METRO VANCOUVER

Sales boom; listings abound; easing mortgage rules on horizon.

Surging sales broke though months of hesitancy in October as home buyers across Metro Vancouver appear finally to have responded to lower borrowing costs. With the fourth consecutive rate cut by Canada’s central bank in late October, the key policy rate underpinning variable mortgage interest costs dropped 50 basis points to 3.75% although  the effect of the three previous cuts appeared to gain traction in the market place earlier in the month. Total sales for the month of October jumped to 2,632 across all property types, a 42% increase from September and 32% higher than the same period one year ago. Inventory also rose sharpy  in October. New listings for the month reached a total of 5,452, a 63% increase over new listings in in the previous month, and 17% more than in th same period one year ago, as well as being 20% above the 10-year average.  Even with the surge in sales, October’s spike in new listings has produced one of the biggest inventories in Metros Vancouver in over a decade. At the end of October, the supply of available homes across all property types was 14,477  homes, a 60% increase above the end of September. This was also close to 25% over the same month last year, and  26% above the 10-year average. Many home buyers last month were able to benefit as well from the downward trend on prices seen over recent months. However, prospective buyers should be aware that upward price pressure may return quickly with a sustained demand level seen this past month.  New federal rules on the horizon will also likely lead to increasing demand. Effective December 15, 2024,  the price cap for insured mortgages will increase from $1-million to $1.5-million, allowing more home buyers to qualify for a mortgage with a downpayment below 20%. Other measures will expand eligibility to first-time purchasers of newly built homes, including condominiums, for 30-year mortgages as well as allowing insured mortgage holders to switch lenders at renewal without being subject to another mortgage stress test. While the new measures are a welcome incentive to home buyers, they bring a greater likelihood of upward home prices as well. At the end of October, the composite benchmark price for residential property in Metro Vancouver was $1,172,200, a 0.6 decrease from the preceding month, while 36% higher than 5 years ago.  

Please look at my monthly  selection below for benchmark prices for comparable property types in different areas of Metro Vancouver. Each overall benchmark is shown with a cluster of the closest prices on each side of the average. The month-over-month price change is a typical fluctuation related to recent market activity. The extremities of each benchmark provides indicates the range of prices in the average so please give me call if you would like the most up-to-date information for a home in any particular neighborhood. And if you are thinking of listing your home for sale, I can prepare a Customized Market Analysis for you property and advise you on the optimal listing price in this dynamic market. Please don’t hesitate to call, 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 October was $2,002,900, a decrease of 1.0% from the preceding month. The extremities of this average were Vancouver West at $3,369,100 and Sunshine Coast at $900.900. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $2,126,400, a decrease of 4.1% from the preceding month; Burnaby North at $2,130,700, a decrease of 0.1% from the preceding month; and North Vancouver at $2,135,600, a decrease of 3.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $1,995,600, decrease of 0.7% from the preceding month; Vancouver East at $1,891,900, an increase of 2.3% from the preceding month; and Coquitlam at $1,804,300, a decrease of 0.5% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of October was $1,108,800, an increase of 0.9% from the preceding month. The extremities of this average were Whistler at $1,734,100 and Maple Ridge at $768,900. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,127,100, a decrease of 1.9% from the preceding month; Vancouver East at $1,156,400, an increase of 5.5% from the preceding month; and North Vancouver at $1,364,500, an increase of 7.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $1,046,400, a decrease of 1.4% from the preceding month (Squamish is excluded here because it is too far away for my clients); Coquitlam at $1,033,700, a decrease of 3.5% from the preceding month; and Burnaby South at $1,035,000, an increase of 1.3% from the preceding month.

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of October was $757,200, a decrease of 0.6% from the preceding month. The extremities of this average were West Vancouver at $1,241,500 and Sunshine Coast at $515,800. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East $787,200, an increase of 0.1% from the preceding month; North Vancouver at $790,400, a decrease of 1.0% from the preceding month; and Burnaby North at $745,500, an increase of 0.3 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $746,600, an increase of 1.5% from the preceding month; Burnaby North at $745,000, an increase of 0.3% preceding month; and Richmond at $735,800, a decrease of 0.2% 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

Sales shoot up; new mortgage rules will help buyers

Fraser Valley home sales rocketed up in October after months of buyers sitting on the sidelines watching interest rates drop. Pent-up demand seemed literally to explode for the first time since successive Bank of Canada rate cuts began last June. Three of the cuts at 25 basis points each had lowered the central bank’s key lending rate to 4.25% by early September but buyers still remained hesitant even through that month. By October, however, variable mortgage rates appear to have come down sufficiently to spur last month’s rebound, while another 50 basis point reduction bringing the BoC rate to 3.75% on October 23 was the latest fuel injection in the current boom.  Whether the surge in demand will be sustained remains to be see, as prices could see upward pressure under current conditions. However, with inflation appearing to be under control, it is widely thought the central bank will make further rate reductions in the coming months. October’s sales spike recorded 1,330 transactions, an increase of 35% from the previous month and 37% higher than one year ago. The Valley’s new listings in October, unlike the significant uptick seen in Metro Vancouver, declined slightly, down 5% from September but still with a healthy total of 3,194, leaving the total available inventory at the end of October at 8,799, down 3% from the preceding month but up 34% over the same period one year ago, The reduced number of new listings is not surprising, as many Fraser Valley sellers got their listings out over the preceding months in anticipation of  the surge in sales. Market watchers will now be keeping their eyes on potential price increases as demand increases with lower borrowing costs, and other home buying incentives. Coming next month are new federal new rules for mortgage qualification and monthly payment schedules.  Effective December 15, home buyers who qualify for mortgages with a downpayment below 20% will see the current mortgage cap of $1-million increased to $1.5 million. In addition, the Canadian government will expand eligibility for 30 year mortgages to all first time home buyers and to all buyer of newly built homes, including condominiums. Other measures will allow insured mortgage holders to switch lenders at renewal without being subject to another mortgage stress test. Upward price pressure with the new rules is likely. At the end of October, the combined benchmark price for a residential property in the Fraser Valley was $971,700, a 0.7 decrease from the preceding month, while 36% higher than five years ago.

Please review my monthly selection below of benchmark prices for comparable properties in different areas of the Fraser Valley. Each overall benchmark for a property types is accompanied with the three closest average prices on each side of the benchmark. The month-over-month price changes are indicative of the typical fluctuations with the relative market activity. For more information on any specific neighbourhood, please give me a call. And if you are considering listing your home for sale, I can prepare a Customized Market Analysis and advise you on the optimal listing price in this dynamic market. 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 October was $1,488,100, a decrease of 0.9% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,908,200 and Mission at $1,017,100. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $1,493,600, a decrease of 0.9% from the preceding month; Surrey at $1,517,600, an increase of 0.5% from the preceding month; and Langley at $1,613,500, a decrease of 1.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,475,300, a decrease 1.5% from the preceding month; North Delta at $1,412,500, a decrease of 3.8% from the preceding month; and Abbotsford at $1,195,900, a decrease of 0.4% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of September was $833,200, a decrease of 0.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $957,800 and Abbotsford at $649,000. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $654,200, an increase of 0.4% from the preceding month; Langley at $864,800, a decrease of 1.0% from the preceding month; and South Surrey/White Rock at $957,800, a decrease of 0.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $819,400, a decrease of 1.1% from the preceding month; North Surrey at $793,900, an increase of 6.2% from the preceding month; and Abbotsford at $649,000, a decrease of 1.3% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of September was $543,300, a decrease of 0.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $644,000 and Abbotsford at $446,700. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $571,600, a decrease of 0.5% from the preceding month; North Delta at $580,700, a decrease of 0.1% from the preceding month; and Cloverdale at $587,100, a decrease of 3.0% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $480,300, a decrease of 1.8% from the preceding month; Mission at $459,800, a decrease of 0.7% from the preceding month; and Abbotsford at $446,700, an increase of 3.0% 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

Buyers remain hesitant; significant price declines in select areas

Prospective home buyers in Metro Vancouver continued to hold back for another month as September home sales posted a slight month-over-month decline of 2.7% -- although a much lower rate of decline than the 18% drop seen last month. On a year-over-year comparison, September’s residential sales total of 1,852 was a 3.8% while 26% below the 10-year seasonal average. Last month’s continued trend of buyer hesitancy has been ongoing since middle of the summer, despite expectations of a latent surge based on the Bank of Canada’s series of policy rate cuts that began last June. The most recent rate reduction on September 4 brought the central banks key rate to 4.25%, down from the long-standing 5% peak reached during its inflation fighting period. While mortgage rates have come down, home buyers appear to waiting for even better rates, as well as watching the trending decline in prices. The next Bank of Canada rate announcement is scheduled for October 23, when another cut is expected as Canada’s inflation rate is within the Bank’s target range. In the meantime, a growing inventory during this current sales slump is also contributing to price declines as supply overpowers demand. New listings in September reached a total of 3,352 properties across all property types, up 21% from the preceding month, and a 17% increase year-over-year. Metro Vancouver’s total inventory of 9,045 homes at the end of September was a 5% increase over the preceding month, and 39% above the same period one year ago.  Prices have continued their recent monthly downward trend with September declines showing some significant reductions, for example the benchmark price for single family homes in Burnaby South saw a month-over-month drop of 4.3% last month. Similarly the benchmark price for townhouses in Vancouver East dropped 5% and condominium benchmark in Ladner dropped a stunning 11%. The combined benchmark price for a residential property in Metro Vancouver at the end of September was $1,176,700, a decline of 1.4% from the preceding month.

My monthly selection below of comparable properties across different areas of Metro Vancouver is a guide to home shopping for each property type with the comparative benchmark prices for each property type. Each overall benchmark has a cluster of the closest benchmarks on each side of the average in six geographical areas. The extremities of these benchmarks provides the range of prices making up the averages, and the month-over-month price changes are an indicator of the relative price fluctuations based on the current market activity. It is important to keep in mind that the average prices may conceal actual individual prices that you may find  more attractive to your budget. If you would like to explore a particular neighborhood, please let me know. I can provide you with the most up to date information for new listings. And if you are thinking of listing you home for sale, I can develop 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 call. I love to help my clients with any of the real estate needs.         

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of September was $2,022,200, a decrease of 1.3% from the preceding month. The extremities of this average were Vancouver West at $3,269,200 and Sunshine Coast at $888,500. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $2,133,300, a decrease of 0.3% from the preceding month; Burnaby South at $2,154,400, a decrease of 4.3% from the preceding month; and Richmond at $2,168,800, a decrease of 2.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $1,982,200 decrease of 1.3% from the preceding month; Vancouver East at $1,848,700, a decrease of 1.1% from the preceding month; and Coquitlam at $1,613,600, a decrease of 0.8% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of September was $1,099,200, a decrease of 1.8% from the preceding month. The extremities of this average were Vancouver West at $1,416,300 and Maple Ridge at $786,400. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,149,400, an increase of 0.5% from the preceding month; Coquitlam at $1,071,600, a decrease of 0.5% from the preceding month; and Vancouver West at $1,416,300, a decrease of 2.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,096,100, a decrease of 5.0% from the preceding month; Port Moody at $1,060,900, a decrease of 0.2% from the preceding month; and Port Moody at $1,060,900, a decrease of 0.2% from the preceding month.

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of September was $762,000, a decrease of 0.8% from the preceding month. The extremities of this average were West Vancouver at $1,245,400 and Sunshine Coast at $526,400. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East $766,800, a decrease of 0.8% from the preceding month; North Vancouver at $797,900, a decrease of 0.6% from the preceding month; and Burnaby South at $831,800, a decrease of 2.0 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $758,400, an increase of 1.1% from the preceding month; Burnaby North at $742,900, a decrease of 1.8% preceding month; and Richmond at $737,800, 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

Buyers remain on sidelines; Inventory grows while prices decline

Fraser Valley home sales this past September continued another month of lagging behind new listings, as prospective buyers remain on the sidelines while inventory grows and prices decline. September’s sales total of 982 was down 8% from the preceding month, and over 10% below the same period one year ago. At the same time, new listings showed a month-over-month increase of 20.6% – adding 3,352 homes across all property types to the Valley’s supply. The total inventory in the Fraser Valley at the end of September reached 9,045 homes, up 5% from the preceding month, and 39% above the same period one year ago. While home shopping normally falls off in the fall, the current seasonal slow-down marks the second-slowest month in the last 10 years in the Valley’s residential market. With the robust supply at present, the sales slump is raising speculation among market watchers that buyers anticipate further interest rate cuts along with an ongoing downward slide in prices before they are incentivised to make a purchase. There are several factors that may account for this hesitancy. After seeing 10 central bank rate hikes to a high of 5% from 0.25% in 2022, and a tightening a mortgage qualifying rules during a period of high inflation, many buyers retreated from the market. The return to readiness for purchasing requires considerable preparation on financial arrangements not to mention assuredness that inflation will not return. These two factors are particularly important for buyers choosing variable rate mortgages. While Canada’s inflation rate fell to 2.5% this past summer – very close to target of 2%, the Bank of Canada does not expect the national economy to pick up until second half of 2025. Price increases also peaked during the inflationary bubble, and while they trending down at present, it is still a question of affordability for many buyers waiting for further declines. The next Bank of Canada rate decision is scheduled for October 23 with many economists predicting another rate cut then. Prospective buyers should be preparing, however, for the pent up demand signalled with the growing supply of available homes, that a surge in buying could be triggered at any time, reversing the price declines see now. The combined benchmark price for a residential property in the Fraser Valley at the end of September was $978,800, a 1.4% decrease from the preceding month.

Please see my guide below to comparative benchmark prices in different areas of the Fraser Valley. The overall benchmark for each property type at the end of September is shown with a cluster of the three closest average prices on each side of the benchmark. The month-over-over-month price changes shows the relative fluctuation typical of recent market activity. For the most up-to-date information on any neighbourhood you wish to explore for purchasing, please give me call. And if you are considering listing you home for sale, 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 September, a single family detached home sold within 35 days on the market; townhouses sold on average within 30 days; and condominiums on average in 37 days.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of September was $1,501,100, a decrease of 1.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,934,500 and Mission at $1,003,400. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $1,507,100, a decrease of 0.2% from the preceding month; Surrey at $1,509,500, a decrease of 2.1% from the preceding month; and Langley at $1,633,700, a decrease of 0.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,498,300, a decrease 0.8% from the preceding month; North Delta at $1,468,200, a decrease of 0.4% from the preceding month; and Abbotsford at $1,200,700, a decrease of 1.8% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of September was $834,400, a decrease of 1.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $964,600 and Abbotsford at $657,500. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $850,600, an increase of 0.6% from the preceding month; Langley at $873,100, a decrease of 1.3% from the preceding month; and South Surrey/White Rock at $964,600, a decrease of 0.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Cloverdale at $850,600, an increase of 0.6% from the preceding month; North Surrey at $754,700, a decrease of 0.9% from the preceding month; and Mission at $672,000, a decrease of 1.8% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of September was $545,000, a decrease of 0.2% from the preceding month. The extremities of this average were South Surrey/White Rock at $646,900 and Mission at $462,800. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $574,700, an increase of 0.6% from the preceding month; North Delta at $581,300, an increase of 1.0% from the preceding month; and Cloverdale at $605,300, a decrease 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 $469,000, a decrease of 1.4% from the preceding month; Mission at $462,800, an increase of 0.2% from the preceding month; and Abbotsford at $443,600, a decrease of 2.2% 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

Plentiful supply awaits buyers; Bank of Canada cuts policy rate again    

Metro Vancouver’s residential market saw another month of sales decline with1,904 transactions recorded in August, an 18% drop from the previous month. It was also 17% below the same period one year ago and 26% below the 10-year seasonal average. Home buyers may have been understandably hesitant in anticipation of the Bank of Canada rate cut announced September 4. While August is typically a slower home sales month, September’s announcement of another 25 basis points reduction by the central bank would mean more borrowing cost savings were on the near horizon. The September reduction was the first time the central bank has made three consecutive rate reductions since 2009. This last rate reduction brought the Bank’s policy rate to 4.25%, 75 basis points lower than it was in July 2023. The Bank of Canada is still targeting a 2.0% inflation rate which is now close with the Consumer Price Index inflation rate of 2.5% inflation reported this past July. As Canada’s declining inflation rate now appears less volatile, more home buyers are choosing variable rate mortgages. Ratehub.ca reports the best variable rate in Canada, and available in British Columbia, as of September 7 was 5.3%. Fixed rate mortgages, which are tied to bond yields, are not directly affected by central bank rate cuts, but these may also see discounts coming soon as bond yields drop. Another Bank of Canada announcement is scheduled for October 23, and new listings are adding to Metro Vancouver’s available inventory. August’s new listings of 4,109 homes across all property types was a 4.2% increase compared to new listings for the same period last year, bringing the total supply of available homes in Metro Vancouver at the end of the month to 13,812, a 37% increase over the same period one year ago. During the period of home buyer hesitancy over the past few months, reduced demand along with the inventory build-up has produced a plentiful selection for prospective buyers. Home prices have continued to inch downwards as well, creating excellent purchase opportunities. The composite benchmark price for a residential property in Metro Vancouver at the end of August was $1,195,900, a 0.1% decrease from the preceding month.  

In my monthly selection of benchmarks around Metro Vancouver below, you will find a guide to the latest price listings for different comparable homes in each property category. The month-over-month price change is a fluctuation that typically reflects the relative current market activity in an area. Each overall benchmark has a cluster of the three closest prices on each side of the benchmark price. Benchmarks are averages so the high and low extremities provide the range of prices making up the average. Keep in mind averages are a guide but may conceal a specific asking price that is particularly attractive for your budget. If you are interested in a particular neighbourhood, please give me a call. I can provide the most up-to-date listings. There are many home owners who are listing their properties now as mortgage rates come down, so please let me help you if you are thinking of listing your home for sale. I prepare a Customized Market Analysis for your property and advise you on the optimal listing price in the current market conditions. Please don’t hesitate to call. I love to help my clients.       

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of August was $2,048,400, a decrease of 0.1% from the preceding month. The extremities of this average were Vancouver West at $3,458,800 and Sunshine Coast at $880,400. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $2,140,000, a decrease of 1.2% from the preceding month; Port Moody at $2,178,200, an increase of 1.2% from the preceding month; and Richmond at $2,220,000, an increase of 1.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $2,007,200 an increase of 3.2% from the preceding month; Vancouver East at $1,869,800, an increase of 0.1% from the preceding month; and Coquitlam at $1,826,700, a decrease of 0.1% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of August was $1,119,300, a decrease of 0.5% from the preceding month. The extremities of this average were Whistler at $1,705,400 and Sunshine Coast at $768,300. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,144,000, a decrease of 1.3% from the preceding month; Vancouver East at $1,163,800, an increase of 0.7% from the preceding month; and North Vancouver at $1,328,400, a decrease of 1.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Coquitlam at $1,076,600, a decrease of 1.4% from the preceding month; Port Moody at $1,063,100, an increase of 0.2% from the preceding month; and Burnaby South at $1,050,100, a decrease of 3.5% from the preceding month.

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of August was $768,200, no change from the preceding month. The extremities of this average were West Vancouver at $1,235,000 and Maple Ridge at $522,300. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East $780,700, a decrease of 1.8% from the preceding month; North Vancouver at $802,400, a decrease of 1.2% from the preceding month; and Burnaby South at $848,800, an increase of 0.8 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $756,900, an increase of 0.1% from the preceding month; Port Moody at $740,700, a decrease of 1.6% preceding month; and Richmond at $743,400, an increase of 1.6% 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 poised for sales;  Further interest rate cuts expected

Residential sales volume in the Fraser Valley dropped again in August, continuing the trend in slumping sales of recent months. Buyer hesitancy persists despite a growing inventory of available Valley homes amid dipping prices, and while interest rate cuts bring down borrowing costs. Although housing affordability remains a headline problem requiring more supply to be built as quickly as possible, it should also be noted that the Fraser Valley’s prices have dropped considerably since their pandemic period highs. The combined benchmark residential price has remained below $1-million for the second consecutive month since surpassing this threshold in December 2023, giving Valley homes a comfortable price competitiveness in the lower mainland. August sales in the Fraser Valley totalled 1,067 in August, a 13% drop from the preceding month, making this past August the second slowest seasonally adjusted sales in the last decade. At the same time, new listings last month reached 3,412 homes. While a significant 18% decline from the preceding month, the new listings pushed the Valley’s supply of available home to a robust total of 8,626. The resulting sales-to-active listings ratio of 12% brings the overall market conditions to the cusp of a buyers’ market, not seen in the Fraser Valley since early in 2020. These facts combined with the current downward trend in interest rates by the Bank of Canada, suggest affordability is not the primary driver of the current sales slump. Given that Canada’s Consumer Price Index inflation rate of 2.5% reported in July is approaching the target of 2% set by the central bank, many prospective home buyers have likely decided not to take advantage of the two consecutive Bank of Canada rate cuts seen since July, as they wait for a third rate reduction in the Bank’s October 23 announcement. Many economists predict the next cut will be in line with the previous two 25 basis point cuts. This anticipatory mood is to be expected as October’s announcement could shave another 25 basis points, bringing the central bank policy rate to 4.0%, a significant drop from its post-pandemic high of 5.0% in 2023. Variable mortgage rates in Canada are already following suit with the reductions in the Bank of Canada borrowing costs. A variable mortgage rate as low as 5.3% was posted by Ratehub.ca on September 7.  With further borrowing costs savings on the near horizon, the Valley home market is poised to spring back to life very quickly. The combined benchmark price for a residential property in the Fraser Valley at the end of August was $992,800, a 0.6% decline from the preceding month.

I invite you to review my monthly selection below of benchmark prices for homes in each property category across different areas of the Fraser Valley. Each overall  benchmark average has a cluster of the three closest benchmarks on each side of the average. The extremities of the each average provides you with the range of prices for each cluster, and the month-over-month price fluctuations is typically a reflection of the current demand in each area. Please let me know if you would like to explore any particular neighbourhood. 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 listing price in the current market conditions. Please don’t hesitate to call. I love to help my clients.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of August was $1,523,500, a decrease of 0.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,966,700 and Mission at $1,045,900. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,541,200, a decrease of 1.4% from the preceding month; Langley at $1,647,300, an increase of 0.7% from the preceding month; and South Surrey/White Rock at $1,966,700, 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 $519.900, a decrease 0.1% from the preceding month; Cloverdale at $1,510,600, a decrease of 0.7% from the preceding month; and North Delta at $1,473,600, a decrease of 0.1% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of August was $846.300, a decrease of 0.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $969,600 and Abbotsford at $664,500. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $854,000, a decrease of 0.4% from the preceding month; Langley at $854,700, an increase of 0.7% from the preceding month; and North Delta at $956,900, a decrease of 3.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Cloverdale at $845,900, a decrease of 1.4% from the preceding month; North Surrey at $754,200, a decrease of 1.4% from the preceding month; and Mission at $684,400, a decrease of 0.2% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of August was $546,20000, a decrease of 0.9% from the preceding month. The extremities of this average were South Surrey/White Rock at $623,900 and Mission at $462,000. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $571,300, a decrease of 0.2% from the preceding month; North Delta at $575,500, a decrease of 1.5% from the preceding month; and Cloverdale at $606,700, an increase of 1.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $495,800, a decrease of 0.3% from the preceding month; Mission at $462,000, a decrease of 1.0% from the preceding month; and Abbotsford at $443,100, a decrease of 1.1% 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

Sales lag despite interest rate cuts; Inventory above 10-year average

Prospective home shoppers in Metro Vancouver showed another month of reluctance in July despite a second Bank of Canada policy rate cut last month and a teeming inventory of available homes. The July sales total of 2,333 was a 2.2% decline from the preceding June, continuing the downward trend of recent months. It was also 5% below the same month one year ago, and almost 18% below the 10-year average for the season. With the Bank of Canada’s July rate cut bringing its policy rate to 4.5%, many economists predicted home sales would begin to rise as mortgages become more affordable. The central bank’s rate reduction in June to 4.75% was followed soon after with major banks lowering their prime rate to 6.95%. And shortly after the central bank’s July cut, Canada’s major banks reduced their prime again to 6.7%. However, while these cuts have produced some relief for variable rate mortgage holders, new mortgage borrowers may be waiting for further rate cuts before negotiating more favorable fixed-rate mortgages. The next Bank of Canada announcement is scheduled for September 4. A growing number of economists now predict at least one, or possibly two, more 25 basis point cuts to come before the end of this year. Canada’s inflation rate at the end of June was 2.7%, still moving toward the Bank’s 2% target. When home purchases pick up, buyers will have a great selection available. New listings in July reached 5,597 across all property types. While this was a 2.2% dip in new listings from June, it was still plentiful and brought the total inventory at the end of July to 14,326 properties, a 39% increase over the same period on year ago and 2.5% above the 10-year seasonal average. Along with the decline in sales and supply build-up over recent month’s, home prices have shown an gradual flattening or modest declines. At the end of July, the composite benchmark price for a residential property in Metro Vancouver was $1,197,700, a 0.8% decrease from the preceding month.         

In the section below, you will find my guide to comparative benchmark prices for each property type in different areas of Metro Vancouver. Each overall benchmark price is surrounded by a cluster of the closest three benchmarks on each side of the average. The prices noted are shown with their month-over-month changes and represent the normal price fluctuations that typically indicate the current demand in a particular area. The extremities of the average give you an idea of the range of prices making up the benchmark. Keep in mind that benchmark prices are averages so actual listed prices may provide more precision for your budget planning. If you are interested in looking for a home in a specific neighborhood, please give me call. I can provide you with the most up-to-date data and any new listings. And if you are thinking of listing your home for sale, I can prepare a Customized Market Analysis for your property and advise you on the optimal listing price in the current market conditions. Last month, sales of condominiums led with a total of 1,192; detached home sales reached 688; and townhouse sales totalled 437.   

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of July was $2,049,000, a decrease of 0.6% from the preceding month. The extremities of this average were Vancouver West at $3,509,900 and Sunshine Coast at $896,400. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $2,151,900, a decrease of 1.4% from the preceding month; Burnaby North at $2,165,800, a decrease of 0.4% from the preceding month; and Richmond at $2,194,100, 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 $1,944,400, a decrease of 0.1% from the preceding month; Vancouver East at $1,867,900, a decrease of 1.3% from the preceding month; and Coquitlam at $1,830,000, a decrease of 0.7% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of July was $1,124,700, a decrease of 1.2% from the preceding month. The extremities of this average were Vancouver West at $1,444,700 and Sunshine Coast at $755,600. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,145,300, a decrease of 0.2% from the preceding month; Richmond at $1,159,700, a decrease of 0.3% from the preceding month; and North Vancouver at $1,352,100, a decrease of 2.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $1,088,500, a decrease of 1.2% from the preceding month; Coquitlam at $1,091,900, a decrease of 0.7% from the preceding month; and Port Moody at $1,062,300, an increase of 1.2% from the preceding month.

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of July was $768,200, a decrease of 0.7% from the preceding month. The extremities of this average were West Vancouver at $1,282,600 and Maple Ridge at $526,300. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East $794,700, a decrease of 0.9% from the preceding month; North Vancouver at $814,800, a decrease of 1.2% from the preceding month; and Vancouver West at $849,400, a decrease of 0.1 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $762,000, an increase of 0.2% from the preceding month; Burnaby North at $755,900, a decrease of 0.5% preceding month; and Coquitlam at $746,900, an increase of 0.1% 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

Lower interest rates still not spurring sales; Valley combined benchmark price dips below $1-million

Fraser Valley residential sales continued their recent downward trend in July to 1,230 homes sold, a 6.3% decline from June and down by 26% on a 10-year seasonal average. Recent interest rate cuts by the Bank of Canada have so far failed to incentivise the expected increase in home sales even as mortgage rates have dropped In tandem with the central bank cuts. Major banks reduced their prime lending rate to 6.7% near the end of July, following the second consecutive cut to the Bank of Canada policy rate, now at 4.5%. While the rate cuts were welcome news to many sidelined prospective buyers due to the lengthy central bank policy rate of 5%, it appears more cuts will be needed to spur Valley sales which have traditionally seen robust activity during summer months. The situation will keep eyes focused on the Bank of Canada’s next scheduled rate announcement scheduled for September 4. It is widely thought that the Bank will make another cut of 25 percentage points lowering its key rate to 4.25%, with speculation there will be a another similar cut before the end of this year. Given the normal lag time to see the effect in lower mortgages, there is good reason to believe that sales will begin to increase this fall. In the meantime, the inventory of available homes in the Fraser Valley continues to grow substantially. New listing in July showed only a slight dip of less than 0.5% from June, reaching 3,412 and bringing the Valley’s available supply at the end of July to 8,731 homes across all property types, an increase of 5% from the preceding month and 26% above the 10-year seasonal average. With the combined inventory build up and purchase reticence, prices have slowly but steadily declining over the past few months. The combined benchmark price for a Fraser Valley residential property at the end of July dipped, for the first time since January 2024, slightly below the $1-million threshold to $999,100, a decline of 0.3% from the preceding month.    

You are invited to use my monthly guide in the section below with comparative benchmark prices for each property type in different areas of the Fraser Valley. For each overall benchmark, there is a cluster of the three closest average prices for comparable homes on each side of the benchmark. Each price shows its month over month price fluctuation, a general indication of the relative sales activity for the month. Note the extremities provided for each of the average prices as well, as this will give you an idea of the range of prices making up the average. There may be actual prices that are not apparent in the average. These may be a excellent purchase opportunities so if you are interested in exploring a particular neighbourhood, please don’t hesitate to give me a call. I can provide you with the most up to date information on new listings and asking prices. And if you are thinking of selling your home, I can prepare a Customized Market Analysis of your property and advise you on the optimal listing price in the current market conditions. Even in this slower than usual sales climate, Fraser Valley homes sold quite soon after their listing. Last month, single family detached homes were on the market for an average of 31 days; townhouses on average for 25 days; and condominiums for an average of 25 days.    

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of July was $1,529,600, an increase of 0.1% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,980,500 and Mission at $1,048,900. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,563,800, a decrease of 0.2% from the preceding month; Langley at $1,635,100, a decrease of 0.1% from the preceding month; and South Surrey/White Rock at $1,980,500, an increase of 0.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Cloverdale at $1,521,900, a decrease 0.1% from the preceding month; North Surrey at $1,512,500, a decrease of 0.1% from the preceding month; and North Delta at $1,474,300, an increase of 1.4% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of July was $848,800, a decrease of 0.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $969,500 and Abbotsford at $666,700. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $857,100, a decrease of 0.2 from the preceding month; Cloverdale at $858,200, a decrease of 0.2% from the preceding month; and Langley at $878,900, an increase 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 $708,200, a decrease of 3.3% from the preceding month; Mission at $685,700, an increase of 1.5% from the preceding month; and Abbotsford at $666,700, no change from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of July was $551,000, no change from the preceding month. The extremities of this average were South Surrey/White Rock at $635,100 and Abbotsford at $448,200. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $572,200, a decrease of 0.2% from the preceding month; North Delta at $583,900, a decrease of 0.4% from the preceding month; and Cloverdale at $598,500, an increase of 1.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $497,400, a decrease of 0.2% from the preceding month; Mission at $466,700, an increase of 2.2% from the preceding month; and Abbotsford at $448,200, an increase of 0.3% 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

Sales down while national average up; supply increases

Metro Vancouver residential sales showed a continuing a month-over-month decline in June with a total of 2,418 homes sold across all property types, an 11.5% drop from May. With the previous month’s more modest dip of 3.5% from April, the market’s sales volume moved to 23.6% below the 10-year average at the end of June. At the same time, Metro Vancouver’s sales decline was in sharp contrast to national home sales. Canadian Real Estate Association figures showed a 3.7% increase in sales volume for the same period. While Metro Vancouver’s housing market remains among the priciest in the country, the upward price trend has been slowing or even reversing recently, as prospective buyers remain on the sidelines during this normally higher summer sales period. One possible explanation is that they expect to see second interest rate cut by the Bank of Canada later this year. Last month the central bank shaved 25 basis points from its policy rate, the first rate cut in four years, lowering the key interest rate to 4.75%. A recent rise in current unemployed figures has also boosted economists’ confidence in another rate to follow as Canada’s inflation rate appears to be under control. Yet, while buyers wait and watch, the Meto Vancouver housing market is quickly replenishing its inventory. New listings in June reached 5,723 for all properties, a 7% increase over the same period last year, bringing the total supply to 14,182 available homes. This represents a 4% increase over May’s closing inventory, a 42% increase over the same month last year, and 20% above the 10-year average. With the plentiful supply now combined with lower demand, there is a flattening of prices occurring at present. Downward pressure on home prices occurs when the ratio of sales-to-active listings drops below 12% for a sustained period. At the end of June, the ratio for detached homes was 13.1%; for townhouses 21.1%; and for condominiums 20.3%. The combined benchmark price for a residential property in Metro Vancouver at the end of June was $1,207,100, a decline of 0.4% from the preceding month.

In the section below, my monthly guide to comparative prices in different areas of Metro Vancouver provides an insight into recent market activity. For each property category, you will find the overall benchmark price along with a cluster of the three closest benchmarks on each side of the average in different geographical areas. The one-month price change provides an idea of the relative demand for homes in the area, and the extremities of each benchmark average gives an idea of the range of prices making up the average. However, it is important to remember that benchmarks are averages. There may be specific prices that are concealed in an average that may offer an excellent purchase opportunity and a good fit for your budget, so if you are interested in a particular neighbourhood, please give me a call. I can provide you with the most up-to-date information on any recent listings. And if you are considering listing your home for sale, I can prepare a Customized Market Analysis for your property and advise you on the optimal listing price in the current market. Please don’t hesitate to call. I love to help my clients.

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of June was $2,061,000, a decrease of 0.1% from the preceding month. The extremities of this average were Vancouver West at $3,560,700 and Sunshine Coast at $932,600. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $2,173,900, an increase of 0.5% from the preceding month; Port Moody at $2,182,800, an increase of 0,5% from the preceding month; and Richmond at $2,197,800, a decrease of 0.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Coquitlam at $1,842,600, a decrease of 0.7% from the preceding month; Vancouver East at $1,892,600, an increase of 0.7% from the preceding month; and Burnaby East at $1,063,600, a decrease of 2.1% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of June was $1,138,100, a decrease of 0.6% from the preceding month. The extremities of this average were Whistler at $1,748,000 and Sunshine Coast at $780,800. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,147,600, an increase of 1.1% from the preceding month; Richmond at $1,,163,300, a decrease of 0.5% from the preceding month; and North Vancouver at $1,388,900, a decrease of 2.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $1,101,400, an increase of 1.1% from the preceding month; Coquitlam at $1,084,200, a decrease of 1.1% from the preceding month; and Port Moody at $1,048,300, an increase of 0.8% from the preceding month.

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of June was $773,400, a decrease of 0.4% from the preceding month. The extremities of this average were West Vancouver at $1,350,900 and Maple Ridge at $534,900. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East $802,300 a decrease of 1.2% from the preceding month; North Vancouver at $824,500, an increase of 0.1% from the preceding month; and Burnaby South at $843,200, a decrease of 0.5 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $760,100, a decrease of 0.9% from the preceding month; Burnaby North at $759,600, no change from the preceding month; and Coquitlam at $746,400, a decrease of 0.7% 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

Sales dip despite central bank rate cut; inventory grows

Fraser Valley home sales for June were mildly disappointing after an optimistic uptick one month earlier. The Valley’s sales decline comes while the national average for home sales rose in June by 3.7%. Market watcher were expecting sales volume to continue upward following the Bank of Canada’s policy rate cut of 25 basis points on June 5, the first central bank cut to its key lending rate in four years. However, even with the key interest rate now at 4.75%, the major bank rates for fixed term mortgages still remain close to 6%, keeping many prospective buyers waiting for further rate cuts. Prospective buyers will be keeping an eye open for the Bank of Canada’s next policy rate announcement, scheduled for July  24. Many economists are predicting another rate cut by the central bank then, as there a signs that Canada’s inflation rate is on track to its target 2% range. Meanwhile, the sales slump may continue until further rate cuts are announced. June’s sales total of 1,317 homes was down 13% from the preceding month which saw 1,517 Valley transactions. Despite recent month-over-month differences, however, sales volumes in the Fraser Valley for June – still not yet back to their pre-covid levels – were down 30% last month on a 10-year seasonal average. Inventory, on the other hand, has been growing during the sales slump. While new listings in June were down 9% from the preceding month, they totalled an impressive 3,418 homes across all property types, boosting the available inventory at the end of June to 8,350 active listings, a 6% increase from the preceding May and continuing a record high level for the past five years. Along with the strong inventory and slower sales, home prices across the Valley have been moderating after months of upward movement. Detached home prices were notably flatter in June, while townhouses and condominiums showed slight benchmark dips overall.  At the end of June, the combined benchmark price for a residential property in the Fraser Valley was $1,001,700, a decrease of 0.5% from the preceding month.    

My monthly selection below of comparative benchmarks prices for homes in different areas of the Fraser Valley provides a guide for home shoppers. Each property category has its overall benchmark price along with a cluster of the three closest benchmarks on each side of the average. The month-over-month price fluctuations illustrate the relative demand and sales activity for the period. The extremities of each benchmark is also provided to give you an idea of the range of prices making up the average. It is important to remember that benchmarks are averages, so specific prices representing excellent purchase opportunities may not be apparent in the average. If you are interested in exploring any particular neighbourhood, please don’t hesitate to give me a call. I can provide you with the most up-to-date information on any new listings. And if you are thinking about listing your home for sale, I can prepare a Customized Market Analysis for your property, and advise you on the optimal listing price in the current market conditions. Last month, Valley properties across all property types sold on average quite quickly. Single family detached homes sold on average in 22 days;  townhouses in 20 days; and condominiums in 30 days.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of June was $1,528,900, a decrease of 0.1% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,973,300 and Mission at $1,056,300. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,566,700, a decrease of 0.6% from the preceding month; Langley at $1,637,500, a decrease of 0.8% from the preceding month; and South Surrey/White Rock at $1,973,300, an increase of 1.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Cloverdale at $1,521,300, a decrease 0.7% from the preceding month; North Surrey at $1,514,500, a decrease of 0.2% from the preceding month; and North Delta at $1,453,400, an increase of 1.0% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of June was $851,100, a decrease of 0.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $978,600 and Abbotsford at $666,800. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $859,000, no change from the preceding month; Cloverdale at $860,000, a decrease of 1.7% from the preceding month; and Langley at $872,600, a decrease 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 $791,500, a decrease of 0.9% from the preceding month; Mission at $675,400, an increase of 0.1% from the preceding month; and sAbbotsford at $666,800, a decrease of 0.5% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of June was $555,100, a decrease of 0.7% from the preceding month. The extremities of this average were South Surrey/White Rock at $636,800 and Abbotsford at $446,900. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $573,500, no change from the preceding month; North Delta at $386,400, a decrease of 0.1% from the preceding month; and Cloverdale at $991,100, a decrease of 2.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $498,400, a decrease of 0.8% from the preceding month; Mission at $456,600, an increase of 0.9% from the preceding month; and Abbotsford at $446,900, a decrease of 1.1% 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.