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!

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