FRASER VALLEY

Sales, new listings shoot up for spring; prices inch upwards; potential inflationary impact with Mideast oil supply crisis

Fraser Valley home sales in March jumped 19.5% over February as buyers appear to be overcoming winter doldrums. March’s total of 1007 sales may signal a market enlivening with the approach of spring, although still 3% below the same period one year ago, and 42% under the 10-year seasonal average. New listings in March also shot up 20% after dropping in February, with 3,341 new homes available for spring shoppers. The Fraser Valley’s total inventory at the end of March was 9,201 active listings, up 10% from the preceding month and 50% above the 10-year seasonal average, providing an excellent range of choices across all property types. With the robust supply, it is still a buyer’s market in the Fraser Valley. And while economic uncertainly still restrains many potential buyers, it is an opportune time to present an offer. If you are wanting to make a home purchase, I would recommend moving quickly now as headwinds may be coming for buyers in the coming months. While the next Bank of Canada rate announcement is scheduled for April 29, the central bank has signalled that it wants to see more clarity on how global geopolitical conflicts like the war in the Middle East will impact Canada’s inflation rate and economic growth. The Bank of Canada’s current policy rate of 2.25% still underpins affordable variable rate mortgages with the lowest available 5-year rate in Canada currently at 3.25% percent – the lowest rate since 2022. Currently, the lowest five-year fixed rate mortgage in Canada is 4.19%. However, fixed-term mortgages rates can be expected to rise as inflationary pressures from the Mideast war take effect in Canada.  Home prices in the Fraser Valley are beginning to show increases now, signalling that their lengthy decline may reversing. The combined benchmark price for a residential property in the Fraser Valley at the end of March was $898,300, an increase of 0.3% from the preceding month.

In the section below, you will find my monthly selection of comparative benchmark prices across the Fraser Valley. This selection is a guide for your home shopping with the three closest average prices on each side of the benchmark price for comparable homes in different neighbourhoods. The monthly price changes typically reflect the relative market activity for the month. And the range of each average is provided to give an idea of the number of listings making up the average. However, please remember that benchmark prices are averages. For the most up-to-date information on listed prices in an specific area, please don’t hesitate to call me. And if you are thinking of selling you home, I can prepare a Customized Market Analysis for your property and advise you on the optimal listing price in the current market.  During the month of March, the average length of time a single-family detached home was on the market was 39 days; for townhouses it was an average of 36 days; and for condominiums, an average of 43 days.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of March was $1,375,600, an increase of 0.3% from the preceding month. The range of the average extended from $1,718,500 in South Surrey/White Rock to $955,200 in Mission. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $1,391,000, an increase of 3.3% from the preceding month; Langley at $1,513,100, a decrease of 0.2% from the preceding month; and South Surrey/White Rock at $1,718,500, a decrease of 0.2% from the preceding month. The three municipalities closest tothe benchmark on the lower side of the average were: Surrey at $1,371,400, an increase of 0.1% from the preceding month; North Surrey at $1,344,000, a decrease of 0.3% from the preceding month; and North Delta at $1,252,700, a decrease of 1.9% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of March was $772,700, a decrease of 0.3% from the preceding month. The range of this average extended from $868,400 in South Surrey/White Rock to $624,500 in Abbotsford. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $773,100, an increase of 0.8% from the preceding month; Cloverdale at $778,400, a decrease of 0.2% from the preceding month; and Langley at $811,500, 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 $686,000, a decrease of 1.8% from the preceding month; Mission at $650,000, a decrease of 0.4% from the preceding month; and Abbottsford at $624,500, a decrease of 0.2% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of March was $489,200, an increase of 0.2% from the preceding month. The range of the average was from $571,000 in South Surrey/White Rock to $395,900 in Abbotsford. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $493,500, a decrease of 0.1% from the preceding month; North Delta at $506,100, a decrease of 0.8% from the preceding month; and Cloverdale at $549,100, 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 $427,100, a decrease of 0.9% from the preceding month; Mission at $427,000, a decrease of 0.8% from the preceding month; and Abbotsford at $395,900, a decrease of 1.2% from the preceding month.

I can help

There are many ways I can help you with your real estate transactions. Please let me know how I can help in these challenging times. You may need help in managing your home ownership plans, or in adjusting your financial strategy for a home purchase. Perhaps you are thinking of listing your home for sale and want to understand the market to set your asking price. Let me help. I have a 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.