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.