an estimated completion of winter 2024. PURA, Surrey Central West's first FitWel certified community of 248 units between two 6-storey buildings, offers 1 to 2 Bedroom + Den Urban Homes built with Adera's proprietary SmartWood technology. Located in the center of it all, these homes have spacious floorplans, timeless interior features, and wellness-inspired amenities.

South Yards in Brentwood

A highly anticipated master-planned community featuring 2,500 homes and 60,000 square feet of vibrant commercial and retail space, surrounding a one-acre urban park. Located just one block south of the Skytrain. Rising 36 storeys, the inaugural tower in phase one is a collection of 363 one bedroom to three bedroom homes.

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Thank you for your time today.
Contact me with any questions you may have, I am always available.

 
Adam Naamani
REALTOR® with eXp Realty
+1 (604) 889-7943
adam.naamani@exprealty.com
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