Market Update

Langley Real Estate Market Update: April 2022 The Big Shift

Written By: Mike Cook

Langley real estate is starting to shift as mortgage rates rise

Choices! The market is definitely changing because of a significant increase in new listings and a sharp rise in mortgage rates. This has turned away some fresh buyers from entering the market and is starting to frustrate Sellers with expectations from the first quarter of the year.

“Given the sharp rise in Canadian mortgage rates and expected tightening from the Bank of Canada, activity will likely slow further in the second half of this year.” – BC Real Estate Association

In the Fraser Valley, in the month of April, there were 1489 sales which is 45% less year over year and a 37% decrease month over month. This led to a 4% sale price drop month over month! From the boots on the ground, we are seeing multiple offers on properties that are well-marketed, show-perfect and priced to sell.

In the last year, many listings have gotten away with poor marketing and no strategy because of the severe lack of inventory. These properties are now being punished with no showings and no offers. Moreover, properties holding strong with first-quarter expectations are starting to grow stale and ultimately, this will cost Sellers unless the market dramatically shifts back to crazy. This is why it’s more important than ever to have quality realtors (Team Cook) in your corner. 😉

Buyers had more choices in April with a 16% increase in active listings from the previous month. We are expecting the market to start to flatten out as the market shifts back from “bananas” to a more traditional “busy”. Our recommendation to our Buyers is that we take our time and find a property that fits most of our Buyer’s needs and continue to be aggressive when we find the one.

The good ones sell quickly and there are a lot of properties trying to find their footing.

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Mike Cook

A blue-collar worker in a white-collar world, I spent most of my twenties building high-end homes, leading major renovations, restoring, and finding/fixing deficiencies in new construction. I am happy to use this experience to point out the potential of a home. I pride myself on always looking for a way of improving the experience for my clients, agents on my team, and my community through leadership, technology, and charity.

Langley Real Estate Market Update: April 2022 The Big Shift

Langley real estate is starting to shift as mortgage rates rise

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Mike Cook

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