My opinion - Here is an article being circulated by Black Press which stems from the last BC Real Estate report from Cameron Muir. It is a very general approach because it is stretching the data over the whole Province of BC. However, in Chilliwack, a lot of the info does ring true. We have not really dropped in prices but we have definitely stabilized. We are now reaching a balanced market here in the Chilliwack Real Estate Market. There are a lot of building lots and permits still yet to come out. Inventory has increased. Demand has mellowed somewhat but sales are still occurring consistently. This gives Buyers some choice. They don't have to make frantic, and often bad, decisions. This is good news! Sellers who price their homes effectively will sell. Those that are still shooting for the stars will sit on the system a while longer until they correct their pricing. It is important to position the home on the market effectively because it could be more financially painful when the market makes a shift downwards and you begin chasing the market downwards. I personally don't see the market increasing until the next cycle so the next thing that usually happens is a dip in pricing. We should plan and strategize accordingly. Kelly Johnston - Select Real Estate
Mortgage stress test losing impact on B.C. housing sales: BCREAHousing sales have been increasing each month since June across British Columbia cities
The impacts Canada’s mortgage stress test has had in calming the hot housing market by reducing demand are in the rear view mirror, according to the B.C. Real Estate Association.In its monthly report on August’s housing climate, it saw a 26 per cent decrease in housing sales from the same month last year. But seasonally adjusted, housing sales have been increasing by two to three percentage points since June.“The B.C. housing market is evolving along the same path blazed by Ontario and Alberta, where the initial shock of the mortgage stress-test is already dissipating, leading to increasing home sales,” said Cameron Muir, BCREA chief economist.