BoC Update June 2023
Tiff Maklem is at it again. After a brief rate hold in March, the Bank of Canada has raised the interest rate another 25 basis points to 4.75%. This is the highest rate we have seen in more than 20 years, 2001 to be exact. This will most likely take the weak winds out of the sales of the real estate market, especially with the summer months around the corner. Don't get me wrong, the market will always have some sort of base activity, but the strength we have seen after the rate hold from March to May will most likely subside to the renewed uncertainty of the mortgage rates and how high it really will go. If you would like to know more about this or other real estate market related topics, please feel free to contact any member of the IMPACT Real Estate Group and get your questions answered.
New Listing - 7178 196A Street, Langley
Come and see this beauty in Langley 7178 196A Street, Langley Come and see this huge 6 bed + den (2 bed in basement without closet), 4 bath home on a quite cul-de-sac close to everything. The extensive vaulted ceilings, coffered ceilings, open concept kitchen, eating, family room as well as formal dining room and formal living room offer great entertaining spaces for your guest. If 2 gas-fireplaces, 4 bedrooms up, a den on the main, a gas stove and the fully fenced yard arent enough yet, then imagine a 1 or 2 bedroom mortgage helper with separate entrance decreasing your bills every month. (sep. entrance and kitchen already roughed in and ready to go as well as the basement already fully finished). You are minutes from all levels of schools, shopping, transit, professional services and the Langley Events Center. What are you waiting for? Call your favorite agent today to book a private showing or come by the open houses.
February real estate market update 2023
It's a crazy world we are living in The Fraser Valley real estate market surely has shown us how quickly we can go from one of the hottest housing markets on the planet to one of the slowest market months on record more than 34 years ago. It was the time the 80's high interest rate and inflation time started to come around after years of record highs. Well, we kind of see the same game play out this time around. After significant quantitive easing and low interest rates by the Bank of Canada drove up inflation, it was only a time until the counter action was employed. Ever since then aggressive rate hikes and quantitative tightening have turned the market by 180° to almost coming to a halt. However, there is a shimmer of light at the end of the tunnel and we surely are on our way to better real estate market environments.
Categories
Recent Posts
