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.