At Oakwyn we’re always wanting to present the facts in an engaging way. Every month, one of our agents will unpick current market statistics from the Real Estate Board of Greater Vancouver to help you understand what’s going on in the real estate market and what you should be looking out for.
January’s statistics report comes straight from Jeff Appelbe. You can read up on January’s insights below to stay up to date on another big month for the market.
A Big Surprise
The big surprise is that the Bank of Canada did not decide to raise the overnight lending rates on January 26, which is a few weeks ago now. They stated that it was because of the impacts of Omicron and what that was going to do to the economy, which turned out to be true.
Where Does That Leave Us?
We still have ultra low inventory and unfettered buyer demand. Oakwyn has held multiple offer nights in the last month and a lot of them with over 10 groups competing for offers going way over ask. It has been tough for buyers out there.
Frankly, analysts’ predictions are all over the place. Many are calling for continued price gains throughout the year. Others, like the head of OSEI (Canada’s banking regulator) said that he thinks the raising rates will end the speculative fever that is happening right now in the market.
We’re likely going to see prices continue to climb for the next several months. If you are looking to get in for the long term, do it sooner than later as prices will continue to climb up throughout the spring. If you’re looking to sell, the iron is going to get much hotter than it is now. There is a real big imbalance between inventory and buyers. So it really is favouring sellers.
Get in Touch!
Work with your Oakwyn agent, work with your trusted real estate advisor, and come up with a plan that makes sense for you in 2022 if you’re thinking about making a move.