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There is no most likely rate relief coming for those trying to enter the real estate market across B.C., states the executive vice-president of Century 21 Canada.  Learn More Here  states the fifth yearly Cost Per Square Foot study carried out throughout Canada by Century 21 shows the widespread boost of housing prices given that the fall of 2020, without any rate correction in sight for the short-term future.

It relates to the fundamental financial effect of supply and demand there are more buyers than housing stock for sale. Rushton stated that the scenario through much of this year in the Okanagan numerous offers, preliminary deals $20,000 to $30,000 above the asking price to be in the bidding for a home is likely to continue.

If you are in the position to own a home today, either complimentary and clear or with a home mortgage, you have security. That scenario is going to continue as we see absolutely nothing on the horizon that will drastically alter that," he said. He stated that offers little solace for novice or income-limited prospective home purchasers attempting to burglarize the marketplace, placing more pressure on rental lodgings readily available in preferable areas quickly available to stores, dining establishments and entertainment options.

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The Century 21 analysis exposed B.C. property stays the most costly in the country. Rates in the borders of Greater Vancouver saw the largest rate boosts, with Chilliwack prices up 40 per cent, to $406 per square foot, while Delta was up 38 percent, $570 per square foot, and White Rock/South Surrey up 44 percent, $625 per square foot.

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When the pandemic started in 2020, Rushton says the realty market was going into unchartered area. "However since of low stock and high need from purchasers trying to find a larger area, costs have actually steadily climbed up for the past year, especially for detached homes outside of metropolitan centres. "That shifted as the year went on, with development in home costs slowing and condominium prices starting to increase again.