British Columbia Real Estate Prices Continue To Rise At The Start Of 2022

Kim PhillipsInside Fraser Valley, Langley House Market, RE/MAX, Real Estate, Surrey

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Residential real estate in British Columbia continues to prove itself as an investment goldmine amid anticipation of another “hot-market” year. While 2021 saw a lot of action in the Canadian housing market, 2022 is expected to ascend even more. Especially when it comes to the Langley real estate sector in BC. In fact, according to the RE/MAX 2022 Canadian Housing Market Outlook Report, prices could be increasing by as much as 9.2% this year.

“Based on feedback from our brokers and agents, the inter-provincial relocation trend that we began to see in the summer of 2020 still remains very strong and is expected to continue into 2022.”

– Christopher Alexander, President, RE/MAX Canada. 

The past year saw a lot of migration between provinces. Ultimately, this led to a steady increase of housing prices across the nation. As the prices continue to project upwards, buyers are anxiously fighting to get their foot in the door before prices peak. 

What Are Local Realtors Saying About Selling vs. Buying Real Estate?

The market is seeing a continued increase in real estate prices, meaning it’s a great time to list your home. With more people looking into Surrey and Langley real estate as investment opportunities, sellers have an advantage in the marketplace. When surveyed, Canadian brokers and agents reported that 95% of markets in the country are expected to favour sellers. Due to the increased interest and continuous housing supply shortage, it’s a great time to be a seller in Canada. 

With that said, investors are buying in for a reason. With this projected increase in prices, it’s no shock that the market is hot for buyers too. This spike is trickling over from the movement we saw in 2021, where more people are seeing real estate as their most reliable investment opportunity. In fact, when surveyed on behalf of RE/MAX Canada, 49% of Canadians (59% of homeowners vs. 34% non-homeowners including renters, those not looking to buy, and those currently looking to purchase) believe that real estate remains one of their best investment options in 2022. Despite the uncertainty surrounding the economy in a post-pandemic world, Canadians don’t consider the housing market a risk. 

High Time for South Surrey, Cloverdale, and Langley Real Estate

It’s true that Vancouver’s urban hub is still considered a seller’s market. However, surrounding regions continue to draw interest from buyers across the province and country. In response to the relentless reality of the pandemic, people are craving more space and freedom than ever. This is resulting in a shift in real estate interests. While Vancouver is still a spectacular place to live, many buyers are favouring more suburban areas including Cloverdale, South Surrey, and Langley real estate. 

“Less-dense cities and neighbourhoods offer buyers the prospect of greater affordability, along with liveability factors such as more space,” says Alexander. “In order for these regions to retain these appealing qualities and their relative market balance, housing supply needs to be added. Without more homes and in the face of rising demand, there’s potential for conditions in these regions to shift further.”

– Christopher Alexander, President, RE/MAX Canada. 

That’s why Cloverdale realtors and real estate teams in Surrey and Langley are emphasizing the hot market in these suburban areas. The municipalities are working to meet this level of demand by investing in new development for residential housing. While our nation is quickly adapting to the work-from-home lifestyle, commutes into big cities are becoming less relevant. Therefore, buyers are opting for more square footage and less crowds – cue suburban bliss. 

Looking For the Best Realtor in Langley, Cloverdale, and South Surrey?

You’ve come to the right place. Experience, drive, and exceptional levels of customer service; this is what our realtors at the Kim Phillips Real Estate Team bring to every client interaction. Our team has been serving the Fraser Valley for over 21 years. Our hands-on approach has won us the title of “Best Realtor in Cloverdale” from 2017 through to 2021. Offering an elevated, in-depth real estate experience, we can help you navigate the booming housing market. Whether you’re looking to invest in Langley real estate, need advice from a top Cloverdale realtor, or you’re browsing real estate teams in Surrey, we’re positive our team can exceed your expectations. Speak with our local realtors today!