November Market Update

Supply and demand issues are still driving up prices as new listings are down 41.9% over October of 2020.

Larry Anderson, President of the Fraser Valley Real Estate Board, said, “What we’re seeing is a combination of above‐average sales with below‐average new listings which is placing strong upward pressure on home prices, for all residential categories, month‐over‐month."

As much as it's a challenging time to buy in many markets, it's a very good time to sell. Depending on your unique situation, this may or may not be a good time to make a move. We can meet with you and provide current market information to help you make the best decision for your individual wants and needs.

The November edition of our newsletter includes: 
  • October Market Stats for the Fraser Valley, South Surrey/White Rock and Greater Vancouver (NEW)
  • Annual REALTORS Care Blanket Drive
  • Article: Interest Rate Holding Steady at 0.25% Bank of Canada
  • Sold Listings 
  • Featured Listings
  • Community Events

Thank you for reading. 

Derrick, Ryan, and Leah 

MLS® sales in the Fraser Valley remained strong in October while supply continued to diminish

SURREY, BC – Demand for Fraser Valley real estate remained solid in October with overall sales the third highest on record.The Board processed a total of 1,938 property sales on its Multiple Listing Service® (MLS®) in October, an increase of 3.9 per cent compared to September and a decrease of 18.2 per cent compared to the same month last year.Larry Anderson, President of the Board, said, “What we’re seeing is a combination of above‐average sales with below‐average new listings which is placing strong upward pressure on home prices, for all residential categories, month‐over‐month.“It is a very challenging time, particularly for buyers. I empathize with clients who have been trying to buy a home for more than a year without success after multiple attempts. Now, more than ever is the time when buyers and sellers alike must rely on their REALTOR® to guide and advise them in considering all available options, including a change in community or even property type.”

Continue reading HEREFollowing a break in 2020, the 27th Annual REALTORS Care® Blanket Drive is back!The less fortunate in our communities have been hit hard by COVID-19, and even with the “new normal” on the horizon, many people in our community need help!With vaccination rates on the rise, and new recent safety guidelines, we’re able to collect blankets, warm clothing, and new socks and undergarments starting November 15 and continuing until November 22. The following items are needed most:
  • warm clothing
  • coats
  • blankets
  • new socks
  • new underwear
Drop off location for South Surrey White Rock: 
The Launching Pad
984 160th St. South Surrey

For pick up - call Leah Sims 604 240 0704

Any items you can donate for our region's most vulnerable, are greatly appreciated.

Interest Rate Holding Steady at 0.25%: Bank of Canada

October 27th, 2021
Bank of Canada interest rate announcement
  1. What is the Bank of Canada’s current policy interest rate?
  2. When does the Bank of Canada announce its overnight rate?
  3. When is the next announcement?
  4. What factors did Bank of Canada consider in its latest decision?

Bank of Canada’s Overnight Interest Rate

The Bank of Canada announced that it will continue to hold its key interest rate target at 0.25%, sitting unchanged since March 2020 when a trio of rate cuts were implemented to boost the economy following the hard-hitting impacts of COVID-19. In today’s announcement, the Bank also advised that it is ending its quantitative easing program, which saw the purchase of government bonds to help boost the economy.Global and Canadian economic recovery is progressing. Vaccination efforts continue world-wide, however the uneven availability and distribution of vaccines, and COVID variants continue to pose risks.Global demand for goods remains strong, however supply-side constraints are creating a “bottleneck.” This is also the case in Canada, curbing the economy’s productive capacity.The Bank has downgraded its forecast for global GDP growth to 6.5 per cent this year, 4.25 per cent in 2022 and about 3.25 per cent in 2023.In Canada, the Bank is projecting economic growth of five per cent in 2021, before moderating to 4.25 per cent in 2022 and 3.75 per cent in 2023.

Bank of Canada’s 2021 Schedule for Policy Interest Rate Announcements

Bank of Canada announces its decision for the overnight rate target eight times a year, typically on a Wednesday. The schedule for 2021 is as follows:
  • January 20
  • March 10
  • April 21
  • June 9
  • July 14
  • September 8
  • October 27
  • December 8
The next interest rate announcement is scheduled for December 8, 2021. The Bank’s outlook for the economy and inflation, including risks to the projection, will be published in its Monetary Policy Report on January 26, 2022.

Continue reading the NOVEMBER Market Update HERE