The year 2021 saw windfall price and equity gains for detached home owners in the Fraser Valley. Townhouse owners too saw big gains in the value of their homes. Larger living space was in high demand.
If you are someone thinking of downsizing, now might be a very good time to consider doing so.
- at the time of this writing, the inventory of active listings (homes on the market for sale) is at or near record lows
- there is relatively little competition to sell your home; competing listings are few
- demand for Fraser Valley homes in markets like Surrey, Langley and Abbotsford, not to mention North Delta, remains very strong
- detached home and townhouse prices in the region are at or near record highs
- mortgage rates remain low, by historical standards, keeping the cost of borrowing still cheap
- it's expected that mortgage rates will be rising in 2022; this may eventually slow down the hot housing market
Although nobody can perfectly predict or time any type of market, those sitting on windfall equity gains and record values for their homes, might want to consider selling. Retirees, or soon to be retirees, in particular, might want to think of selling a larger property and buy a smaller, less expensive, home. By doing this, you can bank the difference in prices to fund a more comfortable retirement. Making your housing wealth more liquid, might make sense given the above points shared.