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!

May 14, 2024

April 2024 Greater Vancouver Real Estate Market Update

 

METRO VANCOUVER

New listings replenish supply to pre-covid level; higher prices forecasted.

Metro Vancouver’s residential market activity last month showed continuing upswings in both sales and new listings. Total sales of 2,831 for the month of April reflected the second consecutive month-over-month  rise of 17%, and new listings of 7,092 homes across all property types was close to a 42% increase over March. With the surge in new listings outpacing sales, Metro Vancouver was left with a healthy inventory at the end of April with 12,491 available homes, the largest supply since mid-2020. April’s new listings were nearly 65% higher than the same period one year ago, and over 16% above the 10-year average. The inventory growth comes ahead of  much anticipated rate cuts by the Bank of Canada later this year. Although the central bank has not firmly committed yet to lowering its key lending rate, still at 5% since last July, there has been a growing number of economists pointing at mortgage costs as the primary driver of inflation in Canada. Last month’s inflation rate was updated to 2.9%, with close two thirds of the rate attributed to shelter costs and 17% to food price inflation. Te higher central bank policy rate is keeps mortgages interest rates high – in the Greater Vancouver area currently five year competitive variable rates are typically over 6.0 % and five year fixed rates just under 5.0%, and with some of largest mortgages in the country, the market also demands some of the biggest down payments. However, higher mortgage rates have no doubt moderated  upward pressure on home prices, although overall prices still continue to rise typically in a range of 1.0% - 2.0% each month. Condominiums were the exception last month, with this segment recording in April a decline of 0.1% from the previous month. Prospective buyers with price sensitive budgets, however, should note than the Canada Mortgage and Housing Corporation’s recent forecast on home prices pointed to prices could rise to 2022 levels by next year, and reach new highs by 2026. The composite benchmark price for residential property in Metro Vancouver at the end of April was $1,205,800, an increase of 0.8% from the preceding month.

In my monthly selection of benchmark prices below, you can find comparative prices for similar homes in different areas of Metro Vancouver. Each property type the overall benchmark has a cluster of the three closest benchmarks on each of side of the average. The extremities of each benchmark average Is provided so you can see the range of prices making up  the average. The month-over-month price changes are also shown to give an idea of the current market dynamics in the area. It is important to remember that averages may conceal considerable differences in individual prices, so if you are interested in a particular neighbourhood, please give me a call. I keep a close eye on the market and I can provide you with the most up to date market listings. And if you are thinking about putting you home on the market, I can prepare a Customized Market Analysis for your property and advise you on the optimal listing price in the current market conditions. Please feel free to call. I love to help my clients.           

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of April was $2,040,000, an increase of 1.6% from the preceding month. The extremities of this average were Vancouver West at $3,527,900 and Sunshine Coast at $869,100. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $2,116,600, an increase 0.3 from the preceding month; Port Moody at $2,140,100, an increase of 3.8% from the preceding month; and Richmond at $2,207,800, an increase of 0.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $1,994,100, an increase of 1.5% from the preceding month; Vancouver East at $1,873,100, an increase of  1.1% from the preceding month; and Coquitlam at $1,832,900, an increase of 1.2% from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in Metro Vancouver at the end of April was $1,127,200, an increase of 1.3% from the preceding month. The extremities of this average were Vancouver West at $1,525,800 and Sunshine Coast at $783,100. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,149,300, an increase of 2.3% from the preceding month; Vancouver East at $1,149,400, an increase of 0.1% from the preceding month; and North Vancouver at $1,389,400, an increase of 1.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Coquitlam at $1,071,500, an increase of 0.8% from the preceding month; Port Moody at $1,031,800, an increase of 2.3% from the preceding month; and Ladner at $1,014,300, an decrease of 1.9% from the preceding month.

Condominiums                           

 

The benchmark price for a condominium in Metro Vancouver at the end of April was $776,500, a decrease of 0.1% from the preceding month. The extremities of this average were West Vancouver at $1,300,800 and Maple Ridge at $554,500. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $810,000 an increase of 0.7% from the preceding month; Burnaby South at $820,600, an increase of 1.1% from the preceding month; and North Vancouver at $822,600, a decrease of 0.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $757,200, a decrease of 2.0% from the preceding month; Burnaby North at $755,000, an increase of 0.2% from the preceding month; and Coquitlam at $750,100, an increase of 0.2% from the preceding month.

 

Let me help

 

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.  

 

Posted in Market Updates
May 14, 2024

April 2024 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

New listings rise while sales slow down; Price rises forecast for next year

The Fraser Valley’s residential market appears to be preparing for a surge in pent-up demand as new listings push up inventory to the highest level in four years. At the same time buyers remain on the sidelines while the Bank of Canada continues to hold steady its policy rate at 5.0% where it has been since last July. While the Valley’s April sales transactions increased 5.0% to a total of 1,471 over March’s 1,395, the April figure was still 5.0% below the same period last year, reflecting the hesitancy of buyers in the current state of uncertainty. Over the past ten years there have been only two periods that recorded lower sales volumes. April’s new listings, however, showed a 33% increase with 3,976 homes added to the Valley’s inventory, brining the total supply of available properties to a total of 7,313 at the end of last month. This represented an 18% increase over the preceding month, although 17% below the 10-year average. The next rate announcement by the central bank is scheduled for June 5, and prospective buyers are hoping they will finally see the first rate cut by the central bank since March 2022. Since that time Canadians have seen 10 rate hikes in the Bank of Canada’s effort to bring down the country’s inflation rate. The most recent update to the Consumer Price Index rate of inflation was on April 16, showing the country’s rate now at 2.9%. This was an increase from 2.8% at the end of February this year – a worrisome  uptick that some economists feel may cause the central bank to delay its first rate a while longer. However, a growing concern is that housing sector’s mortgage costs have become a major factor in pushing the inflation rate higher. The other concern for home shoppers is the price forecast released by Canada Mortgage and Housing Corporation in early April. While market cooling has produced a slowing in the rate of price increases of late, overall prices have still been inching upwards. The CMHC now forecasts that home prices across Canada could next year reach peak levels seen in early 2022, and then move to new highs by 2026. In the Fraser Valley, the combined benchmark price for a residential property at the end of April was $$1,013,600, a increase of 0.5% from the preceding month.  

For your home shopping guidance, my monthly selection below shows benchmark prices in different areas of the Fraser Valley for comparable homes of each property type. Each overall benchmark has a cluster of the closest prices at the end of April on each side of the benchmark. By noting the extremities of the range of prices making up the average, you can get an idea of where you may want to focus your home search according to your budget. Remember that averages may conceal a specific price that is attractive to you. If you are interested in any neighborhood, please don’t hesitate to call me. I can provide your with the most up-to-date information with the latest new listings. And if you would like to list you home for sale, I can prepare a Customized Market Analysis for you property, and advise you on the optimal listing price in the current market conditions. Let me know what I can do for you. I love to help my clients.       

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of April was $1,517,100, an increase of 2.1% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,939,400 and Mission at $1.054,700. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,540,000, an increase of 2.1% from the preceding month; Cloverdale at $1,542,900, an increase of 2.1% from the preceding month; and Langley at $1,623,700, an increase of 2.0% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,505,600, an increase 2.1%  from the preceding month; North Delta at $1,432,400, an increase of 1.6% from the preceding month; and Abbotsford at $1,238,200, an increase of 3.6% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of April was $846,900, an increase of 1.9% from the preceding month. The extremities of this average were South Surrey/White Rock at $985,600 and Abbotsford at $658,900. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $840,000, an increase of 0.4% from the preceding month; Surrey at $855,900, an increase of 1.9% from the preceding month; and Cloverdale at $871,000, an increase of 2.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $791,200 an increase of 2.8% from the preceding month; Mission at $676,500, an increase of 0.5% from the preceding month; and  Abbotsford at $658,900, an increase of 1.6% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of April was $555,000, an increase of 1.7% from the preceding month. The extremities of this average were South Surrey/White Rock at $635,500 and Mission at $453,400. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $575,900, an increase of 3.0% from the preceding month; North Delta at $591,500, an increase of 2.9% from the preceding month; and Cloverdale at $605,400, a decrease of 1.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $500,100, a decrease of 0.1% from the preceding month; Abbotsford at $455,900, a decrease of 0.3% from the preceding month; and Mission at $453,400, an increase of 2.2% from the preceding month.

I can help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me. 

 

Posted in Market Updates
April 15, 2024

March 2024 Greater Vancouver Real Estate Market Update

 

METRO VANCOUVER

Robust sales despite high interest rates; new listings continue to rise

Metro Vancouver residential sales rose to 2,415 in March, a 17% increase over February, although still lagging historical activity. This year’s March total was down 4.7% from the same month last year and 31.2% below the 10-year average. However, while the seasonal gap in sales volume is  decreasing despite interest rates remaining high, new listings again showed another month-over-month increase. March saw a total of 5,002 new listings across all property types, continuing the upward trend in recent months. March figures were 10% above February, while February posted a 20% increase over January’s new listings. The resulting inventory at the end of March was a total of 10,552 available homes, 22.5% above the same month one year ago, and 6.3% higher than the 10-year average. The increase in supply is welcome news for buyers, not only for the greater selection in all property types, but as a moderating influence on rising prices. While buyers generally were disappointed with last week’s Bank of Canada announcement keeping the central bank’s policy rate at 5.0%, demand still remains strong for Metro Vancouver homes and prices continue to move upwards. The most recent supply-demand figures show prices are moving into seller’s market territory with an overall sales-to-active listings ratio close to 24% at the end of March. If the current sales trend continues, townhouses, now above a 31% ratio, and condominiums close to a 26% ratio, will see the greatest upward price pressure. Without a surge of new listings to bring the ratio under a sellers’ market sales-to listings threshold of 20%, an upward acceleration can be expected in prices. Detached properties, currently at a ratio of 18.2% are still resistant to upward price pressure, but one-moth increases in March show increases in popular areas as high as 4.5% The composite benchmark price for a residential property in Metro Vancouver at the end of March was $1,196,800, a 1.1% increase from the preceding month.

Please look at my monthly selection below of comparative benchmark prices for homes in different areas of Metro Vancouver. Benchmarks are average prices for comparable properties in different geographical areas. The month-over-month price change at the end of March showed almost all areas had increasing prices in each property category. However, while the trend is upwards, the monthly fluctuations typically reflect the amount of sales activity in a specific area, so it always a good idea to watch prices changes closely. For each property type benchmark you will find the overall benchmark along with cluster of the  closest prices to the benchmark on the upper and lower sides of the average. The extremities of each average also show the price range making up the average, With the range in mind, it is important to remember the average may conceal actual prices that at more suited to you budget. If you are interested in exploring the actual listings in a specific areas, please don’t hesitate to call me. I can provide you with the most-up-to-date information for your home search. And if you are thinking of listing you home for sale, I can prepare a Customized Market Analysis for you property and advise you on the optimal asking price in the current market conditions.        

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of March was $2,007,800, an increase of 1.8% from the preceding month. The extremities of this average were Vancouver West at $3,452,200 and Sunshine Coast at $878,000. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $2,060,800, an increase 9of 1.0% from the preceding month; Burnaby North at $2,112,000, an increase of 2.6% from the preceding month; and at $2,190,500, an increase of 2.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $1,964,700, an increase of 4.5% from the preceding month; Vancouver East at $1,852,200, an increase of  1.1% from the preceding month; and Coquitlam at $1,810,600, an increase of 0.5% from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in Metro Vancouver at the end of March was $1,112,800, an increase of 1.7% from the preceding month. The extremities of this average were Vancouver West at $1,148,700 and Sunshine Coast at $748,200. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,146,600, an increase of 2.3% from the preceding month; Vancouver East at $1,148,700, an increase of 3.7% from the preceding month; and North Vancouver at $1,374,200, an increase of 2.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Coquitlam at $1,062,600, an increase of 0.1% from the preceding month; Tsawwassen at $1,036,700, an increase of 8.6% from the preceding month; and Ladner at $1,033,800, an increase of 8.9% from the preceding month.

Condominiums                           

 

The benchmark price for a condominium in Metro Vancouver at the end of March was $777,500, an increase of 0.9% from the preceding month. The extremities of this average were West Vancouver at $1,328,900 and Maple Ridge at $546,000. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $804,200, an increase of 3.1% from the preceding month; Burnaby South at $812,000, an increase of 0.2% from the preceding month; and North Vancouver at $830,200, an increase of 2.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $772,400, an increase of 0.3% from the preceding month; Burnaby North at $753,300, an increase of 0.6% from the preceding month; and Coquitlam at $748,500, an increase of 2.6% from the preceding month.

 

Let me help

 

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.  

 

 

Posted in Market Updates
April 15, 2024

March 2024 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

Valley benchmark price returns to over $1-million; new listings up again

Home purchases in the Fraser Valley showed another month-over-month increase in March, closing with a total of 1,395 sales. This was a 13% increase over February although significantly less than the 32% jump in February’s sales over the preceding January, and still down 31% from the 10-year average. While the arrival of Spring typically signals a seasonal rise in home purchases, the prevailing high interest rate regime is no doubt holding back many prospective buyers while they wait for forecasted rate cuts by the Bank of Canada. In the meantime, the Valley’s inventory of available homes has increased to its highest level in five years. New listings totalled 2,986 in March, up 7.0% over the preceding month, bringing the total inventory to 6,197 available properties. This is increase of 11% over February and 37% more than the same period one year ago. This ample supply provides a good selection for home shoppers at present, though by historical levels it is still 12% below the 10-year average. The Valley’s residential home prices are continuing to inch upwards in the current market conditions. Increases seen last month across all property type in every municipality with the exception condominiums in Noth Surrey, Abbotsford, and Cloverdale where there were modest declines of 0.1%, 0.3% and 1.7% respectively. As long as new listings stay ahead of demand, this will help to moderate the rate of price increases but the overall residential market condition in the Fraser Valley remains in sellers’ market territory with an sales-to-active listings ratio of 23%. If the Bank of Canada begins to cut rates later this year, as is expected, demand will likely rise and put further upward pressure on prices. At the end of March, the combined benchmark price for a residential property in Metro Vancouver was $1,008,300, a 1.4% increase over the preceding month. This is the first time the Fraser Valley’s combined benchmark price as surpassed the $1-million threshold since falling below in October 2022.

In the section below, you will find my monthly selection of comparative benchmark prices for different areas of the Fraser Valley. Each overall Fraser Valley benchmark has a cluster of the six closest benchmark prices in different areas of the Valley. This will serve as a guide for your home shopping, but remember that benchmarks are averages. The extremities of each average is also provided so you can see the range of prices making up the average. If you are interested in exploring a particular area, please give me a call. I can provide you with the most up-to-date information on specific listings that may be a good match for your budget. And if you are considering listing you home for sale, I will be happy to provide you with a Customized Market Analysis for your property and advise you on the optimal listing price in the current market conditions. During the month of March, single family detached homes were on the market for an average of 27 days; townhouses for an average of 20 days; and condominiums for an average of 28 days.  Please feel free to call me if I can help with your real estate needs in any way. I am always happy to help my clients.              

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of March was $1,517,100, an increase of 2.1% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,939,400 and Mission at $1.054,700. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,540,000, an increase of 2.1% from the preceding month; Cloverdale at $1,542,900, an increase of 2.1% from the preceding month; and Langley at $1,623,700, an increase of 2.0% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,505,600, an increase 2.1%  from the preceding month; North Delta at $1,432,400, an increase of 1.6% from the preceding month; and Abbotsford at $1,238,200, an increase of 3.6% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of March was $846,900, an increase of 1.9% from the preceding month. The extremities of this average were South Surrey/White Rock at $985,600 and Abbotsford at $658,900. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $840,000, an increase of 0.4% from the preceding month; Surrey at $855,900, an increase of 1.9% from the preceding month; and Cloverdale at $871,000, an increase of 2.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $791,200 an increase of 2.8% from the preceding month; Mission at $676,500, an increase of 0.5% from the preceding month; and  Abbotsford at $658,900, an increase of 1.6% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of March was $555,000, an increase of 1.7% from the preceding month. The extremities of this average were South Surrey/White Rock at $635,500 and Mission at $453,400. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $575,900, an increase of 3.0% from the preceding month; North Delta at $591,500, an increase of 2.9% from the preceding month; and Cloverdale at $605,400, a decrease of 1.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $500,100, a decrease of 0.1% from the preceding month; Abbotsford at $455,900, a decrease of 0.3% from the preceding month; and Mission at $453,400, an increase of 2.2% from the preceding month.

I can help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me. 

 

 

 

 

 

Posted in Market Updates
March 12, 2024

February 2024 Greater Vancouver Real Estate Market Update

 

METRO VANCOUVER

Upward prices amid vibrant sales; new listings replenish supply

Following a sharp sales spike in the first month this year, Metro Vancouver’s housing market saw signs of rising prices in February after Canada’s monetary policy finally induced an economic slow-down during 2023.  Last month a few areas saw price declines, all rather modest, while the remainer saw a range of price increases: single family home up between 0.1% and 4.5%; townhouses between 0.6% and 5.5%; and condominiums between 0.1% and 5.9%. The good news for home buyers was February’s increase in new listings of 4,560 homes. This was a 20% increase over January’s new listings of 3,788 properties. The increase also represented a 31% increase over February one year ago, and was very close (0.2%) to the 10-year seasonal average. Nonetheless, upward price pressure was evident as home sales across the region reached 2,070, 45% more than in January, although still 23% below the 10-year average. It is notable, however, that February’s sales uptick comes while interest rates are still at their highest level in years. Last week’s Bank of Canada announcement continued to hold its policy rate at 5%, keeping most new mortgage borrowing costs in the 6% to 7% range. It was the fifth consecutive announcement maintaining the same rate by the central bank, but there is general consensus among economists that rate cuts will begin later this year. With the expected lowering of mortgage interest rates to follow, one can reasonably expect an increase in demand will drive more sales as well. The central bank has said it will reduce rates in steps similar in size to its increases, reaching its inflation target of 2% some time in 2025. In the meantime, without supply keeping pace with demand, price rises can be expected to continue. At the end of February, the composite benchmark price for a residential property in Metro Vancouver was $1,183,300, a 1.9% increase over the preceding month.

In my monthly selection of comparative benchmark prices below you will find a guide to prices in different geographical areas of Metro Vancouver. There are three benchmark prices clustered on each side of the benchmark average of each property type. The month-over-month prices changes typically result from  fluctuations based on current sales intensity in a particular area. You can use these benchmark prices to locate recent prices changes in properties as a guide for you budget. However, remember that benchmarks are averages. By noting the extremities of each overall average benchmark provided, you can get an idea of the range of prices making up the average. In a broad range you may find specific prices for properties that more closely match your budget. If you would like more  detailed information on a specific listing in any neighbourhood, please don’t hesitate to call me. I can provide the most up to date information for current listings. And if you are considering listing your home for sale, I can prepare a Customized Market Analysis for your property and advise you on the optimal listing price in the current market conditions. Please don’t hesitate call if you need any assistance for your real estate transactions. I am happy to help in every way.         

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of February  was $1,972,400, an increase of 1.6% from the preceding month. The extremities of this average were Vancouver West at $3,434,700 and Sunshine Coast at $847,800. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $2,040,400, a decrease of 1.5% from the preceding month; Burnaby North at $2,058,100, an increase of 2.1% from the preceding month; and Richmond at $2,128,500, an increase of 2.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,831,800, a decrease of 0.5% from the preceding month; Coquitlam at $1,801,800, an increase of  2.4% from the preceding month; and North Vancouver at $2,216,600, an increase of 1.3% from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in Metro Vancouver at the end of February was $1,094,700, an increase of 2.6% from the preceding month. The extremities of this average were Vancouver West at $1,526,500 and Sunshine Coast at $741,100. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,108,100, an increase of 4.8% from the preceding month; Richmond at $1,120,500, an increase of 1.9% from the preceding month; and North Vancouver at $1,342,000, an increase of 2.0% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Coquitlam at $1,061,900, an increase of 2.8% from the preceding month; Burnaby South at $1,015,100, an increase of 2.4% from the preceding month; and Port Moody at $1,005,100, an increase of 0.6% from the preceding month.

Condominiums                           

 

The benchmark price for a condominium in Metro Vancouver at the end of February was $770,700, an increase of 2.5% from the preceding month. The extremities of this average were West Vancouver at $1,339,900 and Maple Ridge at $533,100. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $780,300, an increase of 0.1% from the preceding month; North Vancouver at $792,100, an increase of 2.2% from the preceding month; and Burnaby South at $810,500, an increase of 0.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $769,800, an increase of 4.9% from the preceding month; Port Moody at $736,200, an increase of 5.9% from the preceding month; and Coquitlam at $729,300, an increase of 3.1% from the preceding month.

 

Let me help

 

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.  

 

 

Posted in Market Updates
March 12, 2024

February 2024 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

Sales and new listings on the rise; prices inching upwards

The Fraser Valley residential market saw another month of rising sales and new listings in February, continuing its high energy year-opening in January – a  momentum that could be sustained with interest rate cuts expected later this year. As both buyers and sellers begin to a return after a lengthy period of inflation fighting policies by the Bank of Canada, the Valley’s real estate activity is picking up at a healthy pace. February sales of 2,797 were 32% over January, while new listings reached 2,797, a 23% increase over January and 4% over the 10-year average. This brought the Valley’s available inventory of homes at the end of February at 5,561, a 14% increase over the preceding January and 26 higher than the same period last year. This is not to say it is healthy inventory. For the previous two years, the Fraser Valley’s stock dropped to a 40- year-low around 4,000 available homes. While the current boost in listings does provide home shoppers with a considerably great selection, the Valley’s supply has some catching up to its earlier healthy levels when there were between 7,000 and 8,000 available homes. Even as the signs of the market recovery are appearing, the Bank of Canada maintained its 5% policy rate last week despite Canada’s inflation rate dropping below 3% in January. Interestingly, the major challenge the central bank now faces in ongoing inflationary pressure is that shelter costs are the biggest single factor contributing to Canada’s current inflation battle. Along with the rise in mortgage interest costs, shelter inflation is now at 6.2% – nearly 1/3 of the weighting inside the Consumer Price Index. So, while Canada’s overall CPI inflation has now dropped below 3%, it appears that mortgage rates are the primary reason keeping the 2% target at bay. In the meantime, with the increased sales and low inventory, prices have also begun to inch upwards, with modest increases last month across all property types. At the end of February, the combined benchmark price for a residential property in the Fraser Valley was $994,800, a 0.9% increase over the preceding month.

For prospective buyers and sellers, the selection of comparative benchmarks below serves as a guide to home prices in different municipalities in the Fraser Valley. In each property type, you will find a cluster of the three closest prices on each side of the average, along with the extremities of the range making up the average. Keep in mind that averages are abstractions and specific prices may suit your budget more precisely. Please feel free to give me call for the most up-to-date information on home prices in the neighborhood of your choice. And if you are thinking of listing your home, I can advise you on the optimal listing price based on recent sales of comparable properties. During last month, the time on the market for listed properties to sell was significantly less than in January. Single family detached homes sold on average within 35 days in February compared with 44 days in January; townhouses within 28 days, compared with 33 days in January; and condominiums within 29 days, compared with 41 days in January. As we get closer to spring, market activity typically increases so I encourage you to start browsing now if you are considering a purchase soon.       

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of February was $1,485,600, an increase of 1.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,887,100 and Mission at $1.034,800. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $1,610,900, an increase of 3.0% from the preceding month; Surrey at $1,524,900, an increase of 0.9% from the preceding month; and Langley at $1,691,200, an increase of 0.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,475,200, an increase 1.5%  from the preceding month; North Delta at $1,046,700, an increase of 4.2% from the preceding month; and Abbotsford at $1,195,400, an increase of 2.0% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of February was $831,000, an increase of 0.7% from the preceding month. The extremities of this average were South Surrey/White Rock at $952,200 and Abbotsford at $648,400. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $840,000, an increase of 1.0% from the preceding month; Langley at $848,900, a decrease of 0.1% from the preceding month; and Cloverdale at $851,200, an increase of 1.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $771,000, an increase of 1.9% from the preceding month; Mission at $673,100, an increase of 0.8% from the preceding month; and  Abbotsford at $648,400, a decrease of 0.7% from the preceding month.

 

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of February was $548,100, an increase of 1.2% from the preceding month. The extremities of this average were Cloverdale at $616,000 and Mission at $443,600. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $559,300, an increase of 0.1% from the preceding month; North Delta at $546,100, an increase of 0.3% from the preceding month; and Langley at $606,000, an increase of 1.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $500,500, an increase of 0.9% from the preceding month; Abbotsford at $457,400, an increase of 3.2% from the preceding month; and Mission at $443,800, a decrease of 1.6% from the preceding month.

I can help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me. 

 

 

 

 

Posted in Market Updates
Feb. 13, 2024

January 2024 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

Fraser Valley springs back to life; sales pick up, big jump in new listings

Vital signs still intact, the Fraser Valley’s residential market suddenly woke up in January. After a persistent near-comatose state for the last half of 2023, the Valley’s real estate activity sprang back to life in the first month of 2024 with increases of 12% in sales and 150% in new listings over the preceding December. The 938 sales total recorded in January was a welcome sign of life returning to the residential region especially popular with young families and first-time home buyers. But it was the 2,268 new listings that represented the biggest and most exciting boost to the Valley’s market recovery. The surge in supply was the biggest month-over-month percentage increase in new listings in the past five years. After the market’s lengthy dormancy last year, prospective home buyers will want to check out the growing inventory, which reached close to 5,000 homes available at the end of January, an increase of 18% over the same month last year. Seeing activity return to residential region provided a timely sign of optimism for potential home buyers. With the Bank of Canada’s last policy rate announcement at the end of January holding steady at 5.0%, where it has been since last July,  there is no doubt considerable pent-up demand by financially sidelined buyers waiting for widely forecasted interest rate cuts later this year. However, the current rise in supply will need to continue as spring is just around the corner and normally brings out more buyers. A spike in demand could quickly reverse the downward price trend seen in Valley benchmarks for the past six months. While the overall market conditions can be described as balanced at present, townhouses and condominiums remain in a sellers’ market position with a sales-to-listings ratio of 34% and 27% respectively, and detached homes are on the cusp of sellers’ territory with the ratio of 19%. (A ratio of 20% or more would also move detached homes in a sellers’ market at this time.) Nonetheless, prices are still relatively attractive at the present time. At the end of January, the composite benchmark price for residential property in the Fraser Valley was $985,800, a decrease of 0.3% from the preceding month.    

In my selection of comparative benchmark prices below, you will find a useful guide to similar properties in different municipalities in the Fraser Valley. For each property type there is an overall benchmark which is then followed by cluster of the three closest prices above and below the benchmark average. The extremities of each average provides you with the range of individual prices making up the average, and here you may gauge where a home may fit your financial budget. The month-over-month price changes shown will also give you an idea of the current level of market activity which typically affects these fluctuations. If you would like more information on a home purchase in any neighbourhood, I will be happy to provide you with the most up-to-date data. And if you are thinking about listing your home for sale, I can prepare a Customised Market Analysis for your property and advise you on the optimal listing price in the current market. Please don’t hesitate to call.  I love helping my clients in any way I can.   

 

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of January was $1,466,100, a decrease of 0.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,885,900 and Mission at $986,700. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $1,467,300, an increase of 0.4% from the preceding month; Surrey at $1,511,300, an increase of 0.1% from the preceding month; and Langley at $1,565.400, a decrease of 1.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,453,500, an increase 0.3%  from the preceding month; North Delta at $1,350,700, an increase of 0.3% from the preceding month; and Abbotsford at $1,443,400, a decrease of 0.3% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of January was $825,600, a decrease of 0.1% from the preceding month. The extremities of this average were South Surrey/White Rock at $947,3000 and Abbotsford at $644,100. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $831,400, an increase of 0.9% from the preceding month; Cloverdale at $836,300, a decrease of 0.9% from the preceding month; and Langley at $849,800, an increase of 0.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $756,600, an increase of 2.5% from the preceding month; Mission at $667,500, a decrease of 0.4% from the preceding month; and  at $670,500, a decrease of 0.4% from the preceding month.

 

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of January was $539,700, an increase of 0.4% from the preceding month. The extremities of this average were Cloverdale at $611,300 and Abbotsford at $443,400. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $559,000, an increase of 1.0% from the preceding month; North Delta at $573,400, no change from the preceding month; and Langley at $696,700, an increase of 0.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $495,900, an increase of 2.1% from the preceding month; Abbotsford at $443,400, a decrease of 0.7% from the preceding month; and Mission at $450,900, a decrease of 0.3% from the preceding month.

I can help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me. 

 

 

Posted in Market Updates
Feb. 13, 2024

January 2024 Greater Vancouver Real Estate Market Update

 

METRO VANCOUVER

New Year starts with sale spike; lagging supply may mean price increases

Following one of the slowest years in a decade, home sales in January 2024 jump- started the Metro Vancouver residential market with an electrifying surge closing the first month of the year with a 38.5% increase over the same period one year ago. While the total home sales figure of 1,427 was still below the 10-year seasonal average by 20%, January’s total was nonetheless 7.5% above the preceding month of December, a strong rebound in a typically slow period for real estate activity. Whether this is a harbinger of more pent-up demand to explode as Spring approaches next month remains to be seen. Many prospective home buyers are eagerly waiting to see if interest rate cuts will begin later this year. The Bank of Canada kept its policy rate at 5.0% in its most recent announcement, but rate cuts are widely expected in the second half of the year. However, you should be forewarned that a critical increase in new listings did not accompany January’s sales, which can only lead to higher prices if this trend continues. January’s new listings for all property types across Metro Vancouver increased 14.5%  over the same period last year, but this was still more than 9.0% below the 10-year seasonal average. We must remember, though, that December 2023 saw an extraordinary 65% month-over-month decline in new listings that mostly recovered with January’s new listings reaching 3,788. This boost in available homes raised the total available inventory at the end of January to a 8,633, a slight dip from the 8,802 listed homes at the end of December. Prospective buyers will therefore be watching for new listings to pick up during this current month of February. While Metro Vancouver market  was still balanced at the end of January, it has moved very close to shifting into sellers’ market territory. This is typically a period when the sales-to-listing ratio stays above 20% for a sustained period. At the end of January, the ratio was an average of 17.2% for all property types, although the ratio for townhouses and condominiums moved into seller’s territory at 22.9% and 19.9% respectively. Market watchers should also watch for upward price movement if the rate of supply does not improve. At the end of January, the composite benchmark price for a residential property in Metro Vancouver was $1,161,300, a 0.6% decrease from the preceding month.  

Please review my selection below of comparative benchmark prices for each property type in different geographical areas below. You will also find the month-over-month price change that can be seen as a guide to the current market activity in the area. However, benchmarks are averages so be sure to note the range of prices within the average indicated by the extremities for each benchmark provided. Remember that an average price is just a guide and can conceal a specific price that may be attractive to you, so please call me if you would like more detailed information. I can provide you with the most up-to-date information for any listing. And if  you are interested in listing you home for sale, I can advise you on the optimal asking price in the current market. Please don’t hesitate to call, I love to help my clients in any way I can.         

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of January was $1,942,400, a decrease of 1.1% from the preceding month. The extremities of this average were Vancouver West at $3,301,000 and Sunshine Coast at $837,200. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $2,015,300, a decrease of 1.9% from the preceding month; Port Moody at $2,070,800, a decrease of 0.9% from the preceding month; and Richmond at $2,079,100, a decrease of 1.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $1,852,600, an increase of 2.2% from the preceding month; Vancouver East at $1,840,700, a decrease of  0.9% from the preceding month; and Coquitlam at $1,759,500, a decrease of 1.0% from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in Metro Vancouver at the end of January was $1,066,700, a decrease of 0.6% from the preceding month. The extremities of this average were Vancouver West at $1,446,500 and Sunshine Coast at $725,8000. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,100,100, an increase of 0.6% from the preceding month; North Vancouver at $1,315,000, a decrease of 1.3% from the preceding month; and Vancouver West at $1,446,500, a decrease of 1.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,057,700, a decrease of 1.4% from the preceding month; Coquitlam at $1,032,800, an increase of 0.7% from the preceding month; and  Port Moody at $999,000, a decrease of 0.9% from the preceding month.

Condominiums                           

 

The benchmark price for a condominium in Metro Vancouver at the end of January was $751,900, an increase of 0.1% from the preceding month. The extremities of this average were West Vancouver at $1,287,600 and Maple Ridge at $530,900. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $779,100, a decrease of 0.6% from the preceding month; North Vancouver at $792,100, a decrease of 0.8% from the preceding month; and Burnaby South at $805,600, a decrease of 0.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $733,700, a decrease of 0.8% from the preceding month; Richmond at $733,800, a decrease of 1.4% from the preceding month; and Vancouver East at $692,000, a decrease of 0.2% from the preceding month.

 

Let me help

 

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.  

 

 

Posted in Market Updates
Jan. 16, 2024

December 2023 Greater Vancouver Real Estate Market Update

 

METRO VANCOUVER

December closes with declines in sales and listings; January brings hopeful outlook    

Like its namesake Janus, the ancient Roman deity with two opposite faces, the month of January has prospective buyers and sellers in Metro Vancouver’s real estate market looking both backwards and forwards. While 2023 may be remembered for its record high mortgage rates, a second consecutive year of declines in home sales as well as new listings, and price fluctuations in both directions as the market rebalanced in its post-covid period, the market closed with overall home prices up an average of 5.0% from the previous year. It is difficult to determine exactly how price levels may have varied according to relative supply and demand during the year, but on the most recent month-over-month comparison we can see this past December was weak in both attracting buyers and well as sellers. Total home sales reached 1,333 across all property types, down 21% from the preceding November total of 1,689. Similarly, new listings in December came in at 1,327, a drop of 60% from November’s total of 3,369. On a 10 year comparison, the sales decline is 36% below the seasonal average, while new listings are down by 23%. The available inventory at the end of December 2023 was 8,802 homes, a 19.4% decline from the preceding month of 10,931 homes. Still, on a 10 year comparison, the available inventory at the end of 2023 managed to squeak ahead of the seasonal average by 0.3%. Market watchers are now looking forward to forecasted interest rate cuts by the Bank of Canada starting in the second half of 2024. With considerable pent-up demand by home shoppers who have been sidelined by high mortgage rates for some time, the market may well see a surge in sales and new listings this spring. Home prices may then also rise, depending on whether new listings can meet the pace of the expected rise in demand. I encourage prospective buyers to watch this trend carefully, as waiting for further interest rate reductions may mean you end up facing higher prices. At the end of December 2023, the composite benchmark price for a residential property in Metro Vancouver was $1,168,700, a 1.4% decrease from the preceding month.

You can see the benchmark prices for comparable homes in each property type for a selection of areas around Metro Vancouver below. Each benchmark is an average made up of specific prices within the upper and lower extremities as shown. These benchmarks can serve as guide for your shopping but if you wish to find specific asking prices in any area, please give me call. This month you will see that across all property types, the month-over-month prices changes are predominantly decreases with very few exceptions. If you are eager to find a home, there may be some good buying opportunities at the present time. I can provide you with the most up-to-date listing prices and am happy to answer any questions. And if you are considering listing your home for sale, I can prepare Customized Market Analysis for your property and advise you on the optimal listing price in the current market. Please don’t hesitate to call for any reason. I am happy to help my clients in any way I can.   

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of December was $1,984,400, a decrease of 0.9% from the preceding month. The extremities of this average were Vancouver West at $3,465,300 and Sunshine Coast at $826,400. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $2,054,200, a decrease of 0.2% from the preceding month; Port Moody at $2,090,100, an increase of 0.6% from the preceding month; and Richmond at $2,111,400, a decrease of 2.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,857,100, a decrease of 0.6% from the preceding month; Vancouver East at $1,812,700, a decrease of  0.4% from the preceding month; and Coquitlam at $1,777,800, a decrease of 0.6% from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in Metro Vancouver at the end of December was $1,072.700, a decrease of 1.8% from the preceding month. The extremities of this average were Whistler at $1,493,200 and Maple Ridge at $750,500. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,494,000, a decrease of 0.3% from the preceding month; Vancouver West at $1,424,700, a decrease of 2.5% from the preceding month; and Whistler at $1,493,200, a decrease of 2.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,072,200, a decrease of 3.4% from the preceding month; Burnaby South at $1,035,000, an increase of 2.9% from the preceding month; and Coquitlam at $1,025,600, a decrease of 1.6% from the preceding month.

Condominiums                           

 

The benchmark price for a condominium in Metro Vancouver at the end of December was $751,300, a decrease of 1.5% from the preceding month. The extremities of this average were West Vancouver at $1,271,200 and Maple Ridge at $533,500. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $783,800, a decrease of 3.0% from the preceding month; North Vancouver at $798,600,  a decrease of 0.7% from the preceding month; and Burnaby South at $809,200, a decrease of 0.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $744,000, a decrease of 1.3% from the preceding month; Port Moody at $735,000, a decrease of 0.6% from the preceding month; and Burnaby North at $732,800, a decrease of 1.1% from the preceding month.

 

Let me help

 

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.  

 

 

 

Posted in Market Updates
Jan. 16, 2024

December 2023 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

2023 ends with record low sales; 10 year cycles show strong resilience

The Fraser Valley’s 2023 record for the lowest sales volume in 10 years may actually be a promising sign the market could soon turn around – if recent history is recalled. The Real Estate Board’s news release in January 2014 looked back at 2013 with the words: “Sales last year were amongst the lowest they’ve been in the last decade.” While our recent memory tends to focus on the Covid-induced low interest rate home buying frenzy followed by Bank of Canada’s inflation flighting (and market cooling) rate hikes over the past two years, it’s also worth considering what these 10-year cycles may have in store for us. Two years after its dismal 2013 performance, the Fraser Valley recorded the highest number of home sales since 2005. The 2015 record-setting $16.2 billion was then surpassed in the next year by an additional $4-billion in transactions. As prospective home buyers (and sellers) are now readying themselves for widely expected interest rates cuts starting later this year, the Valley’s traditional resilience is also widely anticipated. On a monthly view, December’s sales followed the recent downward trend for a total of 837 transactions, a decline of 6.0% from the preceding month, but notably 17.0% higher than the same month one year ago. Likewise, new listings also dropped last month, down 54.0% from November, but also 17.0% higher than one year earlier. This brought the Valley’s available inventory at the end of 2023 to 4,670 homes, a decrease of 25.0% from the previous month, but still 19.0% higher than the same period one year earlier. While December is typically one of the slowest months for home sale, the overall decline in market activity can fairly be attributed in the largest part to the high interest rates, although some major banks have already begun to offer reduced mortgage rates ahead of the Bank of Canada’s forecasted rate cuts. Fraser Valley home prices have inched downwards in recent months, with the Valley’s overall benchmark now again below $1-million. At the end of December 2023, the combined benchmark price for Fraser Valley residential property was $988,900, a 1.5% decline from the preceding month.

My monthly selection below provides a guide to benchmark prices in different areas of the Fraser Valley at the end of December 2023. For each property type you will find a cluster of average geographical prices around the benchmark for the category. Keep in mind the benchmarks are averages for comparable homes, and look at the upper and lower extremities of each benchmark for the range of specific prices calculated. Please feel free to call me for the most up to date prices and new listings.  And if you are considering selling your home, I can prepare a Customized Market Analysis for your property and advise you on the optimal listing price in the current market. New listings still sell quickly in the Valley, on average about 41 days on the market. Last month, single family detached home were on the market for 40 days; townhouses on average for 32 days; and condominiums for an average of 33 days. Please don’t hesitate to call me if you have any questions about your real estate transactions. I am always happy to help my clients in any way.   

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of December was $1,471,500, a decrease of 1.2% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,906,000 and Mission at $983,200. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,509,800, decrease of 0.9% from the preceding month; Langley at $1,606,500, a decrease of 1.0% from the preceding month; and South Surrey/White Rock at $1,906,000, a decrease of 2.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Cloverdale at $1,461,000,  a decrease of from the preceding month; Cloverdale at $1,472,200, a decrease of 0.8% from the preceding month; and North Delta at $1,347,000, a decrease of 1.2% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of December was $826,400, a decrease of 1.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $953,600 and Abbotsford at $646,800. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $843,900, a decrease of 0.3% from the preceding month; Langley at $842,500, a decrease of 1.0% from the preceding month; and North Delta at $907,600, a decrease of 0.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $823,800, a decrease of 2.2% from the preceding month; North Surrey at $738,200, a decrease of 1.9% from the preceding month; and Mission at $670,500, a decrease of 0.2% from the preceding month.

 

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of December was $537,600, a decrease of 1.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $627,500 and Abbotsford at $446,400. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $553,700, a decrease of 0.4% from the preceding month; Cloverdale at $564,500, a decrease of 3.8% from the preceding month; and North Delta at $573,400, a decrease of 0.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $482,700, a decrease of 1.4% from the preceding month; Abbotsford at $446,400, an increase of 0.9% from the preceding month; and Mission at $452,300, no change from the preceding month.

I can help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me. 

 

 

 

 

Posted in Market Updates