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