The Fraser Valley's real estate market has been a landscape of both progress and uncertainty following the Bank of Canada's latest rate hikes.
Recently, the Fraser Valley real estate market has been a landscape of both progress and uncertainty.
This move comes despite inflation stabilizing at 3.4% for May and June this year. As the BOC strives to achieve its 2.5% inflation goal by mid-2025 or sooner, interest rates are expected to continue their upward trajectory, creating a climate of uncertainty for buyers and investors alike.Jamie Squires, President, Fifth Avenue Real Estate Marketing Ltd.
In the townhome sector, Squires wrote that there has been no increase compared to June 2022, though there has been a slight monthly increase. Meanwhile, condominium prices have seen a year-to-year decrease of approximately 5%. This marks a significant improvement compared to just a few months ago, when prices saw declines of 30% or more across all product types year-over-year. These trends offer a glimpse of a healthy improvement in the market.
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