Maple Ridge Monthly Market Update for December 2021

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Happy Holidays!

As it’s been all year, inventory remains really low, mortgage rates remain really low and Buyer demand remains really high. Given that the holiday season is upon us, inventory levels always drop even further, despite the activity levels remaining high, which is why the sales to active ratios right now are the highest the’ve been since the Spring.

Multiple Offers are still common across all products and neighbourhoods, so you have to be willing to compete if you’re interesting in buying. Every now and then a property doesn’t receive any offers because it was priced too high, so if you can’t be competitive for some reason, look to these properties as your opportunity to submit a conditional offer.

I’m sure you’ve heard about it in the news, but inventory is at a historical low right now, while sales activity is above average. This dynamic is contributing to a continuing rise in price, multiple offers and over competitiveness. A lot of people have been asking me – if the market is so good for Sellers, why aren’t they listing? It’s a few factors, but the biggest is that they are struggling to buy their next property, whether that’s because they haven’t been successful in multiple offer situations or potentially that they can’t afford the jump to the next property. The market is a victim of it’s own success.

I don’t expect the market to ease off next year, so I anticipate it won’t be any easier to buy in the Spring than it is now (unfortunately!).
If you’re a Buyer looking to purchase, don’t give up your search just yet. I find a lot of Buyers throw in the towel a little too early in the Fall (due to holidays, real estate fatigue, etc) but miss some good opportunities that may not be as competitive now as it likely will be in the Spring. Fixed rates are also increasing, so if you like the certainty of a fixed rate, it would be good to lock in now, though a good mortgage broker may still suggest variable depending on the numbers and their expectations for the future.

If you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. There are plenty of details to chat about, so don’t hesitate to contact me if you’d like to get started [email protected] or 604-341-9937.