FRASER VALLEY

Buyer’s market with decade-high supply; economic uncertainty slows sales  

Fraser Valley home sales in March inched higher for the third consecutive month, 12.6% above the preceding February, but remained substantially down from historical averages, at 26% below this period last year and 50% below the 10-year average. At the same time, new listings last month increased 22% from February with 3,800 homes, boosting the Valley’s overall inventory at the end of March to a robust 9,219 homes across all property types, the highest level in a decade – 49% above the same time last year and 59% above the 10 year average. This paradoxical situation has sellers eager to enter the market while prospective buyers are holding back in what is technically a buyer’s market with a sales-to-active listing ratio of 11%. Overall prices are stable, and while such a large inventory would normally provide more negotiating leverage for buyers, sales have not yet risen to the usual activity level seen in the spring. The broad consensus among market analysts is that this atypical market behaviour is largely due to economic uncertainty arising from the global trade war started by outsized U.S. trade tariffs. In addition, as Canadians approach a federal election on April 28, many people are waiting for clear public policies that will affect our national economic outlook. Residential market watchers will also be attentive to today’s policy rate announcement by the Bank of Canada. At the time of writing this newsletter, the BoC’s key policy rate underpinning commercial mortgages was 2.75%, last reduced by 25 basis points in March. If the central bank should respond to a slowing economy with another rate cut, it would further incentivise home purchases with lower mortgage rates following. In any event, prospective home buyers should not ignore mortgage rates currently as low as 4.0% for variable and slightly higher for fixed rates. Fraser Valley home prices are generally still lower than comparable properties in Metro Vancouver making for a good long-term investment. At the end of March, the combined benchmark price for a Fraser Valley residential property was 974,400, a 0.4% increase from the preceding month.

In the section below, I have prepared a guide to benchmark prices in different areas of the Fraser Valley. Each selected benchmark price has the three closest average prices on each side of the benchmark average. This will allow you quickly check prices for comparable properties in different areas. However, remember that benchmarks are averages. With a broad range of prices making up the average, you may find a an actual price is closer to your desired budget. Please contact me if you are interested in any particular area. I can provide you with the latest information on new listings. And if you are interested in selling your home, I can prepare a Customized Market Analysis for your property and advise you on the optimal asking price in the current market conditions. Last month, the average length of time on the market in the Fraser Valley for single family detached home was 31 days; townhouses 27 days; and condominiums 33 days. Please don’t hesitate to call, I love to help my clients in any way I can.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of March was $1,505,500, an increase of 0.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,904,300 and Mission at $1,064,400. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $1,506,400, an increase of 0.2% from the preceding month; Cloverdale at $1,525,400, an increase of 0.3% from the preceding month; and Surrey at $1,536,900, an increase of 0.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $1,393,000, a decrease of 1.7% from the preceding month; Abbotsford at $1,225,500, an increase of 0.9% from the preceding month; Mission at $1,06,400, a decrease of 0.2% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of March was $833,700, an increase of 0.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $946,400 and Abbotsford at $656,100. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $842,100, an increase of 0.2% from the preceding month; Surrey at $843,600, an increase of 1.2% from the preceding month; and Langley at $865,100, a decrease of 0.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $817,600, a decrease of 1.2%% from the preceding month; Abbotsford at $656,100, an increase of 0.3% from the preceding month; and Mission at $668,500, an increase of 0.6% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of March was $540.900, an increase of 0.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $626,000 and Abbotsford at $443,700. The three municipalities closest to the benchmark on the higher side of the average were Surrey at $552.600, an increase of 1.2% from the preceding month; North Delta at $554,500, an increase of 1.1% from the preceding month; and Cloverdale at $592,700, an increase of 0.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were North Surrey at $479,100, a decrease of 0.3% from the preceding month; Mission at $456,800, a decrease of 0.6% from the preceding month; and Abbotsford at $443,700, a decrease of1.0% 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.  

METRO VANCOUVER

Huge inventory as new listings spring up; prices stable.

Closing the first quarter of 2025, Metro Vancouver residential sales for March continued the month-over-over rise seen since the beginning of the year. The sales total of 2,091 last month was a 14% increase over February’s 1,827, and a steady increase from January’s total of 1,552. While still sluggish by historical standards, down 13% from this time last year and 37% below the 10-year seasonal average, the current upward curve is an optimistic sign for more spring activity to come. Sunny days normally see an increased number of potential customers browsing at open houses, and with a multitude of sellers now listing their homes, Metro Vancouver residential shoppers have a huge selection from which to choose. In fact, the Metro Vancouver market at the end of March had the most plentiful inventory of available home in years. New listings shot up last month to 6,455, a 28% increase over new listings in February and 16% higher than the 10-year season average. This pushed up Meto Vancouver total inventory of available homes at the end of March to 14,546 properties, 38% more than the same period last year, and 45% above the 10-year average. Market watchers will also be eager to see of the Bank of Canada makes another rate cut in its announcement scheduled for today. Mortgage rates are quite enticing at present with five-year fixed rates as low as 4.29% and variable rates starting at 4.0%. The overall Metro Vancouver market is still balanced. Prices remain stable across property types as the plentiful supply moderates upward price pressure, although it has been noted that townhouses are in shorter supply making this segment more vulnerable to price rises with increased demand. At the end of March, the composite benchmark price for a residential property in Metro Vancouver was 1,190,900, a 0.5% increase from the preceding month.

Please review my monthly selection of homes below. This selection compares benchmark prices in different geographical areas of Metro Vancouver based on the overall benchmark price for a specific area. You will find a cluster of the three closest average prices on the upper and lower sides of the benchmark average. The month-over-month price changes are also shown as this provides a guide to the relative sales activity in the area. Note also the extremities of each average, giving an idea of the range of prices making up the average. Remember that benchmarks are averages, so there may be concealed in the average an actual price that is closer to your budget. Please give me a call if you would like more information on any area, including the most up-to-date listings and prices. And If you are considering listing your home for sale, I can prepare a Customizes Market Analysis for your property and advise you on the optimal listing price in the current market conditions. I love  to help my clients in any way I can, so please don’t hesitate to call.

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of March was $2,034,400, an increase of 0.4% from the preceding month. The extremities of this average were Vancouver West at $3,451,900 and Sunshine Coast at $873,800. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $2,1111,300, an increase of 0.7% from the preceding month; Burnaby North at $2,163,600, an increase of 0.4% from the preceding month; and Richmond at $2,171,100, an increase of 0.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $1,994,800, an increase of 0.1 from the preceding month; Vancouver East at $1,854,600, a decrease of 0.4% from the preceding month; and Coquitlam at $1,814,200, a decrease of 0.6% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of March was $1,113,100, an increase of 0.2% from the preceding month. The extremities of this average were Vancouver West at $1,478,800 and Sunshine Coast at $766,700. The three municipalities closest to the benchmark on the higher side of the average were Richmond at $1,124,100, an increase of 1.4% from the preceding month; Vancouver East at 1,159,400, no change from the preceding month; and North Vancouver at $1,313,200, a decrease of 0.8% from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were Ladner at $1,041,400, an increase of 1.1% from the preceding month; Burnaby South at $1,052,000, a decrease of 2.3% from the preceding month; and Port Moody at $1,034,600, an increase of 1.9% from the preceding month. (Squamish is omitted here because it is too far out for my clients.) 

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of March was $747,00, an increase of 1.0% from the preceding month. The extremities of this average were: West Vancouver at $1,265,800 and Sunshine Coast at $493,800. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $784,200, an increase of 1.2% from the preceding month; North Vancouver  at $817,700, an increase of 0.6% from the preceding month; and Burnaby South at $837,500, an increase of 0.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $757,200, an increase of 1.6% from the preceding month; Richmond at $745,400, increase 1.9% from preceding month; and Port Moody at $738,200, an increase of 0.7% from the preceding month.

Let me 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.  

METRO VANCOUVER

Price declines, plentiful inventory, balanced market attracting buyers

Metro Vancouver’s 1,827 home sales in February were close to an 18% increase over January, continuing the market’s energetic start at the beginning of the year. While down on a 10-year seasonal average by 29%, the Metro Vancouver residential market has settled into a balanced condition with an excellent selection of listed homes across all property types. February’s 5,057 new listings were 11% more than recorded for the same period one year earlier. The new listings brought the available inventory up to a total of 12,744 homes, over 32% more than one year ago, and over 36% higher than the 10-year seasonal average. Home shoppers can take advantage of several factors in the current market that make it an opportune time to make a purchase. With the strong inventory and rising demand, home prices are still stable, with many areas showing some modest declines. Notably, more significant declines were seen in single detached family home prices in Richmond which dropped 2.9% last month, while townhouses in Vancouver West dropped 4.3%, and condominiums in Port Coquitlam declined 2.3%. Also noteworthy, a growing number of economists predict another Bank of Canada interest rate cut next week. As Canada faces the threat of rising prices from a looming trade war, the central bank appears poised to announce another policy rate cut of 25 basis points today, March 12. This would bring current policy rate of 3.% down to to 2.75%. The policy rate underpins commercial bank variable mortgage rates, which are currently between 4% and 4.5% at mortgage brokers major banks. Five year fixed mortgage rates, which are set on bond yields, are as low as 3.84%. With lower mortgage rates on the horizon, and the robust inventory, demand may be expected to increase as the spring buying season approaches. Prospective home buyers should consider purchases in this favorable buying period. At the end of February, the combined benchmark price for a residential property in Metro Vancouver as $1,169,100, a 0.3% decline from the preceding month.

Please review my selection of comparative benchmark prices for different areas of Metro Vancouver in the section below.  For each property type, I have clustered around the overall benchmark price the closest average prices on each side of the benchmark average. From the month-over-month price changes you can get an insight into the price fluctuations from the relative demand in the area. The extremities of each average provide an idea of the range of prices making up the average. Remember that benchmarks are averages and an actual price may be found that fits your budget more precisely. Please don’t hesitate to give me a call if you are interested in an a particular area. I can provide you with the most up-to-date information on current listings. And if you are thinking about listing your home for sale, I can prepare a Customised Market Analysis for you property and advise you on the optimal listing price in the current market. I am happy to help in any way I can with whatever real estate questions you may have.   

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of February was $2,006,100, an increase of 0.1% from the preceding month. The extremities of this average were Vancouver West at $3,493,200 and Sunshine Coast at $927,700. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $2,085,400, a decrease of 2.9% from the preceding month; Port Moody at $2,089,700, an increase of 1.4% from the preceding month; and Richmond at $2,139,000 a decrease of 0.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $1,959,700, an increase of 0.1 from the preceding month; Vancouver East at $1,862,500, an increase of 1.1% from the preceding month; and Coquitlam at $1,796,600, an increase of 0.9% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of February was $1,087,100, a decrease of 1.7% from the preceding month. The extremities of this average were Vancouver West at $1,414,300 and Sunshine Coast at $629,200. The three municipalities closest to the benchmark on the higher side of the average were Burnaby South at 1,108,700, an increase of 4.9% from the preceding month; Richmond at $1,109,300, a decrease of 0.2% from the preceding month; and  Vancouver East at $1,169,800, an increase of 2.6%% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were Ladner at $1,041,400, an increase of 1.1% from the preceding month; Coquitlam at $1,056,100, a decrease of 0.7% from the preceding month; and Port Moody at $1,011,300, a decrease of 0.1% from the preceding month.  

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of February was $747,500, a decrease of 0.1% from the preceding month. The extremities of this average were: West Vancouver at $1,215,800 and Sunshine Coast at $447,000. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $784,900, an increase of 0.8% from the preceding month; North Vancouver  at $804,100, an increase of 2.5% from the preceding month; and Vancouver West at $815,700, an increase of 0.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $735,400, a decrease of 0.2% from the preceding month; Burnaby North at $732,000 a decrease 0.2% from preceding month; and Coquitlam at $732,000, an increase of 0.3% from the preceding month.

Let me 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.  

FRASER VALLEY

Valley market springs to life; home sales shoot up with robust inventory

Fraser Valley home sales shot up in February by 12.5% from the previous month, as the market appears to have awakened suddenly following four months of slumber. With its 920 sales posted in February, Valley sales are still down by 26% compared to same period one year ago. The market has been slow to recover from the lengthy period of high interest rates which began to come down last summer. However, with the Bank of Canada’s last rate at the end of January, bringing the central bank’s policy rate to 3%, buyers appear to be responding to more attractive mortgage rates that have followed suit. Variable rates, which typically  drop in tandem with the BoC policy rate, are now available at brokers and commercial banks as low as 4%. Fixed rates on five year terms, which are set on forward bond yield rates, are slightly lower, around 3.8%. Among other factors making the Fraser Valley market attractive to home shoppers again, a robust inventory with over 8,000 available listings is 45% above the same month one year ago, and 55% above the 10-year seasonal average. New listings in February of 3,121 also provide a rich choice for home shoppers who have been waiting on the sidelines for several months. As the valley market moves toward balanced territory, it is currently still a buyer’s market with only modest price increases or some price declines currently seen in all property types and geographical areas. Rising demand is expected to continue in anticipation of another Bank of Canada another rate cut today, March 12. It is expected to bring the key policy rate to 2.75%. Fraser Valley home prices are still extremely attractive with the combined benchmark price for a residential property at the end of February at $962,500, a 0.2% decline from the previous month.      

I invite you to review my monthly selection of benchmark prices for different areas of the Fraser Valley in the section below. For each property type, I show the three closest average prices on each side of the overall benchmark average. Also included are the month-over-month price changes. These fluctuations provide a insight into the relative demand in a particular area for the last month. Also, from the extremities of each benchmark, you can see the range of prices making up the average. Keep in mind, that benchmarks are averages and an actual price may be more precise fit for you budget. I am happy to provide you with the most up to date information on any neighborhood. And if you are thinking of selling your home, I can prepare a Customized Market Analysis for you property and advise you on the optimal listing price in the current market. During the month of February, the average length of time a single family detached home remained on the market was 39 days; for townhouses, 32 days; and for condominiums, 36 days. Please call with any questions you may have. I am happy to help you with any of your real estate needs.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of February was $1,489,100, an increase of 0.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,844,400 and Mission at $1,056,200. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,520,800, an increase of 0,7% from the preceding month; North Surrey at $1,524,700, an increase of 2.9% from the preceding month; and Langley at $1,617,700, a decrease of 0.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $1,398,800, a decrease of 1.2% from the preceding month; Abbotsford at $1,204,100, a decrease of 0.3% from the preceding month; Mission at $1,056,200, an increase of 3.0% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of February was $820,600, a decrease of 0.7% from the preceding month. The extremities of this average were South Surrey/White Rock at $927,500 and Abbotsford at $657,600. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $826,500, a decrease of 1.3% from the preceding month; Langley at $837,100, a decrease of 1.2% from the preceding month; and North Delta at $899,600, a decrease of 2.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $817,600, a decrease of 1.2%% from the preceding month; North Surrey at $749,000, a decrease of 0.3% from the preceding month; and Mission at $667,500, a decrease of 2.6% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of February was $533,200, a decrease of 0.3% from the preceding month. The extremities of this average were  South Surrey/White Rock at $609,400 and Mission at $453,200. The three municipalities closest to the benchmark on the higher side of the average were Surrey at $546,300, a decrease of 2.9% from the preceding month; North Delta at $550,500, a decrease of 3.1% from the preceding month; and Cloverdale at $562,700, a decrease of 2.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were North Surrey at $481,700, an increase of 0.3% from the preceding month; Mission at $453,200, a decrease of 0.9% from the preceding month; and Abbotsford at $441,100, a decrease of 0.2% 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.  

METRO VANCOUVER

Surge in new listings; plentiful supply; opportune time for buyers

Metro Vancouver’s residential market sprang out of the gate with an energetic start in January, with both sales and new listings seeing increases over the same month last year. The new year’s opening month registered 1,552 home sales, close to 9% higher than one year ago. The market is definitely picking up momentum as Canada’s inflation rate has dropped dramatically. The national inflation rate is now below the Bank of Canada’s  target rate of 2%, dropping to 1.8% in December from 1.9% in November. With market confidence still growing, housing demand has also spurred a host of new listings. January’s 5,566 newly listed homes was a 232% increase over new listings in December, bringing Metro Vancouver’s total available inventory at the end of January to a plentiful 11,494 homes across all property types. This is more than 33% above the same period one year ago, and 31% higher than the 10-year seasonal average. Other welcome news for home buyers is the latest Bank of Canada rate cut of 25 basis points at the end of January. The  central bank’s policy rate, underlying commercial mortgage variable rates, is now at 3%, down from its inflation fighting high of 5% in 2023. This new low is especially good news for many home owners facing renewals on their mortgages for the first time since interest rates increased in 2022. The next Bank of Canada rate announcement is scheduled for March 12. One major factor in the Bank’s next rate decision could be the effect of threatened U.S. tariffs on Canada’s economy, in which case the BoC may make another rate cut as an economic stimulus. Prospective buyers who have been waiting patiently for months for more favourable conditions will find it an opportune time to make their desired home purchase. Prices normally increasing with higher demand have been moderated with the surge of new listings, so buyers are encouraged to make purchase now. At the end of January, the composite benchmark price for a residential property in Metro Vancouver was $1,173,000, an increase of 0.1% from the preceding month.

Please review my monthly guide in the section below to benchmark prices in different areas of Metro Vancouver. I have selected a cluster of the closest benchmark prices closest to the upper and lower sides of the  overall average for each property type. The month-over-month price fluctuations provide an insight into the relative demand intensity for each area, while the extremities of each average give you an ideas of the range of prices making up the average. However, it is important to remember that averages may conceal a particular price that is attractive to you. So please don’t hesitate to call me for the most up-to-date information on any neighbourhood you may be interested in. And if you are thinking about listing your home for sale, I can also prepare a Customized Market Analysis for you property and advise you on the optimal listing price in the current market conditions. I love to help my clients in any way I can.   

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of January was $2,005,400, an increase of 0.4% from the preceding month. The extremities of this average were Vancouver West at $3,427,100 and Sunshine Coast at $924,000. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $2,060,900, an increase of 0.7% from the preceding month; Richmond at $2,143,900, an increase of 0.1% from the preceding month; and Burnaby North at $2,147,700, an increase of 0.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $1,957,100, no change from the preceding month; Vancouver East at $1,841,800, a decrease of 0.7% from the preceding month; and Coquitlam at $1,780,100, an increase of 0.5% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of January was $1,015,600, a decrease of 0.3% from the preceding month. The extremities of this average were: Whistler at $1,629,7700 and Sunshine Coast at $738,700. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,110,800, a decrease of 2.1% from the preceding month; Vancouver East at $1,140,300, a decrease of 0.8% from the preceding month, (Squamish was not counted here because it is too far out for my clients); and North Vancouver at $1,369,800, a decrease of 4.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Tsawwassen at $1,001,500, a decrease of 0.6% from the preceding month; Port Moody at $1,020,700, a decrease of 1.0% from the preceding month; and Ladner at $1,029,600, a decrease of 0.6% from the preceding month.

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of January was $748,900, a decrease of 0.2% from the preceding month. The extremities of this average were: West Vancouver at $1,189,600 and Pitt Meadows at $604,000. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East $778,900, a decrease of 1.2% from the preceding month; North Vancouver  at $784,800, a decrease of 1.4% from the preceding month; and Burnaby South at $829,100, a decrease of 0.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $735,400, a decrease of 2.2% from the preceding month; Burnaby North at $733,300, a decrease 0.2% from preceding month; and Richmond at $742,200, an increase of 1.1% from the preceding month.

Let me 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.  

FRASER VALLEY

New listings abound; tremendous selection; prices stable

The Fraser Valley residential market turned into a home buyer’s dreamland as  January’s new listings spiked nearly 170% from the preceding December. With 3,432 new listings recorded in the first month of the year, the Valley’s available inventory reached a total of 7,251 homes across all property types, a 10-year seasonal high, 54 % over the 10-year average. The listing spree has been awaited for months as Valley sales have been slow to recover to normal levels following the last three year of high interest rates following the Covid pandemic. The plentiful inventory along with further interest rate cuts by the Bank of Canada is positive signal that market confidence has been restored, with a home sales uptick expected to follow. While still sluggish, the 818 sales recorded in January was down 18% from December, marking some hesitancy still remains on the buyers side. Inventory had dwindled with fewer listings while many potential buyers chose to remain on the sidelines while waiting for borrowing costs to come down. This past January has seen both those impediments to purchases alleviated, setting the conditions for a rise in home sales to follow. On January 29, the Bank of Canada announced its latest rate cut, bringing the key policy rate down by 25 basis points to 3%, a substantial difference from the 5% high two years ago. This should bring variable rate mortgages into an attractive range in the ensuing months. And with Canada’s inflation rate now at 1.8% -- an actual dip below the target of 2% aimed at by the BoC during its inflation-fighting high interest regime – commercial fixed mortgage rates have also dropped, with more buyers considering this option in the current market. Rate Hub notes three year fixed rate mortgages currently as low a 4.4%. Prospective buyers who have been waiting to purchase in the Fraser Valley should consider the current conditions as opportune. Vallery prices are stable at present, and the abundance of supply will moderate price increases from an anticipated rise in demand. At the end of January, the combined benchmark price for a residential property in the Fraser Valley was 964,800, down 0.03% from the preceding month.

My monthly selection of comparative benchmark prices in the Fraser Valley is set out in the section below. Please use these comparisons as guide to current market activity and prices in different Valley neighbourhoods. Each overall benchmark is situated in the middle of the closest price on each side of the average. From the extremities shown for each average, you can get an idea of the range of prices making up the average. However, if you wish to look at specific prices in a neighbourhood, please don’t hesitate to call me. And if you are thinking about selling your home, I can prepare a Customised Market Analysis for your property and advise you on the optimal listing price in the current market conditions. Last month, newly listed single family homes sold on average within 52 days on the market; townhouses, on average, within 38 days; and condominiums on an average of 42 days.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of January was $1,482,400, an increase of 0.1% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,856,700 and Mission at $1,025,000. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $1,482,500, a decrease of 0.7% from the preceding month; Cloverdale at $1,500,900, an increase of 1.0% from the preceding month; and Surrey $1,510,800, a decrease of 0.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $1,415,300, no change from the preceding month; Abbotsford at $1,207,400, a decrease of 1.0% from the preceding month; Mission at $1,025,000, an increase of 0.2% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of January was $826,000, a decrease of 0.2% from the preceding month. The extremities of this average were South Surrey/White Rock at $934,600 and Abbotsford at $653,700. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $827,500, a decrease of 0.3% from the preceding month; Cloverdale at $837,100, a decrease of 1.2% from the preceding month; and Langley at $864,600, an increase of 0.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $781,300, a decrease of 0.4% from the preceding month; Mission at $685,900, an increase of 0.4% from the preceding month; and Abbotsford at $653,700, a decrease of 0.1% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of January was $534,600, an increase of 0.1% from the preceding month. The extremities of this average were Langley at $603,900 and Mission at $457,400. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $562,700, a decrease of 0.6% from the preceding month; North Delta at $567,900, an  increase of 1.5% from the preceding month; and Cloverdale at $595,700, an increase of 0.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $480,300, an increase of 0.3% from the preceding month; Abbotsford at $440,900, an increase of 1.1% from the preceding month; and Mission at $457,400, a decrease of 0.1 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.  

METRO VANCOUVER

Market confidence returning with lower interest rates; declining prices

Opening the new year on a high note for home buyers, lower interest rates are leading to greater confidence with residential markets returning to historical norms. The Bank of Canada’s last rate cut on December 11 brought the key policy rate down to 3.25%, the lowest since 2022. With the country’s consumer price index inflation rate still around 2%, where it has been since last summer, many economists had predicted the central bank would cut another modest .25% in its next scheduled policy rate announcement January 29. However, recent data on improved jobs creation in Canada suggests inflation may not be quite tamed yet, and has changed that prediction to a coin-toss. In either scenario, variable mortgage rates can be expected between 4% and 5% for qualified buyers, providing one of the best incentives for home purchases in several years. Prospective buyers are therefore encouraged to make purchase decisions now, as greater confidence in market stability settles in. With the Bank of Canada’s inflation rate now continuing in its mid-point target range of 2%, it is an opportune time to make a home purchase. The Metro Vancouver residential market is also responding in several areas with declining prices as affordability continues to factor into price levels. There will likely continue for some time to be competing vectors on prices: upward pressure from increased demand moderated by downward pressure on the affordability side. However, the plentiful supply in Metro Vancouver’s residential market will also moderate upward price pressure. The current inventory offers a excellent range of homes across all property types. New listings in December totalled 1,676. Although this was a 50% decline from the preceding month of November which had seen an outsized surge, December’s figure is more than 26% higher than the same period last year, and within 1.1% of the 10-year seasonal average. This left the total number of available homes at the beginning of this year at 10.948, close to 25% more than in one year earlier. This is also more than 25% above the 10-year seasonal average, showing a desire by prospective sellers to make a sale at this time. At the end of December, the composite price for a residential property in Metro Vancouver was $1,171,500, a decline of 0.1% from the preceding month.

In my monthly guide to home prices below, I have selected in each property type the three closest benchmark prices above and below the overall benchmark average in different areas of Metro Vancouver. These benchmarks represent prices for comparable homes in different neighborhoods. The month-over-month price fluctuations typically reflect the current market activity in the area. Remember that benchmarks are averages and note the extremities of each average to get an idea of the range of prices making up the average. Particular prices may vary considerably from an average so if you are interested in a particular area, please give me call. I can provide you with the most up to date listings and assist you in finding a price that meets your budget. If you are thinking about listing your home for sale, I can also prepare a Customized Market Analysis for you property and advise you on the optimal listing price in the current market conditions. Please don’t hesitate to get in touch. I love to help my clients in any way I can.    

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of December was $1,997.000, no change from the preceding month. The extremities of this average were Vancouver West at $3,374,900 and Sunshine Coast at $897,000. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $2,095,800, an increase of 0.5% from the preceding month; North Vancouver at $2,130,900, a decrease of 0.8% from the preceding month; and Burnaby North at $2,133,100, an increase of 1.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $1,957,700, an increase of 0.3% from the preceding month; Vancouver East at $1,855,700, a decrease of 0.4% from the preceding month; and Coquitlam at $1,772,700, an increase of 0.2% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of December was $1,114,600, a decrease of 0.3% from the preceding month. The extremities of this average were: Whistler at $1,662,100 and Sunshine Coast at $747,100. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,134,800 (Squamish was not counted here because it is too far out for my clients) no change from the preceding month; Vancouver East at $1,147,000, an increase of 2.6% from the preceding month; and North Vancouver at $1,311,700, a decrease of 2.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Coquitlam at $1,071,600, an increase of 1.4% from the preceding month; Ladner at $1,035,800, an increase of 2.7% from the preceding month; and Port Moody at $1,030,700, an increase of 0.4% from the preceding month.

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of December was $749,900, a decrease of 0.4% from the preceding month. The extremities of this average were: West Vancouver at $1,226,100 and Sunshine Coast at $467,300. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody $752,100, a decrease of 0.4% from the preceding month; Burnaby East at $788,000, a decrease of 0.6% from the preceding month; and North Vancouver at $796,100, no change from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $734,900, a decrease of 1.0% from the preceding month; Coquitlam at $728,700, no change from preceding month; and Richmond at $724,400, a decrease of 1.0% from the preceding month.

Let me help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have 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.  

FRASER VALLEY

Fraser Valley home prices adjusting downward; Optimistic outlook for mortgage rates

Fraser Valley home sales dipped 12.5% month-over-month in December, but were still 19% above the same period one year earlier. For market watchers, this was especially welcome news as the new year was also ushered in with the lowest Bank of Canada policy rate since 2022. With its December rate cut of 50 basis points, the central bank’s key rate of 3.25% is allowing commercial mortgage rates to come down as the country’s inflation rate moves into the target range around 2%. For residential markets in particular, the Bank of Canada’s monetary policies have been a 5-year roller coaster ride of home buying incentives and disincentives, first with the onset of the Covid-19 pandemic followed by rampant price inflation. A Covid-19 policy rate of .25% in 2020 would spur a frenzy of home buying only to be followed by escalating prices forcing the central bank to raise its policy rate seven times in 2022. After a total increase of 400 basis points, the Bank had managed to reign in Canada’s spiralling inflation rate, bringing it to 6.3% by the end of 2022. The new year of 2025 now holds the promise of sustaining a balanced residential market along with an inflation rate that bodes well for further interest rate cuts this year. Market watchers will be waiting eagerly for the Bank of Canada’s next rate announcement in two weeks from today. Many economists agree on a strong likelihood of another modest rate reduction on January 29.  The current policy rate of 3.25% or lower possibly at 3%, brings mortgage borrowing within the reach of many home buyers who have been waiting for this year’s good news. However, 2025 will not be without challenging issues in the residential market in other respects. Many mortgage holders who took advantage of the exceptionally low borrowing rates in 2020, will be facing renewals of their 5-year fixed mortgages this year. In some cases, where homes were purchased as speculative investments, higher renewal rates may lead to more homes being listed for sale. Affordability also continues as a obstacle to many prospective home owners but the upside is that home prices are still declining as the market continues to adjust to the economic realities. At the end of December, the combined benchmark price for a residential property in the Fraser Valley was 965,000, a 0.5% decline from the previous month.   

I invite you to look at my monthly guide to benchmark prices for the property type of your choice below.  Each overall benchmark average has the three closest average prices on each side of the benchmark for comparable homes in different neighbourhoods. From the extremities shown for each average, you can get an idea of the range of prices making up the average. However, if you wish to look at specific prices in a neighbourhood, please don’t hesitate to call me. And if you are thinking about selling your home, I can prepare a Customised Market Analysis for your property and advise you on the optimal listing price in the current market conditions. Last month, newly listed single family homes sold on average within 43 days on the market; townhouses, on average, within 36 days; and condominiums on an average of 38 days.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of December was $1,480,400, a decrease of 0.1% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,869,700 and Mission at $1,023,000. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $1,485,700, an increase of 0.4% from the preceding month; Surrey at $1,522,000, an increase of 0.1% from the preceding month; and Langley $1,506,500, a decrease of 0.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,472,900, an increase 0.6% from the preceding month; North Delta at $1,415,600, a decrease of 0.9% from the preceding month; and Abbotsford at $1,195,200, an increase of 0.2% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of December was $827,900, a decrease of 0.9% from the preceding month. The extremities of this average were South Surrey/White Rock at $932,000 and Abbotsford at $654,500. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $830,300, a decrease of 0.6% from the preceding month; Cloverdale at $847,500, a decrease of 1.1% from the preceding month; and Langley at $862,800, a decrease of 0.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $754,600 a decrease of 2.2% from the preceding month; Mission at $682,700, an increase of 0.6% from the preceding month; and Abbotsford at $654,500, an increase of 0.5% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of December was $533,900, a decrease of 0.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $610,000 and Abbotsford at $436,300. The three municipalities closest to the benchmark on the higher side of the average were: North Delta at $569,000, a decrease of 1.5% from the preceding month; Surrey at $559,400, a decrease of 0.5% from the preceding month; and Cloverdale at $569,700, an increase of 0.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $478,900, a decrease of 0.3% from the preceding month; Mission at $457,900, a decrease of 1.2% from the preceding month; and Abbotsford at $436,300, a decrease of 1.2% from the preceding month.

I can help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have 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. 

METRO VANCOUVER

Bank of Canada makes another big interest rate cut; Prices steady – for now

Metro Vancouver’s residential market saw another month of robust sales in November with a total 2,181 sales across all property types. While dipping by 17% from the previous month, November’s sales can still be seen as a strong recovery continuing the spike of 42% seen in October after months of purchaser hesitancy. November’s sales were also 28.1% higher than one year ago. New listings totaling 3,725 in October were also strong. Although a 32% decline, this should be viewed as well with regard to October’s big surge in listings. Compared with the same period one year ago, November’s new listing were 10.6% higher. Overall, the Metro Vancouver market had a plentiful supply of available homes at the end of November with 13,245 homes across all property types, 21. 2% higher than the same month one year ago, and 5.4% above the 10-year seasonal average. This level of inventory provides home shoppers with an excellent range of choice in all property categories. It also coincides with other factors making for an immediate favorable window of opportunity for home buyers. The Bank of Canada’s most recent policy rate cut last week should create even better variable mortgage rates. The central’s bank’s rate reduction of 50 basis points brought its key interest rate to 3.25%, the upper end of the what the Bank calls its neutral range for inflation. Rate Hub Canada noted soon after the central bank’s cut on December 11, the prime rate at most Canadian mortgage lenders had decreased to 5.45%. For fixed 5-year term mortgages, the variable rate at Canada’s big six banks was a low as 4.14%. The lower rates can be expected to stimulate demand so prospective home buyers are encouraged to act now. The expected upward price pressure has not yet responded to the anticipated increase in demand but this is likely to occur in the new year. Overall prices levels in Metro Vancouver are still holding steady across all property types. At the end of November, the composite benchmark price for a residential property in Metro Vancouver was $1,172,100, no change from the preceding month.    

In my monthly selection below, you can compare the most recent benchmark prices for each property type in different areas of Meto Vancouver. The range of each benchmark is shown with its extremities.  As an average price for a comparable property, each overall benchmark is shown with a cluster of the closest averages above and below the category average. The month-over-month price change is also shown, an indicator of the relative market activity in the area for the last month. These monthly fluctuations typically represent the relative demand, and provide the shopper with a general insight into market trends. However, it is important to remember that benchmarks are averages. Actual prices may be found that more closely match you budget. Please feel free to call me for the most up-to-date prices in any neighborhood you may be interested in. I keep a close eye on the market and am happy to help you with your purchase plans. And if you are thinking of listing you home for sale, I can prepare a Customized Marker Analysis for your property and advise you on the optimal listing price in the current market conditions.    

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of November was $1,997.400, a decrease of 0.3% from the preceding month. The extremities of this average were West Vancouver at $3,384,400 and Sunshine Coast at $933,200. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $2,085,600, a decrease of 1.9% from the preceding month; Burnaby North at $2,108,900, a decrease of 1.0% from the preceding month; and Richmond at $2,118,700, a decrease of 0.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $1,952,700, decrease of 2.1% from the preceding month; Vancouver East at $1,8634.700, a decrease of 1.5% from the preceding month; and Tsawwassen at $1,801,300, an increase of 4.2% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of November was $1,117,600, an increase of 0.8% from the preceding month. The extremities of this average were Whistler at $1,741,200 and Maple Ridge at $774,500. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,118,200, a decrease of 3.2% from the preceding month; Richmond at $1,134,300, an increase of 0.6% from the preceding month; and Port Moody at $1,134,300, an increase of 0.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Coquitlam at $1,067,100, an increase of 2.3% from the preceding month; Burnaby South at $1,055,200, a decrease of 2.0% from the preceding month; and Port Moody at $1,027,300, a decrease of 1.8% from the preceding month.

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of November was $752,800, a decrease of 0.6% from the preceding month. The extremities of this average were West Vancouver at $1,212,800 and Maple Ridge at $525,500. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody $755,200, an increase of 1.1% from the preceding month; Burnaby East at $792,900, an increase of 0.7% from the preceding month; and North Vancouver at $796,400, an increase of 0.7 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $755,200, an increase of 1.1% from the preceding month; Burnaby East at $792,900, an increase of 0.7% preceding month; and Coquitlam at $728,300, a decrease of 0.9% from the preceding month.

Let me help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have 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.  

FRASER VALLEY

Home sales steady; abundant supply; lower rates expected to drive prices higher

Fraser Valley homes sales remained strong in November, despite not matching the level of resurgence seen in October after months of market doldrums. While dropping 15% from the previous month, November registered 1,136 sales, notably 28% higher than the same month one year ago. Valley home shoppers can enjoy a good selection of available homes with a total inventory of 8,125 properties at the end of November. While new listings declined by 26% from one month earlier, the supply of homes across all property types remains abundant and is above the 10-year season average. Prospective home buyers will find Fraser Valley prices are currently very attractive with the overall benchmark price below $1-million. Adding to the incentive to purchase at this time are lower mortgage rates making for easier payments as the Bank of Canada continues to cut its key policy rate. Last week, the central bank announced its second consecutive half percentage point reduction, bringing the Bank’s key lending rate to 3.25%. This is Canada’s lowest central bank rate since it raised its key rate in July 2023 to 5.0% and marks five successive interest rate reductions since that time. The policy rate underlies variable mortgage rates offered by commercial lenders and has brought current mortgage interest rates down as low as 4.15% for qualified borrowers of five-year term variable rate mortgages at Canada’s big six banks. However, the lower rates will no doubt increase demand in the coming months so prospective buyers may be well advised not to wait longer. Prices are currently stable in the Fraser Valley, but could rise with increased demand in the coming months. At the end of November, the combined benchmark price for residential property in the Fraser Valley was $969,500, a 0.2% decline from the previous month.   

In the section below, please look at my monthly selection of comparative benchmark prices in different geographical areas of the Fraser Valley. This is a guide to average prices for comparable properties in different neighbourhoods. For each property type, I have clustered around the overall benchmark price the closest average prices on the upper and lower sides of the benchmark. The extremities of each average provides an idea of the range of prices making up the average. Month-over-month prices fluctuations are a general indicator a of market activity based on relative demand. Last month prices showed modest increases and decreases mostly less than one percent. Notable exceptions were condominiums in South Surrey/White Rock with a decrease of 4.5% and townhouses in North Surrey dropping 2.9% for the month. Please call me if you are interested in a particular area; I can provide you with the latest actual prices that may fit you budget. And if you are thinking of selling your home, I can prepare a Customized Market Analysis for your property, and advise you on the optimal listing price in the current marker conditions. Last month, newly Valley listed properties sold on average quite quickly. Single family detached homes sold on average within 43 days; townhouses within 33 days; and condominiums within 36 days. With the Fraser Valley continuing to be an attractive region for young families as well as first time home buyers, it’s value for money is still attracting buyers who want to enjoy a urban home in relaxing rural setting.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of November was $1,482,600, a decrease of 0.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,871,400 and Mission at $1,026,100. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,520,500, an increase of 0.2% from the preceding month; Langley at $1,618,400, an increase of 0.3% from the preceding month; and South Surrey/White Rock  at $1,871,400, a decrease of 1.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Cloverdale at $1,480,400, a decrease 0.9% from the preceding month; North Surrey at $1,463,600, a decrease of 0.8% from the preceding month; and North Delta at $1,426,400, an increase of 1.1% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of November was $835,100, an increase of 0.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $952,100 and Abbotsford at $651,00.. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $835,400, an increase of 2.0% from the preceding month; Cloverdale at $856,700, an increase of 0.3% from the preceding month; and Langley at $867,200, an increase of 0.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $771,200 a decrease of 2.9% from the preceding month; Mission at $678,300, an increase of 0.5% from the preceding month; and Abbotsford at $651,000, an increase of 0.3% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of November was $536,100, a decrease of 1.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $615,3000 and Abbotsford at $438,400. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $564,000, a decrease of 1.3% from the preceding month; North Delta at $569,200, a decrease of 2.0% from the preceding month; and Cloverdale at $593,300, an increase of 1.0% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $480,100, a decrease of 0.1% from the preceding month; Mission at $463,3000, an increase of 0.8% from the preceding month; and Abbotsford at $438,400, a decrease of 1.9% from the preceding month.

I can help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have 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.