August 2021 – Fraser Valley Real Estate Market Snapshot

In June of this year, the government increased the mortgage stress test, further reducing the buying power for entry-level first-time home buyers. Hopefully, this is eliminated or reduced after the election this September, as instead of helping people own their own home, it hinders them and even pushes some people out of the homeownership market altogether while ensuring those already in or with deep pockets maintain their real estate wealth. It would be great to see a government that introduces some municipal accountability that would help increase supply to the market, thus helping slow price escalation, in addition to trade policies that will help maintain or reduce costs of construction. These are the only two policies that will truly help with this low supply and high demand issue we are currently experiencing today.