The market is still HOT!!! Sales are up 71.7% compared to May 2020. This spring market is going strong!! The average days on market are only 19 days. And, the inventory is still low, with only 696 residential listings. But everyday more and more listings are coming on the market. Chilliwack has seen an 30.1% increase in prices for detached homes when compared to last year. It is definitely still a seller’s market and everything is selling very close to asking price or above the asking price in some instances, especially detached homes. It is also a great time to get into the market because interest rates still remain low, which means you can qualify for much more and your monthly payments are significantly less. There has been a gradual increase in rates over the past couple of months. This will continue for the rest of year. That is why it’s time to take advantage of the low rates, while you still can! The stress test is set to increase as of June 1, 2021. It will be interesting to see how they will affect the market.
If you are thinking about getting into the market give me a call and we can chat further about your options!