Fraser Valley Real Estate News & Market Updates

You’ll find our blog to be a great resource of latest market information, covering everything from local market statistics, home values, and building development to community events. Being local experts, we really care about the community and living environment, and want to help you find your dream home in it. Please reach out if you have any questions and feedback. We’d love to talk with you!

Jan. 17, 2020

December 2019 Fraser Valley Real Estate Market Update

 

Fraser Valley offers affordable, quality homes; declining supply could push prices up.

The start of 2020, both as a new year and a new decade, brings several attractive features for a quality lifestyle in the Fraser Valley. Affordability is still a bid draw, especially for young families and first-time home buyers.  The combined benchmark price for all property types across the region at the beginning of January was 818,000. This is 2.0 per cent less than it was one year ago, and well under the $1-million mark of Metro Vancouver. Across the municipalities in the Valley, prices are currently stable, and despite a declining inventory at present, it is an excellent time to enter the market.  Even with the listing decline last year, there were still over 30,500 new Valley listings in 2019, and 4,600 homes available for sale at the end of December. With buyers now more confident in normal market dynamics, I expect to seer a rise in the rate of sales in the coming year. And with greater home purchasing activity this could create an upward movement in prices, so I recommend you get into the market as early as you can this year.

 

Because quality of life for homeowners in the Fraser Valley is major attraction, I would impress on potential buyers that the long-term equity in a Valley home be seriously considered. If you were to look at price changes in every municipality for the past three years, you would see significant increases ranging from 15 per cent to over 50 per cent, with the exception of detached homes and townhouses in South Surrey/White Rock. In this high-end area alone, prices had spiralled the highest in the period before new government taxes and stricter mortgage rules took effect. It is understandable, therefore, that the market correction there has taken a bit longer. This year the combined benchmark price in South Surrey/White Rock is a mere 0.7 higher than three years ago, but there are some very attractive prices for buyers wanting a higher priced neighborhood. Across all other Fraser Valley areas, you will find quality homes comparably at most affordable prices. Below I have identified each property type closest to its benchmark price in six municipalities. This guide should give you a good idea of the price stability as it shows the one month change for each benchmark. If you have any questions for your particular needs, please don’t hesitate to call me.  

 

Detached Homes

 

The benchmark price for a single-family detached home in the Fraser Valley at the end of December 2019 was $953,700, an increase of 0.2 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $1,299,500 and Mission at $644,100. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $996,700, an increase of 0.6 per cent from the preceding month; Cloverdale at $998,100, a decrease of 0.1 per cent from the preceding month; and Surrey at $992,200, a decrease of 0.3 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $933,400, a decrease of 0.2 per cent from the preceding month; North Delta at $904,600, an increase of 1.6 per cent from the preceding month; and Abbotsford at $787,600, an increase of 0.3 per cent from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of December 2019 was $514,900, no change from the preceding month. The extremities of this average were South Surrey/White Rock at $625,000 and Abbotsford at $376,200. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $552,200, a decrease of 0.4 per cent from the preceding month; Surrey at $554,400, no change from the preceding month; and  Cloverdale at $560,700, an increase of 1.4 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Langley at $490,100, no change from the preceding month; Mission at $438,400, a decrease of 0.3 per cent from the preceding month; and Abbotsford at $376,200, a decrease of 0.4 per cent from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of December 2019 was $405,500, an increase of 0.3 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $475,800 and Abbotsford at $309,200. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $407,300, an increase of 2.0 per cent from the preceding month; Surrey at $409,300, a decrease of 0.1 per cent from the preceding month; Cloverdale at $451,200, a decrease of 0.1 per cent from the preceding month; and Cloverdale at 448,700, a decrease of 0.6 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $398,700, an increase of 0.6 per cent from the preceding month; Mission at 337,500, an increase of 0.7 per cent from the preceding month; and Abbotsford at $309,200, no change from the preceding month.

 

Best wishes for a happy and prosperous 2020

May good fortune be your companion throughout this New Year.  Please let me know if I am able to assist you in any of your real estate matters, whether you are planning to buy, to list, or to renovate in the coming year. I am happy to provide detailed market information, or financial expertise on your home or desired area; and can recommend quality, reliable tradespeople if you are thinking about renovations. I enjoy helping my clients in a variety of ways. Please don’t hesitate to call.

Posted in Market Updates
Dec. 14, 2019

November 2019 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

 

New Year outlook: Opportune time for home buyers   

 

This is a time of year when many home hunters put their plans of hold for the holiday season. It’s also a time when people wonder what the New Year will bring. So, if you have been thinking about a purchasing home in the Fraser Valley, here’s my analysis of the market as we approach the end of 2019.

As we have observed for nearly two years, housing prices have been in decline since government measures took effect in 2018 to cool soaring prices. The composite benchmark price across all property types was $817,000 at the end of November. This is more than a 20 per cent decline from three years ago, so it’s obvious that new taxes and mortgage restrictions have a great impact on the market. In almost all the Valley’s municipalities, comparable double-digit declines have been seen, except for South Surrey/White Rock, where the benchmark price is very close to what it was three years ago, a mere 0.1 per cent drop in that time frame. This area has always led the Fraser Valley’s highest priced properties, and for that reason has not been the locale with the highest number of sales.  Residential demand in the Fraser Valley is driven largely by young families and first-time home buyers seeking quality homes at prices that are lower than in Metro Vancouver. November sales for Fraser Valley townhouses were over 46 per cent higher than one year ago; Valley condominium sales were up more than 30 per cent for the same period. However, new listings in these property types are not keeping pace with this demand. November’s sales reduced the Valley’s existing inventory of townhouses by about one third, and condominiums by about 29 per cent. If new listings continue to decline, the effect on prices may depend on the specific area of the listing. Increased demand and lower supply as a rule triggers higher prices, but it can also be a test of price stability. Even with the current overall reduced supply, the composite benchmark price for November declined 0.1 per cent from October. So, this will be notable metric to watch in the New Year. I will be following this particular issue closely for you, and I encourage you to check this newsletter in January 2020. 

 

In actual numbers, it’s important to note that there is still a large supply of properties for sale across the Fraser Valley. At the end of November, there were 6,733 active listings across all property types. This total included 1,877 new listings for the month, and 29,620 new listings over one year. I encourage anyone wanting to purchase a Valley property not to wait for lower prices. There will likely continue to be minor fluctuations in different areas in early 2020, but current market conditions suggest rising prices may be around the corner. Valley properties do not remain on the market for long. Last month, the average length of time to sell a single detached home was 48 days; townhouses remained on the market for an average of 38 days, and condominiums for 40 days. Below you can find comparative benchmark prices for my selected areas across the Fraser Valley in all property types.    

 

Detached Homes

 

The benchmark price for a single-family detached home in the Fraser Valley at the end of November was $952,200, a decrease of 0.1 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $1,311,500 and Mission at $639,200. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $990,300, an increase of 0.7 per cent from the preceding month; Cloverdale at $998,900, an increase of 0.2 per cent from the preceding month; and Surrey at $1,002,200, a decrease of 0.2 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $935,500, a decrease of 0.2 per cent from the preceding month; North Delta at $890,600, an increase of 0.4 per cent from the preceding month; and Abbotsford at $785,100, a decrease of 0.2 per cent from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of November was $514,700, a decrease of 0.3 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $632,000 and Abbotsford at $$785,100. The three municipalities closest to the benchmark on the higher side of the average were: North Delta at $530,700, a decrease of 3.1 per cent from the preceding month; Cloverdale at $552,900, a decrease of 1.1 per cent from the preceding month; and North Surrey at $554,300, an increase of 1.9 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Langley at $490,400, an increase of 1.3 per cent from the preceding month; Mission at $439,800, an increase of 1.0 per cent from the preceding month; and Abbotsford at $377,700, a decrease of 0.9 per cent from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of November was $404,500, a decrease of 0.1 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $471,100 and Abbotsford at $309,200. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $409,600, a decrease of 0.2 per cent from the preceding month; Cloverdale at $451,200, a decrease of 0.1 per cent from the preceding month; and South Surrey/White Rock at $471,100, a decrease of 0.8 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Langley at $399,200, a decrease of 0.1 per cent from the preceding month; North Surrey at $398,200, an increase of 0.1 per cent from the preceding month; and North Delta at $369,100, a decrease of 0.8 per cent from the preceding month.

 

Merry Christmas and Happy New Year

Your home is a special place and even more appreciated when it can be enjoyed with friends and neighbors this festive season. My family and I wish you a safe and merry holiday season, and best wishes for the New Year. 

Posted in Market Updates
Nov. 30, 2019

October 2019 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

Sales volume still increasing in Fraser Valley; Some early signs of prices inching upwards.  

We’ve seen another month of strong sales activity in the Fraser Valley. No doubt the lovely weather in October was part of the reason for home shoppers to get out, but the excellent price levels across all property types is a more likely the primary reason for the robust sales volume. October saw an increase in sales of close to 19 per cent more than in September this year. And on a yearly comparison, this was nearly 40 per cent higher than one year ago. I have been encouraging home seekers to take advantage of the market stability for several months now. When prices are relatively stable, the sales transaction for both the buyer and seller is more relaxed. We can recall the frenzied market before government measures took effect to cool the rapidly escalating prices. In those conditions, competing bids made purchasing a home very stressful for the buyer. If you are a home seeker, it’s a great time to make an offer.

I want to point out, however, that the Fraser Valley market is currently lagging a bit in new listings. During this past October there were 7,398 active l listings – still an excellent supply – but new listings during the month were down close to 7 per cent from September. On a simple supply and demand basis, this could exert some upward pressure on prices since demand shows signs of remaining strong.  Declining prices, as we’ve seen for the past year, created a general division between two groups of sellers. There are those sellers who list their property early in the decline period for fear the price drop will cost them too much. There are other who wish to sell, but who decide to wait until the “price bubble” returns to a more historical level and then wait for price increases to begin again. This can result in price changes moving in opposite directions in different areas, and this requires a close analysis of changes from month to month. I believe that for some property types, prices have already begun to inch upwards. For example, benchmarks for single family detached homes in all but two municipalities in the Fraser Valley showed increases from September to October.  I encourage you to watch the monthly changes I track for you in this newsletter. There are still relatively small price fluctuations each month, but they can become the key indicators for price direction over a period of time. If you would like detailed analysis for any specific property type and area, please let me know.  Below you can find a comparison of leading benchmarks across the Valley.    

Detached Homes

The benchmark price for a single-family detached home in the Fraser Valley at the end of October was $952,600, a decrease of 0.3 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $1,318,300 and Mission at $639,700. The three municipalities closest to benchmark on the higher side of the average were: Langley at $983,500, an increase of 0.1 per cent from the preceding month; Cloverdale at $996,500, an increase of 1.1 per cent from the preceding month; and Surrey at $1,005,200, an increase  of 0.2 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average of were: North Surrey at $937,600, a decrease of 0.4 per cent from the preceding month; North Delta at $886,800, a increase of 1.3 per cent from the preceding month; and Abbotsford at $786,700, a decrease of 0.6 per cent from the preceding month.  

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of October was $516,000, a decrease of 0.8 per cent from the preceding month. The extremities of the average were South Surrey/White Rock at $640,300 and Abbotsford at $381,200. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $544,00, a decrease of 1.7 per cent from the preceding month; North Delta at $547,800, a decrease of 1.5 per cent from the preceding month; and Surrey at $558,700, a decrease of 1.3 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Langley at $484,100, a decrease of 0.4 per cent from the preceding month; Mission at $435,400, an increase of 1.3 per cent from the preceding month; and Abbotsford at $381,200, a decrease of 0.2 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of October was $405,100, a decrease of 0.1 per cent from the preceding month. The extremities of the average were South Surrey/White Rock at $474,800 and Abbotsford at $308,600. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $410,400, an increase of 2.1 per cent from the preceding month; Cloverdale at $453,500, an increase of 0.7 per cent from the preceding month; and South Surrey/White Rock at $474,800, a decrease of 3.4 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Langley at $399,700, a decrease of 0.1 per cent from the preceding month; North Surrey at $397,900, an increase of 0.9 per cent from the preceding month; and North Delta at $372,100, an increase of 1.8 per cent from the preceding month.

Let me help

I love to help clients and I can assist in many different ways. I have a strong background in banking and finance and can offer expert advise on your mortgage and your budget. Some clients are thinking about renovations, either to add value to their home before listing it for sale, or simply for their living comfort. I can recommend reputable and reliable tradespeople who do quality work for reasonable rates. I can also provide you with a customized analysis of homes and prices in any area you may be interested in. Please let me know if you have any questions about anything to do with your real estate needs.

Posted in Market Updates
Oct. 22, 2019

September 2019 Greater Vancouver Real Estate Market Update

 

METRO VANCOUVER

October an excellent time to explore the market; new listings up 30 per cent in one month

This is a beautiful time of the year, and I know some of my clients are enjoying scenic drives around Metro Vancouver with the colors of autumn decorating residential neighborhoods. Even better, last month saw a surge in new listings to almost 30 per cent over August, so there’s a great selection of homes available right now. With 4,866 new listings, the total inventory of detached homes, townhouses and condominiums rose to almost 13,439. If you’ve been looking but just haven’t found the right home yet, the current selection could hold that special place you’ve been waiting for. But let me point out another reason to do some serious shopping at this time. There were 2,333 residential sales in September, which was close to 50 per cent more than September one year ago, and almost 5 per cent more than sales in August this year. It’s becoming increasingly clear that much of the pent-up demand that formed over the past couple of years is now being released. Sales are increasing as both buyers and sellers regain their confidence in stable prices. One common metric is the ratio of sales-to-active listings.  That ratio is in a sweet spot right now between 12 and 20 per cent. When it drops below 12, we tend to see downward pressure on prices; and above 20, we tend to see upward pressure. With current prices within this range, it’s a comfortable time to make an offer, or to list your home. Let’s look at the trend for the past half a year.

The composite benchmark price for all residential properties in Greater Vancouver at the end of September was $990,600, a slight decrease of 0.3 per cent from the preceding month. The six-month change was a decline of 2.2 per cent which, of course, means $22,000 less on a $1-million listing. But keep in mind that this leaves ample room for some negotiating when making an offer. In an overall climate of price stability, a reasonably priced home will attract offers close to the listed price without a stampede of competing offers driving up the price. That’s why I encourage prospective buyers to get out and take advantage of the current price levels. Remember that the composite benchmark is still below the psychological threshold of $1-million. This situation can contribute to a dynamic market where sales and listings remain in good balance. Take s look at the monthly comparisons I have selected for you below. Whatever your choice of property type and residential area, it’s a good time to find a property with a price that can once again be historically typical for Greater Vancouver.

Detached Homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of September was $1,406,200, no change from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,894,400 and Sunshine Coast at $594,900. (Note I include the Sunshine Coast only as a factor in the average, but do not report on housing prices in this area because it is to far away for my clients).The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,047,900 a decrease of 0.9 per cent from the preceding month; Burnaby South at $1,458,500, a decrease of 0.6 per cent from the preceding month; and North Vancouver at $1,463,200 a decrease of 0.8 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were:  Vancouver East at $1,358,700 an increase of 0.9  per cent from the preceding month; Burnaby North at $1,345,000 a decrease of 2.2 per cent from the preceding month; and Coquitlam at $1,157,100, no change from the preceding month.

Townhouses

The benchmark price for a townhouse in Greater Vancouver at the end of September was $767,500, a decrease of 0.6 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,098,900 and Pit Meadows at $595,300. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $843,400, an increase of 0.4 per cent from the preceding month; North Vancouver at $937,100, a decrease of 2.4 per cent from the preceding month; and Vancouver West (not West Vancouver) at $1,098,900, a decrease of 1.5 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $$767,300, a decrease of 1.0 per cent from the preceding month; Burnaby South at $767,100, a decrease of 1.3 per cent from the preceding month; and Burnaby North at $729,500 an increase of 1.1 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in Greater Vancouver at the end of September was $651,500, a decrease of 0.4 per cent from the preceding month. The extremities of the average were West Vancouver at $1,021,200 and Maple Ridge at $348,500. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $654,500, an increase of 0.9 per cent from the preceding month; Vancouver West at $754,800, a decrease of 0.2 per cent from the preceding month; and West Vancouver at $1,021,200, a decrease of 3.8 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at 627,100, an increase of 0.1 per cent from the preceding month; Port Moody at $627,000, an increase of 0.8 pre cent from the preceding month; and Vancouver East at $548,300 a decrease of 0.7 per cent from the preceding month.

I can help

Please don’t hesitate to call me for whatever you need in Real Estate advice. I am always happy to provide you with detailed information on the property type and neighborhood you may be interested in. And if you are contemplating listing your property for sale, I can provide you with information on comparable homes sold in your area. In some cases, prospective sellers may want to do some renovations before listing; I can advise on what will make for the most optimal return on your investment. I also refer you to reliable tradespeople who do quality work at reasonable rates.

 

 

Posted in Market Updates
Oct. 22, 2019

September 2019 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

Ample supply creates excellent Valley prices at present; but new listings declining.

Autumn is lovely time to explore the delights of living in the Fraser Valley. Beautiful fall colors show off the comfortable lifestyle of Valley communities, and attractive prices continue to make the region a special place for young families and first-time home buyers. With a composite benchmark price of $818,900 for a residential property at the end of September, it’s easy to see why a Valley home is an excellent investment. Home purchases have been steadily increasing for the past three months across all property types, a sign of confidence in the Valley’s renewed market stability. I highly recommend prospective buyers take advantage of the excellent prices in the current market. There is an ample inventory with close to 8,000 active listings at the end of September. However, the rate of new listings in the Valley has decreased over the past four months, with the latest monthly decrease of 1.2 per cent from August. If the Valley’s new listings continue to decline, it is inevitable that prices would begin to move upwards. However, upward pressure has not been occurring yet as evidenced by composite benchmarks, which show a six-month decline of 1.3 per cent and three-month decline of 1.0 per cent. The monthly decline since August was also slight at 0.5 per cent. A sufficiently high existing inventory may account for these monthly declines, but simple supply and demand dynamics could cause a price rise at any time.

The Valley residential market is settling into what many see as its historical long-term stability, which would mean slight price rises with steady demand and new listings. My advice to the prudent buyer is not to take chance for a possible slightly lower price at this time. If you are eager to get into a home, current prices are very good by historical standards. Newly listed properties do not remain on the market for very long. Across the Fraser Valley in September, the average time to sell a single-family detached home was 46 days; for townhouses it was 37 days; and for condominiums it was 41 days. Across the three property types below, I have compared prices for those closest to the both sides of their benchmark averages in the Valley communities. I encourage you to take a look at these excellent choices, and If you would like some additional information on any property, be sure to give me call.

Detached Homes

The benchmark price for a single-family detached home in the Fraser Valley at the end of September was $950,000, a decrease of 0.4 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $1,306,800 and Mission at $637,600. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $982,300, an increase of 0.1 per cent from the preceding month; Cloverdale at $985,800, an increase of 0.2 per cent from the preceding month; and South Surrey/White Rock at $1.306,800 a decrease of 1.5 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $941,500, an increase of 0.8 per cent from the preceding month; North Delta at $875,500, no change from the preceding month; and Abbotsford at $791,700, a decrease of 1.5 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of September was $520,000, a decrease of 0.3 per cent from the preceding month. The extremities of the average were South Surrey/White Rock at $638,400 and Abbotsford at $382,100. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $553,500, a decrease of 0.3 per cent from the preceding month; North Delta at $556,200, a decrease of 4.2 per cent from the preceding month; and Cloverdale at $564,700, an increase of 1.7 per cent from the preceding month.  The three municipalities closest to the benchmark on the lower side of the average were: Langley at $486,300, a decrease of 0.5 per cent from the preceding month; Mission at $429,700, a decrease of 2.5 per cent from the preceding month; and Abbotsford at $382,100, a decrease of 0.4 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of September was $405,500, a decrease of 0.9 per cent from the preceding month. The extremities of the average were South Surrey/White Rock at $491,300 and Abbotsford at $312,200. There were only two municipalities on the higher side of the average: Cloverdale at  $450,200, a decrease of 0.3 per cent  from the preceding month; and Surrey/White Rock at $491,300, a decrease of 1.5 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $402,000, a decrease of 1.5 per cent from the preceding month; Langley at 400,200, a decrease of 2.5 per cent from the preceding month; and North Surrey at $394,500, a decrease of 0.4 per cent from the preceding month.

I am here to help

Please let me know how I can assist you. If you are interested in buying, I can provide you with more detailed market information on your desired region and property type. I am also well experienced in finance and can assist you with your mortgage planning.  In the event that you are thinking about listing, I can advise you on the optimal price range for your property with comparisons to other recent and historical sales in your neighborhood. And for anyone contemplating renovations, I have an excellent list of reliable, quality tradespeople at affordable rates. 

 

 

Posted in Market Updates
Sept. 17, 2019

August 2019 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

Valley housing market stable as summer closes; an excellent time to go home shopping

My readers are astute market watchers. I can tell because many have been asking me if the housing market in the Fraser Valley has completed its downward price movement. They are referring of course to the large decline in prices since stricter mortgage rules and new taxes took effect. Since 2017 when prices were at their historical high, there has been a dramatic decline. This has had many potential buyers and sellers waiting for what they believe is the optimal time to buy or to list. As we close our summer and head into the fall, I can tell you that the residential market looks like it has now stabilised. The combined benchmark price for a residential property in the Valley at the end of August was $823,300, a modest decrease of 0.2 per cent from July. However, looking across all property types we find a fairly even mix of increases and decreases in the same range. These are the kind of fluctuations to be expected in normal market conditions. There was a decrease in August in both sales and listings compared with July but compared with one year ago, Valley sales in August were up by more than 12 per cent and new listings up by almost 10 per cent.  

The Fraser Valley remains a wonderful place for first-time home buyer and young families. Its forward looking communities foster long-term equity growth in your housing investment. With its stable market conditions and an excellent supply of available properties across all property types, this fall is an excellent time to find just what you are looing for at a price you can afford. At the end of August, there were over 8,000 active listings, almost 10 per more than this time last year. If you have been sitting on the sidelines waiting for a good time to start shopping for a home again, I encourage you to take a look this season. Newly listed properties don’t remain on the market for long. The average time to sell a single-family detached home was 44 days last month; for townhouses 36 days; and for condominiums 45 days. Take a look at the price comparisons I have selected in different areas for you below.

 Detached Homes

The benchmark price for a single-family detached home in the Fraser Valley at the end of August was $954,100, a decrease of 0.4 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $1,326,700 and Mission at $651,900. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $981,500, a decrease of 0.2 per cent from the preceding month; Cloverdale at $983,400, a decrease of 1.2 per cent from the preceding month; and Surrey at $998,500, a decrease of 0.6 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $933,800, an increase of 0.5 per cent from the preceding month; and Abbotsford at $803,900, a decrease of 0.5 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of August was $521,400, an increase of 0.1 per cent from the preceding month. The extremities of the average were South Surrey/White Rock at $639,100 and Abbotsford at $383,600. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $555,300 an increase of 0.5 per cent from the preceding month; North Surrey at $555,500, an increase of 0.6 per cent from the preceding month; and Surrey at $567,600, an increase of 0.4 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were $488,600, a decrease of 1.1 per cent from the preceding month; Mission at $440,600, a decrease of 0.2 per cent from the preceding month; and Abbotsford at $383,600, an increase of 1.1 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of August was $409,200, a decrease of 0.1 per cent from the preceding month. The extremities of the average were South Surrey/White Rock at $498,900 and Abbotsford at $311,300. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $410,400, no change from the preceding month; Cloverdale at $451,500, an increase of 1.1 per cent from the preceding month; and South Surrey/White Rock at $498,900, an increase of 1.2 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $408,200, a decrease of 1.2 per cent from the preceding month; North Surrey at $396,100, an in crease of 0.2 per cent from the preceding month; and North Delta at $369,300, a decrease of 1.6 per cent from the preceding month.

Let me help in other ways

I’m always eager to help my clients in any way I can. Please don’t forget I also bring strong banking and finance experience to help with your budget and mortgage planning.  And if you are thinking about renovations on your existing home, I can offer good advice on what your investment will return to your future home value. I can also recommend reputable and reliable tradespeople who provide quality work at reasonable rates. Please let me know if I can assist in any way at all. It’s a pleasure for me when I can help you.

 

 

 

 

Posted in Market Updates
Aug. 13, 2019

July 2019 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

Valley home sales rise; highest level in three years for first-time home buyers

With a combined benchmark for residential properties at the end of July of $824,600, it’s easy to see why the Fraser Valley remains a favorite for singles and young families starting out. First-time home buyers in the Valley increased to the highest number at the end July since 2016. Sales across all property types were nearly 12 per cent higher than June. This sharp month-over-month increase is being attributed largely to pent up demand as home buyers take advantage of price declines which many think are now back to normal after spirally upwards two year ago. Noting the slight drop in new listings in July, however, this may be a sign that potential sellers are anticipating higher prices are on the horizon again. This dynamic in the market can mean prices can move up simply because the supply does not increase while the demand increases. My advice to anyone wanting to make a Valley purchase is that they should not wait.  There is still a very robust supply of listings across all property types with over 8,300 properties for sale. With the Valley’s composite residential benchmark well below the $1-million mark, this region holds excellent value for anyone who is looking to the long term. With another month of summer ahead of us, it’s an excellent time look at some of the great buys that are available. Valley properties sell relatively quickly. For single family detached homes sold on average within 39 days of listing; townhouses were on the market for an average of 32 days, and condominiums averaged 38 days. If you are thinking about listing your home, talk to me about the optimal price to list it. Below is my monthly sample of benchmark prices across all property types across the Fraser Valley.         

Detached Homes

The benchmark price for a single-family detached home in the Fraser Valley at the end of July was $957,400, a decrease of 0.3 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $1,333,000 and Mission at $653,000. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $983,100, an increase of 0.1 per cent from the preceding month; Cloverdale at $994,900, a decrease of 1.3 per cent from the preceding month; and Surrey at $1,004, 100, no change from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $929,600, a decrease of 0.3 per cent from the preceding month; North Delta at $881,000, a decrease of 0.8 per cent from the preceding month; and Abbotsford at $808,000, no change from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of July was $520,700, a decrease of 0.9 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $635,900 and Abbotsford at $379,500. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $552,000, a decrease of 0.5 per cent from the preceding month; Cloverdale at $552,600, a decrease of 2.8 per cent from the preceding month; and Surrey at $565,600, a decrease of 0.1 per cent from the preceding month. The three municipalities closest to the lower side of the average were: Langley at $494,200, a decrease of 0.9  per cent from the preceding month; Mission at $441,600, an increase of 0.7 per cent from the preceding month; and Abbotsford at $379,500, a decrease of 0.2 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of July was $5409,700, no change from the preceding month. The extremities of this average were South Surrey/White Rock at $492,900 and Abbotsford at $314,800. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $410,200, a decrease of 1.6 per cent from the preceding month; Surrey at $413,200, an increase of 0.6 per cent from the preceding month; and Cloverdale at $446,700, an increase of 0.2 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $395,500, an increase of 0.7 per cent from the preceding month; North Delta at $375,400, a decrease of 0.7 per cent from the preceding month; and Mission at $359,700, an increase of 2.4 per cent from the preceding month.

Let me help

Please let me know if you have any questions about real estate matters.  I love to help clients and can provide experienced advice for any of your real estate needs. If you are wondering about mortgage rates and your budget, I have a strong background in banking and finance. Or if you would like to find a great tradesperson to carry out renovations on your home, I can recommend reputable and reliable tradespeople with fair and reasonable rates. I really enjoy helping people with their real estate requirements. Please call me if you have any questions at all. 

 

Posted in Market Updates
July 15, 2019

June 2019 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

Fraser Valley has very attractive prices; well below $1-million mark

The combined benchmark price for residential properties in the Fraser Valley at the end of June was $827,400, a decrease of 0.6 per cent from the month before. Compared with Metro Vancouver, the Valley is well below the $1-million mark, and benchmarks in each property type are stable, showing only minor changes from the preceding month. The overall inventory of homes for sale is plentiful (8,516 homes available at the end of June), but it is important to note that new listings this past June were almost 14 per cent lower than new listings in May. What do you think the reason is for this decline? If you think of it from the seller’s point of view, a hesitancy to list suggests they’re holding off for a price increase. And with the low prices right now, an upward price movement could happen any time. I must repeat my advice on this issue: It is not wise to gamble on timing the market if you want to move into a home. Buyers are in good position to make an offer at this time. Prices have moved back to an affordable level not seen for two years and there is still a great selection in the Fraser Valley. Even with a decline in new listings last month, there were still 2,810 new listings. Below, I have selected a range of comparative benchmarks for you in each property types. Note that prices have changed vey little in the past month, so it’s still largely a buyer’s market; in other words, a good time to make an offer. Even with the market watchers’ hesitancy, the average number of days to sell a property in the Fraser Valley is still low. In June, it was 37.5 days for a condominium, 31.6 days for a townhouse, and 35.6 days for a single-family detached home.  

Detached Homes

The benchmark price for a single-family detached home in the Fraser Valley at the end of June was $960,100, a decrease of 0.6 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $1,340,900 and Mission at $654,600. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $982,300, a decrease of 0.7 per cent from the preceding month; Surrey at $1,004,100, an increase of 0.2 per cent from the preceding month; and Cloverdale at $1,008,400, an increase of 0.8 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $932,400, a decrease of 1.6 per cent from the preceding month; North Delta at $888,200, a decrease of 0.5 per cent from the preceding month; and Abbotsford at $807,700, an in crease of 0.6 per cent from the preceding month.

Townhouses 

The benchmark price for a townhouse in the Fraser Valley at the end of June was $525,200, an increase of 0.5 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $648,300 and Abbotsford at $380,100. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $554,500, and increase of 1.5 per cent from the preceding month; Surrey at $565,100, an increase of 0.3 per cent from the preceding month; and Cloverdale at $568,400, an increase of 3.1 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Langley at $498,600 an increase of 0.1 per cent from the preceding month; Mission at $438,800, a decrease of 2.5 per cent from the preceding month; and Abbotsford at $380,100, an increase of 0.3 per cent from the preceding month.

Condominiums 

The benchmark price for a condominium in the Fraser Valley at the end of June was $409,800, a decrease of 1.7 per cent from the from the preceding month. The extremities of this average were South Surrey/White Rock at $500,100 and Abbotsford at $312,500. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $410,700, a decrease of 2.2 per cent from the preceding month; Langley at $416,900, a decrease of 0.3 per cent from the preceding month; and Cloverdale at $445,800, a decrease of 1.9 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $392,700, a decrease of 3.0 per cent from the preceding month; North Delta at $377,900, a decrease of 1.1 per cent from the preceding month; and Mission at $351,300, a decrease of 1.4 per cent from the preceding month.

Let me know if I can help in other ways

In addition to my real estate activity, I also bring extensive experience in banking and finance. I will be happy to share my expertise with you to help in your mortgage planning, or to determine the optimal pricing for your property. And for those who are thinking of adding value to their home with renovations, I can recommend reliable tradespeople who provide quality work at reasonable rates.  Please don’t hesitate to ask. It gives me great pleasure to help my clients.

 

 

 

 

 

 

 

 

 

 

 

Posted in Market Updates
July 10, 2019

May 2019 Fraser Valley Real Estate Market Update

FRASER VALLEY

Valley still a favorite for single family homes

The combined benchmark price for residential properties in the Fraser Valley at the end of May was $832,500. This was a slight decrease of 0.2 per cent from the month before. It’s a notable benchmark because it’s well under the $1-million mark which, as I pointed out previously, is a important psychological threshold for buyer decision making.  With the upswing in Valley home sales in May – close to a 15 per cent rise in one month – it’s noteworthy that detached single family homes were the leading category. Across all property types, May sales of detached homes was almost 42 per cent of the total; with attached homes (townhouses and condominiums) making up the remaining 58 per cent. However, this is not to ignore that there is a bountiful supply of housing across the Valley at this time, and it remains a popular region for young families who may be looking to start in a townhouse, or singles making their first purchase of a condominium.  There is current inventory in the Fraser Valley of over $8,500 listings across all property types. This includes over 3,500 new listings just in May, an increase of 4.5 per cent over new listings in April. In short, the scene is set for summer home hunters in the Valley. It’s an excellent time to find the home you have been waiting for, and at price that you can afford. Check out the benchmark price comparisons I have made for you below to see the comparative value in different Valley areas.

Detached Homes

The benchmark price for a single-family detached home in the Fraser Valley at the end of May was $964,200, an increase/decrease of 0.0 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $1,383,400 and Mission at $661,900. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $988,700, a decrease of 0.3 per cent from the preceding month; North Surrey at $947,400, a decrease of 0.1 per cent from the preceding month; and Cloverdale at $1,000,100, an increase of 1.1 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $892,300, a decrease of 1.1 per cent from the preceding month; Abbotsford at $803,300, a decrease of 0.3 per cent from the preceding month; and Mission at $661,900, a decrease of 1.0 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of May was $522,500, an increase of 1.0 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $650,200 and Abbotsford at $378,800. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $546,500, a decrease of 2.4 per cent from the preceding month; Cloverdale at $551,100, and increase/decrease of 0.0 per cent from the preceding month; and Surrey at $563,500, an increase of 0.6 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Langley at $497,900, an increase of 1.1 per cent from the preceding month; Mission at $450,000, an increase of 0.1 per cent from the preceding month; and Abbotsford at $378,800, an increase of 0.7 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of May was $416,800, a decrease of 0.9 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $499,100 and Abbotsford at $317,500. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $418,100, a decrease of 0.4 per cent from the preceding month; Surrey at $420,000, a decrease of 0.8 per cent from the preceding month; and Cloverdale at $454,500, a decrease of 3.1 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $404.800, a decrease of 0.9 per cent from the preceding month; North Delta at $381,900, a decrease of 2.6 per cent from the preceding month. Abbotsford at $317,500, a decrease of 1.0 per cent from the preceding month.

I am here to help

If you are among the Fraser Valley home owners who are at stage where you are thinking about selling your home and enjoying the equity increase it has earned you over the years, let me provide you with a comparative market analysis of you specific property. I will customize your analysis based on neighbouring sales and property comparisons. This is an excellent tool for your decision making. I can also advise you on how much to invest in any renovations you are contemplating so you can maximize your investment. And I am able to recommend excellent tradespeople for reliable work at reasonable rates. I’m always happy to assist my clients in any way I can.

Click here for May 2019 Greater Vancouver Real Estate Market Update

Posted in Market Updates
May 14, 2019

April 2019 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

Sales in the Valley moving up  – affordability big draw – plentiful supply!

My general advice remains the same for the Fraser Valley. Ignore the long-term headlines about sales volumes ten years ago. If you want to purchase a great home at an affordable price in today’s market, now is an excellent time. We are getting bombarded with long-term real estate analysis based on government measures that have produced declining prices since last summer. But I urge you to pay attention to short-term data – the kind of price comparison changes I give you each month in this newsletter. It’s in this area that you can find excellent deals right now. The inventory of available homes in the Fraser Valley at the end of April approached 8,000 active listings. This is an increase of over 12 per cent from the previous month, nearly a 40 per cent increase over one year. Close to half of this volume were new listings this past April. And Valley sales in April increased 13.3 per cent over March, so demand is currently expected to continue its moderate upward movement. This results in stable prices at present. Note that the combined benchmark price for all properties at the end of April was $834,400, a slight increase of 0.5 per cent from the preceding month.    

Across the three property types below, I give you my selection of comparative prices closest to the benchmark averages in three areas above and below the benchmark. I would like to point out that the one-month price changes in each category in the Fraser Valley in April all hovered around 1.0 per cent. This shows remarkable stability, so with the plentiful supply to choose from, I strongly encourage buyers to take advantage of the market at this time. Check out the comparisons below, and  let me know if you would like more detailed information on your desired area and property type.  

Detached Homes

The benchmark price for a single-family detached home in the Fraser Valley at the end of April was $964,600 an increase of 0.2 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $1,376,000 and Mission at $655,700. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $985,900, a decrease of 0.1 per cent from the preceding month; Cloverdale at $988,400, a decrease of 0.8 per cent from the preceding month; and Surrey at $1,003,700, a decrease of 0.3 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $948,400, an increase of 0.1 per cent from the preceding month; North Delta at $902,600, no change from the preceding month; and Abbotsford at $805,500, an increase of 0.7 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of April was $521,800, an increase of 0.9 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $658,500 and Abbotsford at $376,400. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $551,100, an increase of 1.1 per cent from the preceding month; North Surrey at $559,800, an increase of 0.9 per cent from the preceding month; and Surrey at $560,300, an increase of 0.5 per cent from the preceding month. The three municipalities on the lower side of the benchmark were: Langley at $492,700, an increase of 1.0 per cent from the preceding month; Mission at $449,700, an increase of 1.4 per cent from the preceding month; and Abbotsford at $376,400, an increase of 0.4 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of April was $420,700, an increase of 0.6 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $504,100 and Abbotsford at $320,700. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $423,600, a decrease of 0.2 per cent from the preceding month; Cloverdale at $469,100, a decrease of 0.4 per cent from the preceding month; and South Surrey/White Rock at $504,100, an increase of 1.2 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Langley at $419,800, an increase of 0.7 per cent from the preceding month; North Surrey at $408,200, an increase of 0.1 per cent from the preceding month; and North Delta at $392,600, no change from the preceding month.

I enjoy helping

I am here to provide you with assistance in any Real Estate transaction you may be considering. Please don’t hesitate to call. You may be thinking about listing you home for sale, or purchasing a new family residence, or you may be a first-time home buyer. Perhaps you are thinking about making renovations to your property, either to make improve its sales value, or just to enjoy yourself. I will be able to offer sound advice on what improvements can produce the best return on your investment, and I can also refer honest and reliable trades with reasonable rates for quality workmanship.

Click here for April 2019 Greater Vancouver Real Estate Market Update

 

 

 

Posted in Market Updates