March 2022 Newsletter Introduction

Spring is slowly peeking through! – The weather has been pretty gorgeous lately but still a little chilly. As the days get longer, we can look forward to doing what we do best in BC, being outside! So what’s been happening since our last update. For the first half of February, there was a fury of non stop bidding due to the lack of inventory and high demand. It has resulted dramatic benchmark prices to have moved up significantly in a matter of days. However, this momentum has slowly lost traction in the third week of February. Depending on types of properties, there has been huge buyers’ fatigue and buyers are being priced out of the market. These variables, along with increase interest rates have seen the rage of bidding to be less aggressive and prices sold are reasonably close to asking. The government has also decided to implement a few regulations to help dampen the market along with 30 recommendations to be considered to help facilitate that. So let’s see how March will fair with these changes!

#CovidBC update: 

British Columbians aged 60 and older will be able to pick up COVID-19 rapid antigen tests at local pharmacies starting Monday. The move is the next step in the province’s phased distribution plan for rapid tests, after they were made available to people over the age of 70 in late February. Vaccine passport update  – Provincial Health Officer Dr. Bonnie Henry said in January that some restrictions, including those around capacity limits and events, could be lifted by Family Day on Feb. 21, Dix noted. And he emphasized that B.C.’s vaccine card mandate was extended to June 30

– Sam