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.