Why is the Langley Real Estate market so dramatic?
I hope you’re enjoying our extra late summer! Our back-to-school life has been wild with all the holidays! The real estate market has been very dramatic this summer, but September showed signs that we might be finding our footing.
“Faced with a dramatic shift in the cost of borrowing, housing market activity is likely to fall well below normal over the next year.”– BC Real Estate Association
Something is going to have to give; our inventory is still historically low, and a large portion of the active listings are on the high end, out of reach for most buyers. If we continue to raise interest rates, we will force developers to delay or cancel new housing starts, and the lack of new homes will ultimately increase pressure on an already franticly aggressive rental market. Interest rate increases have been necessary to combat inflation, but the application of the cure could be worse than the disease.
If you’re considering entering this market as either a Buyer or Seller, you need to prepare yourself with an intelligent plan that limits your risk. Our team understands that each situation is different, so we tailor our real estate strategy to you.