To summarize, the effect of rising interest rates for mortgages is cooling the residential housing market. Generally, sales are taking longer which, in turn, increases the number of listings on the market.  More new listings are appearing while the number of sales are decreasing, this also results in a growing number of listings on the market. 

Buyers have more selection, more time to decide and more opportunity to present conditional offers.

Are prices falling? Perhaps some sellers are "panicking" and accepting less, however, I feel it's a bit early to make the judgement that prices are coming down.  Perhaps statistics will show average selling prices are declining but this may be because more lower priced homes are selling than higher priced homes resulting in average prices appearing to be less than before. 

Here's the latest report from the BC Real Estate Association (BCREA) economist. To view the video click here... Housing Market Update.

To see the charts, click here.


Prices of new condominium apartments in Canada's major urban centres are on the rise.

Out of the nine census metropolitan areas (CMAs) mentioned in a Statistics Canada report released Wednesday (May 4), prices rose in four, decreased in three, and were unchanged in two.A report notes that prices increased by 1.8 percent in the first quarter of 2022 compared to the last quarter of 2021.

Guess which CMA posted the biggest quarterly increase?

It’s Vancouver and neighbouring cities.

“Prices for new condominium apartments increased the most in Vancouver (+4.2%) in the first quarter of 2022, pushed up by declining inventories and continued demand for this type of dwelling,” Statistics Canada stated. Read More


Bill is Involved in Another Sale at 106 5489 201 ST in Langley

I'm pleased to have helped another homeowner sell their home.  

Now, I have excess buyers.

My marketing plan and hard work has attracted many buyers to this home but many preferred a different location, a different design, or different price range.  

To sell.  Call Bill today 604-274-2222. 

106 5489 201 ST in Langley.

Move-in ready 2 bed, 2 full bath condo with separated bedrooms. Morning sun view of public park with childrens' playground, community garden, and off-leash dog park. 9' ceilings, kitchen with eating area, storage inside, storage on the balcony, and in-suite laundry adds to the conveniences. Set-it-and-forget-it Thermostat control gas fireplace for toasty toes on crispy winters. 2 pets allowed. ((c) One (1) medium sized dog no larger than 24" at the shoulder when fully grown with a maximum weight of 50 lbs. (22.5 kg) and (1) cat; or (d) Two (2) small animals, cats or dogs only, no larger than 15 inches at the shoulder when fully grown with a maximum weight of 20 lbs. (9 kg). OPEN HOUSE April 23 & 24, 2:00-4:00pm. All appointments via TouchBase.

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