- -Langley, Abbotsford and Chilliwack are near 0% Vacancy. The lowest in the country.
- -Active Listings/Inventory overall is very low
- -Apartments/Condos/Townhomes are separating from Detached homes in regards to sales/demand
- -Apartments/Attached are still in a Sellers Market
- -Detached has moved into a Balanced Market
- -Foreign Buyers Tax really had no influence in the market movement in the last year.
- -There is a pent up demand for apartments for primary residence and rental market.
- -Under construction is elevated but inventory remains low
- -Employment gains, migration and low supply of resale market are putting pressure on rental market
- -Renters are sitting in the rental pool longer, saving to purchase
- -Home prices will rise at a slower pace
What does this all mean to you? If you've been thinking about selling a condo or townhome, now may be a great time to take advantage of the current Seller's market. If you've been trying to buy a detached home in the past couple of years, we may be returning to a more "normal" house buying market...let's hope.
If you have any questions about the market, please give me a call and I will do my best to help.