FRASER VALLEY

Valley still a favorite for single family homes

The combined benchmark price for residential properties in the Fraser Valley at the end of May was $832,500. This was a slight decrease of 0.2 per cent from the month before. It’s a notable benchmark because it’s well under the $1-million mark which, as I pointed out previously, is a important psychological threshold for buyer decision making.  With the upswing in Valley home sales in May – close to a 15 per cent rise in one month – it’s noteworthy that detached single family homes were the leading category. Across all property types, May sales of detached homes was almost 42 per cent of the total; with attached homes (townhouses and condominiums) making up the remaining 58 per cent. However, this is not to ignore that there is a bountiful supply of housing across the Valley at this time, and it remains a popular region for young families who may be looking to start in a townhouse, or singles making their first purchase of a condominium.  There is current inventory in the Fraser Valley of over $8,500 listings across all property types. This includes over 3,500 new listings just in May, an increase of 4.5 per cent over new listings in April. In short, the scene is set for summer home hunters in the Valley. It’s an excellent time to find the home you have been waiting for, and at price that you can afford. Check out the benchmark price comparisons I have made for you below to see the comparative value in different Valley areas.

Detached Homes

The benchmark price for a single-family detached home in the Fraser Valley at the end of May was $964,200, an increase/decrease of 0.0 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $1,383,400 and Mission at $661,900. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $988,700, a decrease of 0.3 per cent from the preceding month; North Surrey at $947,400, a decrease of 0.1 per cent from the preceding month; and Cloverdale at $1,000,100, an increase of 1.1 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $892,300, a decrease of 1.1 per cent from the preceding month; Abbotsford at $803,300, a decrease of 0.3 per cent from the preceding month; and Mission at $661,900, a decrease of 1.0 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of May was $522,500, an increase of 1.0 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $650,200 and Abbotsford at $378,800. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $546,500, a decrease of 2.4 per cent from the preceding month; Cloverdale at $551,100, and increase/decrease of 0.0 per cent from the preceding month; and Surrey at $563,500, an increase of 0.6 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Langley at $497,900, an increase of 1.1 per cent from the preceding month; Mission at $450,000, an increase of 0.1 per cent from the preceding month; and Abbotsford at $378,800, an increase of 0.7 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of May was $416,800, a decrease of 0.9 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $499,100 and Abbotsford at $317,500. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $418,100, a decrease of 0.4 per cent from the preceding month; Surrey at $420,000, a decrease of 0.8 per cent from the preceding month; and Cloverdale at $454,500, a decrease of 3.1 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $404.800, a decrease of 0.9 per cent from the preceding month; North Delta at $381,900, a decrease of 2.6 per cent from the preceding month. Abbotsford at $317,500, a decrease of 1.0 per cent from the preceding month.

I am here to help

If you are among the Fraser Valley home owners who are at stage where you are thinking about selling your home and enjoying the equity increase it has earned you over the years, let me provide you with a comparative market analysis of you specific property. I will customize your analysis based on neighbouring sales and property comparisons. This is an excellent tool for your decision making. I can also advise you on how much to invest in any renovations you are contemplating so you can maximize your investment. And I am able to recommend excellent tradespeople for reliable work at reasonable rates. I’m always happy to assist my clients in any way I can.

Click here for May 2019 Greater Vancouver Real Estate Market Update