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!

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
Dec. 12, 2023

November 2023 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

Prices decline in extended sales slump; inventory up over one year ago

Residential sales in the Fraser Valley continued their lengthy decline for a fifth consecutive month in November with one of the lowest sales volumes in the last ten years. November’s total of 891 sales transactions was down from the 970 sales recorded in the preceding month, a month-over-month drop of 8.1%. This ongoing downward slope of Valley sales began last July as prospective home buyers put purchases on hold during Canada’s high mortgage rates regime. While the Bank of Canada held its policy rate to 5.0% again with its most recent  announcement December 6. Following the central bank’s announcement, as of December 7, the lowest mortgage rates offered by Canada’s major banks were a 5-year fixed rate at 5.69% and a 5-year variable rate at  6.7%.  On a year-to-date basis, Fraser Valley sales are down only 4.7% from 2022, illustrating the current decline has come off a relatively strong demand in the first half of 2023 prior to the BoC’s policy rate hitting 5.0%. While the Fraser Valley market is now in an overall balanced condition with the sales-to active listings ratio at 14% ending November, new listings have continued to decline in recent months. November saw 2.030 new listings, a drop of 20% from October, and 43% below this year’s peak of 3,533 new listings last May. The active Valley inventory at the end of November totaled 6,254 homes, a decline of 5.0% from the October, and on a year-to-date basis was down 9.4%. However, the current supply is a substantial  17% higher than the same period one year ago. Anyone wanting to find a Valley home now has therefore a relatively good selection. Demand for townhouses and condominiums remains slightly elevated over single family detached homes. The 12% sales-to-active ratio has moved detached home into a buyer’s market at present and prospective buyers are encouraged to make offers in this segment as prices continue to trend downwards. During November, single family detached homes were on the market, on average, for 36 days, while townhouses and condominiums sold on average within 29 days. At the end of November, the combined benchmark price for a residential property in the Fraser Valley was $1,003,900, a decline of 1.1% from the preceding month.     

My monthly selection of comparative benchmark prices below serves as guide to relative prices in different areas of the Fraser Valley at the end of November. Each of the property types has a cluster of benchmark prices on each side of the overall average for the area. The month-over-month price changes also provide a general guide to the market activity in each area. Remember that benchmarks are average prices for comparable homes. There may be specific prices that are more aligned with your budget. I keep a close eye on the market so please let me know if your would like more detailed information on any area. Notably this past month, there is predominance of price declines as the market adjusts to the cooling effect of higher interest rates. If you are interested in exploring further any particular area, I will be happy to assist you with the most up-to-date market data. And if you are considering listing your home for sale, I can prepare a Customised Market Analysis and advise you on the optimal listing price in the current market conditions. Please feel free to call with any questions you may have.    

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of November  was $1,489,100, a decrease of 0.9% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,950,800 and Mission at $991,900. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,523,500, decrease of 2.5% from the preceding month; Langley at $1,622,100, a decrease of 0.6% from the preceding month; and Abbotsford at $1,161,600, an increase of 1.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,477,700,  no change from the preceding month; Cloverdale at $1,472,200, a decrease of 0.6% from the preceding month; and North Delta at $1,363,500, a decrease of 0.8% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of November was $837,200, a decrease of 1.0% from the preceding month. The extremities of this average were South Surrey/White Rock at $971,800 and Abbotsford at $648,500. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $850,400, a decrease of 1.0% from the preceding month; Surrey at $842,500, a decrease of 1.0% from the preceding month; and Langley at $862,800, a decrease of 0.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $752,100, a decrease of  4.5% from the preceding month; Mission at $671,500, an  increase of 1.1% from the preceding month; and Abbotsford at $646,500, a decrease of 0.2% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of November was $545,300, no change from the preceding month. The extremities of this average were South Surrey/White Rock at $647,000 and Abbotsford at $442,400. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $556,100, a decrease of 0.8% from the preceding month; Cloverdale at $586,800, an increase of 0.8% from the preceding month; and Langley at $604,900, a decrease of 0.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $576,000, a decrease of 0.4% from the preceding month; Mission at $452,300, a decrease of .1% from the preceding month; and Abbotsford at $442,400, an increase of 0.9% 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
Dec. 12, 2023

November 2023 Greater Vancouver Real Estate Market Update

 

METRO VANCOUVER

New listings abound as sales chill; prices decline for all property types

While Metro Vancouver residents are no doubt feeling the drop in temperatures at this time of year, home sales in the region also plunged sharply in November. The sales volume for November declined close to 15% from the preceding month of October. November’s decline was the fourth consecutive month that sales have dropped in the region although this last decline was significantly more than October’s 3.5% drop month-over-month. Yet, while 33% below the 10-year seasonal average, last month’s volume was notably a 4.7% increase over the same month one year ago. For prospective buyers, the Metro Vancouver market currently offers a plentiful inventory of homes and prices declines reflecting the slower pace of sales. New hone year ago. Although the current market is considered as balanced by historical standards, meaning downward or upward price pressures are relatively flat in a range of the sales-to-active listing ratios between 12.0% and 20.0% for a sustained period, there was nonetheless a predominance of modest price declines in each property category in November. Declines were typically in the range of 0.50% to 2.0% although larger declines as much as 4.0% lower in November than October were recorded for single family detached homes. This is no doubt a market response to the Bank of Canada’s high interest rates, but with the central bank’s second consecutive hold on further rate increases beyond the current 5.0% level last week, it appears that upward price pressure is now in check. Indeed, the downward trend seen in price declines for single detached homes in particular is within a single percentage point of moving into ‘Buyers’ Market’ territory. The current market has some exceptional offerings so I encourage you to look at comparative prices at this time. Overall, the composite benchmark price for residential property in Metro Vancouver at the end of November was $1,185,100, a 1.0% decline from the preceding month.

Please examine the selection of benchmark prices below for a comparison of current prices in different areas of Metro Vancouver. Each property category is illustrated with average prices in three municipalities above and below the overall benchmark price for that property type in Metro Vancouver. The extremities of each benchmark is also given so you can see the range of prices making up the average. The month-over-month price change is also a general indicator of the current sales activity in an area. During this past November, the greatest month-over-month increase in sales occurred in condominiums, up 1.0% from October. Sales of detached homes followed with a 0.9% increase from October; and sales in townhouses were 0.7% higher. Keep in mind when browsing the statistics that benchmarks are averages and particular prices may match your budget more precisely. If you are interested in any particular area, please let me know. I can provide you with the most up-to-date asking prices. And if you are thinking of listing your property, I can produce a Customised Market Analysis and advise you on the optimal listing price in the current market. Please don’t hesitate to call. I am happy to help in any way I can.     

 Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of November was $1,982,600, a decrease of 0.9% from the preceding month. The extremities of this average were Vancouver West at $3,468,300 and Sunshine Coast at $864,300. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $2,057,900, a decrease of 1.0% from the preceding month; Port Moody at $2,077,300, a decrease of 0.6% from the preceding month; and Richmond at $2,162,800, a decrease of 0.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,868,000, an increase of 0.5% from the preceding month; Vancouver East at $1,819,400, a decrease of  4.0% from the preceding month; and Coquitlam at $1,788,800, a decrease of 0.4% from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in Metro Vancouver at the end of November was $1,092,600, a decrease of 0.7% from the preceding month. The extremities of this average were Whistler at $1,527,300 and Sunshine Coast at $766,800. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,097,600, a decrease of 0.7 from the preceding month; Vancouver East at $1,109,800, a decrease of 0.8% from the preceding month; and North Vancouver at $1,357,800, an increase of 0.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $1,033,500, a decrease of 1.3% from the preceding month; Coquitlam at $944,100, a decrease of 0.9% from the preceding month; and Burnaby South at $1,005,900, a decrease of 1.3% from the preceding month (Squamish has been excluded here as it too far out for my clients).

 

Condominiums                           

 

The benchmark price for a condominium in Metro Vancouver at the end of November was $762,700, a decrease of 1.0% from the preceding month. The extremities of this average were West Vancouver at $1,240,600 and Maple Ridge at $531,100. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $806,600, a decrease of 1.7% from the preceding month; Burnaby East at $807,900, no change from the preceding month; and Vancouver West at $842,800, a decrease of 1.0% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $753,500, a decrease of 1.3% from the preceding month; Burnaby North at $741,200, a decrease of 1.7% from the preceding month; and Ladner at $725,300, an increase of 2.2% 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
Nov. 14, 2023

October 2023 Greater Vancouver Real Estate Market Update

 

METRO VANCOUVER

Sales decline for third consecutive month; inventory up; prices downward

Residential sales in Metro Vancouver declined for the third consecutive month in October, although by a slight decrease of 3.5% compared to the previous month. This contrasts with the steep month-over-month decline of 16% seen in September which followed a negligible drop of 0.6% in August after a reasonably strong summer. However, on a 10-year comparison, the seasonal average is close to 30% down for October this year. Canada’s higher mortgage rates, which have been hiked successively over the past year in tandem with Bank of Canada policy rate increases from 0.25% to the current 5.%, appear to be achieving their market-cooling goal, however painful this is for new home buyers and home owners renewing previously lower-rate mortgages. Yet, the current sales slow-down is accompanied by another strong month for new listings – an overall good sign that market conditions appear to be adjusting to a greater balance as price increases level off or continue to inch downwards. October’s total of 1,996 sales, combined with new listings of 4,664 across all property types produced a total available inventory of 11,599 home in Metro Vancouver. This is over 12% higher than one year ago for this period, and 0.6% higher than the 10-year average. The increased selection of homes contributes to more favourable conditions for buyers presenting offers at present, as well as keeping supply high enough to see price declines in most areas. There was one month composite decrease of 0.8% for the lower mainland, and more than 70% of municipalities in Metro Vancouver showed month-over-month composite price decreases in October ranging from 0.5% to 1.5%. The composite benchmark price for a residential property in Metro Vancouver at the end of October was $1,198,500, a decrease of 0.6% from the preceding month.    

In the monthly selection of comparative benchmarks below you will find current benchmark prices for each property type in different areas of Metro Vancouver. Each benchmark is shown with the price change from the previous month. Benchmarks are average prices for comparable properties. The benchmarks in each of the six municipalities I have selected for each property type are grouped around the overall benchmark for that property type. The grouping shows the three benchmarks on the upper side of the average, and the three benchmarks on the lower side of the average. These will provide with you with a general guide for home shopping within your budget. However, remember that benchmarks are averages within the extremities as provided. There can therefore be specific prices on particular properties that are farther from the average which may represent a price that may be a closer fit for you finances. Please feel free to call me for more details on sale properties in any neighbourhood. And if you are considering listing you home for sale, I can prepare a Customized Market Analysis (CMA) for your property and assist you determining the optimal asking price in the current market. I watch the changing market closely and can provide you with the most up-to-date information for the area of your choice. I am always happy to help my clients so please don’t hesitate to call.      

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of October was $2,001,400, a decrease of 0.8% from the preceding month. The extremities of this average were Vancouver West at $3,436,500 and Sunshine Coast at $880,400. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $2,079,300, an increase of 1.5% from the preceding month; Port Moody at $2,089,100, an increase of 0.4% from the preceding month; and Richmond at $2,155,600, a decrease of 1.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $1,894,800, an increase of 1.8% from the preceding month; Vancouver East at $1,878,200, a decrease of  1.1% from the preceding month; and Coquitlam at $1,796,500, an increase of 0.4% from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in Metro Vancouver at the end of October was $1,100,500, an increase of 0.2% from the preceding month. The extremities of this average were Whistler at $1,545,400 and Sunshine Coast at $768,300. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,104,800, a decrease of 1.9% from the preceding month; Vancouver East at $1,118,500, a decrease of 1.9% from the preceding month; and North Vancouver at $1,349,100, an increase of 2.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Coquitlam at $1,062,900, a decrease of 1.1% from the preceding month; Port Moody at $1,047,200, a decrease of 0.9% from the preceding month; and Tsawwassen at $1,014,100, an increase of 1.4% from the preceding month (Squamish has been excluded here as it too far out for my clients).

Condominiums                           

 

The benchmark price for a condominium in Metro Vancouver at the end of October was $770,200, an increase of 0.2% the from the preceding month. The extremities of this average were West Vancouver at $1,289,900 and Maple Ridge at $531,600. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $8.7,900, an increase of 1.4% from the preceding month; Burnaby South at $829,300, a decrease of 0.3% from the preceding month; and Vancouver West at $851,800, an increase of 0.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $763,400, an increase of 1.8% from the preceding month; Burnaby North at $753,700, an increase of 0.9% from the preceding month; and Port Moody at $751,700, an increase of 3.8% 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
Nov. 14, 2023

October 2023 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

Sales down in high interest regime;  plentiful inventory; price drops  

Residential market activity in the Fraser Valley declined again in October, down for the fourth consecutive month. October’s total of 970 sales transactions was a drop of 11.8% from the preceding month following previous monthly declines of 14% in September, 6.9% in August and 30% in July. This current downward trend highlights the delayed effect of ten incremental interest rates hikes by the Bank of Canada since March 2022. On a year-over-year comparison,  October’s sales were close to 8.0% higher than the same month in 2022, indicating the current down slope began in July this year after the BoC policy rate rose to 4.75% in June, when Valley sales had reached a 12 month high of 1,935 sales. This peak in sales was reached after the central bank’s rate sat at 4.5% for the first five months of this year. Many prospective buyers could therefore be waiting for a even a slight interest rate reduction to stimulate home purchases. While the Valley market continues to adjust to the current high mortgage cost regime, the overall market remains balanced with sales-to-active listings in a ratio of 15% although single family homes are on the cusp of becoming a buyers market with a 12% ratio at present. New Valley listings in October also saw a decline with 2,535, a drop of 11% from the preceding month. However, with a healthy increase of 2,860 new listings in September, the active inventory in the Fraser Valley was up to 6,580 homes, slightly above the preceding month and more than 17% higher than one year ago. The ample supply provides a good selection at present and is also a factor in declining benchmark prices seen over the past three months. The composite benchmark price for a residential property in the Fraser Valley at the end of October was $1,015,200, a drop of 1.4% from the preceding month.

Below you will find my monthly guide using comparative benchmark prices in the six areas closest to the overall benchmark for each property type. Note that the extremities of each benchmark which will give you the range of prices making up the benchmark average. There are three delected benchmarks grouped on the higher side and three on the lower side of each average. For each benchmark price you can also see the percentage of the price change from the previous month. This can serve as a general indicator of the recent market activity in the residential area. However, keep in mind that benchmarks are just a guide with averages for comparable properties in a particular area. There may be particular prices within a range that fit your budget more precisely. There are some significant prices declines this month, particularly in the detached homes category, so I urge prospective buyers to take a close look. If you are interested in exploring an area, please give me a call. I can provide you with the most up-to-date information on any neighbourhood you like. And if you are considering selling you home, I can prepare a Customized Market Analysis of your property and advise you on the optimal listing price for the current market. I am happy to help in any way I can.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of October was $1,503,300, a decrease of 1.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,946,700 and Mission at $1,004,700. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,561,700, decrease of 1.5% from the preceding month; Langley at $1,632,100, a decrease of 0.3% from the preceding month; and South Surrey/White Rock at $1,946,700, a decrease of 2.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Cloverdale at $1,480,400, a decrease of 2.5% from the preceding month; North Surrey at $1,478,000, a decrease of 1.0% from the preceding month; and North Delta at $1,374,600, a decrease of 1.2% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of October was $845,300, a decrease of 0.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $971,600, and Abbotsford at $649,600. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $850,400, a decrease of 1.0% from the preceding month; Cloverdale at $852,800, an increase of 0.0% from the preceding month; and Langley at $869,600, an increase of 1.0% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $787,200, an increase of 2.5% from the preceding month; Mission at $664,600, a decrease of 1.3% from the preceding month; and Abbotsford at $649,600, a decrease of 0.8% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of October was $545,400, a decrease of 0.1% from the preceding month. The extremities of this average were South Surrey/White Rock at $642,700 and Abbotsford at $438,600. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $560,900, a decrease of 1.2% from the preceding month; North Delta at $578,200, a decrease of 1.4% from the preceding month; and Cloverdale at $580,500, a decrease of 0.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $489,800, a decrease of 0.8% from the preceding month; Mission at $452,800, a decrease of 1.1% from the preceding month; and Abbotsford at $438,600, a decrease of 1.0% 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