February 2022 Newsletter Introduction

Happy Lunar New Year Real Estatee – I wish you a wonderful and prosperous Tiger New Year! This one of my favorite holiday celebrations where there are tons of sweets, and savory food that you have with family, and the best part is to receive red pocket money! Who doesn’t love that?! As for the market in January, nothing has changed much in regards to inventory level but the prices of homes have aggressively climbed up a lot.  As mentioned in my last newsletter, interest rates increase were possibly implemented in late January which definitely caused a spur in purchasing, however that announcement did not come, in which we can assume the rate increase will be introduced in March Spring instead. The idea that the rate hike to possibly dampen the market has been delayed. However, in the last week of January, there has been a noticeable increase in inventory but will it be enough to keep up with demand? It will be hard to say until we get the stats for February at the beginning of March.  

#CovidBC update: 

BC’s vaccine card program was originally to be expired by the end of January, however that has not extended to June 30. Questions looming whether BC will follow suit with other provinces to scrap the vaccine passport requirement. As number of cases of dropping, that is a positive sign that there is a light to the end of tunnel where we can return to some sort of normalcy. 

Stay safe and healthy!!!

– Sam