METRO VANCOUVER

December closes with declines in sales and listings; January brings hopeful outlook    

Like its namesake Janus, the ancient Roman deity with two opposite faces, the month of January has prospective buyers and sellers in Metro Vancouver’s real estate market looking both backwards and forwards. While 2023 may be remembered for its record high mortgage rates, a second consecutive year of declines in home sales as well as new listings, and price fluctuations in both directions as the market rebalanced in its post-covid period, the market closed with overall home prices up an average of 5.0% from the previous year. It is difficult to determine exactly how price levels may have varied according to relative supply and demand during the year, but on the most recent month-over-month comparison we can see this past December was weak in both attracting buyers and well as sellers. Total home sales reached 1,333 across all property types, down 21% from the preceding November total of 1,689. Similarly, new listings in December came in at 1,327, a drop of 60% from November’s total of 3,369. On a 10 year comparison, the sales decline is 36% below the seasonal average, while new listings are down by 23%. The available inventory at the end of December 2023 was 8,802 homes, a 19.4% decline from the preceding month of 10,931 homes. Still, on a 10 year comparison, the available inventory at the end of 2023 managed to squeak ahead of the seasonal average by 0.3%. Market watchers are now looking forward to forecasted interest rate cuts by the Bank of Canada starting in the second half of 2024. With considerable pent-up demand by home shoppers who have been sidelined by high mortgage rates for some time, the market may well see a surge in sales and new listings this spring. Home prices may then also rise, depending on whether new listings can meet the pace of the expected rise in demand. I encourage prospective buyers to watch this trend carefully, as waiting for further interest rate reductions may mean you end up facing higher prices. At the end of December 2023, the composite benchmark price for a residential property in Metro Vancouver was $1,168,700, a 1.4% decrease from the preceding month.

You can see the benchmark prices for comparable homes in each property type for a selection of areas around Metro Vancouver below. Each benchmark is an average made up of specific prices within the upper and lower extremities as shown. These benchmarks can serve as guide for your shopping but if you wish to find specific asking prices in any area, please give me call. This month you will see that across all property types, the month-over-month prices changes are predominantly decreases with very few exceptions. If you are eager to find a home, there may be some good buying opportunities at the present time. I can provide you with the most up-to-date listing prices and am happy to answer any questions. And if you are considering listing your home for sale, I can prepare Customized Market Analysis for your property and advise you on the optimal listing price in the current market. Please don’t hesitate to call for any reason. I am happy 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 $1,984,400, a decrease of 0.9% from the preceding month. The extremities of this average were Vancouver West at $3,465,300 and Sunshine Coast at $826,400. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $2,054,200, a decrease of 0.2% from the preceding month; Port Moody at $2,090,100, an increase of 0.6% from the preceding month; and Richmond at $2,111,400, a decrease of 2.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,857,100, a decrease of 0.6% from the preceding month; Vancouver East at $1,812,700, a decrease of  0.4% from the preceding month; and Coquitlam at $1,777,800, a decrease of 0.6% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of December was $1,072.700, a decrease of 1.8% from the preceding month. The extremities of this average were Whistler at $1,493,200 and Maple Ridge at $750,500. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,494,000, a decrease of 0.3% from the preceding month; Vancouver West at $1,424,700, a decrease of 2.5% from the preceding month; and Whistler at $1,493,200, a decrease of 2.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,072,200, a decrease of 3.4% from the preceding month; Burnaby South at $1,035,000, an increase of 2.9% from the preceding month; and Coquitlam at $1,025,600, a decrease of 1.6% from the preceding month.

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of December was $751,300, a decrease of 1.5% from the preceding month. The extremities of this average were West Vancouver at $1,271,200 and Maple Ridge at $533,500. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $783,800, a decrease of 3.0% from the preceding month; North Vancouver at $798,600,  a decrease of 0.7% from the preceding month; and Burnaby South at $809,200, a decrease of 0.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $744,000, a decrease of 1.3% from the preceding month; Port Moody at $735,000, a decrease of 0.6% from the preceding month; and Burnaby North at $732,800, a decrease of 1.1% 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

2023 ends with record low sales; 10 year cycles show strong resilience

The Fraser Valley’s 2023 record for the lowest sales volume in 10 years may actually be a promising sign the market could soon turn around – if recent history is recalled. The Real Estate Board’s news release in January 2014 looked back at 2013 with the words: “Sales last year were amongst the lowest they’ve been in the last decade.” While our recent memory tends to focus on the Covid-induced low interest rate home buying frenzy followed by Bank of Canada’s inflation flighting (and market cooling) rate hikes over the past two years, it’s also worth considering what these 10-year cycles may have in store for us. Two years after its dismal 2013 performance, the Fraser Valley recorded the highest number of home sales since 2005. The 2015 record-setting $16.2 billion was then surpassed in the next year by an additional $4-billion in transactions. As prospective home buyers (and sellers) are now readying themselves for widely expected interest rates cuts starting later this year, the Valley’s traditional resilience is also widely anticipated. On a monthly view, December’s sales followed the recent downward trend for a total of 837 transactions, a decline of 6.0% from the preceding month, but notably 17.0% higher than the same month one year ago. Likewise, new listings also dropped last month, down 54.0% from November, but also 17.0% higher than one year earlier. This brought the Valley’s available inventory at the end of 2023 to 4,670 homes, a decrease of 25.0% from the previous month, but still 19.0% higher than the same period one year earlier. While December is typically one of the slowest months for home sale, the overall decline in market activity can fairly be attributed in the largest part to the high interest rates, although some major banks have already begun to offer reduced mortgage rates ahead of the Bank of Canada’s forecasted rate cuts. Fraser Valley home prices have inched downwards in recent months, with the Valley’s overall benchmark now again below $1-million. At the end of December 2023, the combined benchmark price for Fraser Valley residential property was $988,900, a 1.5% decline from the preceding month.

My monthly selection below provides a guide to benchmark prices in different areas of the Fraser Valley at the end of December 2023. For each property type you will find a cluster of average geographical prices around the benchmark for the category. Keep in mind the benchmarks are averages for comparable homes, and look at the upper and lower extremities of each benchmark for the range of specific prices calculated. Please feel free to call me for the most up to date prices and new listings.  And if you are considering 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. New listings still sell quickly in the Valley, on average about 41 days on the market. Last month, single family detached home were on the market for 40 days; townhouses on average for 32 days; and condominiums for an average of 33 days. Please don’t hesitate to call me if you have any questions about your real estate transactions. I am always happy to help my clients in any way.   

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of December was $1,471,500, a decrease of 1.2% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,906,000 and Mission at $983,200. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,509,800, decrease of 0.9% from the preceding month; Langley at $1,606,500, a decrease of 1.0% from the preceding month; and South Surrey/White Rock at $1,906,000, a decrease of 2.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Cloverdale at $1,461,000,  a decrease of from the preceding month; Cloverdale at $1,472,200, a decrease of 0.8% from the preceding month; and North Delta at $1,347,000, a decrease of 1.2% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of December was $826,400, a decrease of 1.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $953,600 and Abbotsford at $646,800. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $843,900, a decrease of 0.3% from the preceding month; Langley at $842,500, a decrease of 1.0% from the preceding month; and North Delta at $907,600, a decrease of 0.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $823,800, a decrease of 2.2% from the preceding month; North Surrey at $738,200, a decrease of 1.9% from the preceding month; and Mission at $670,500, a decrease of 0.2% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of December was $537,600, a decrease of 1.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $627,500 and Abbotsford at $446,400. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $553,700, a decrease of 0.4% from the preceding month; Cloverdale at $564,500, a decrease of 3.8% from the preceding month; and North Delta at $573,400, 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 $482,700, a decrease of 1.4% from the preceding month; Abbotsford at $446,400, an increase of 0.9% from the preceding month; and Mission at $452,300, no change 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. 

FRASER VALLEY

Prices decline in extended sales slump; inventory up over one year ago

Residential sales in the Fraser Valley continued their lengthy decline for a fifth consecutive month in November with one of the lowest sales volumes in the last ten years. November’s total of 891 sales transactions was down from the 970 sales recorded in the preceding month, a month-over-month drop of 8.1%. This ongoing downward slope of Valley sales began last July as prospective home buyers put purchases on hold during Canada’s high mortgage rates regime. While the Bank of Canada held its policy rate to 5.0% again with its most recent  announcement December 6. Following the central bank’s announcement, as of December 7, the lowest mortgage rates offered by Canada’s major banks were a 5-year fixed rate at 5.69% and a 5-year variable rate at  6.7%.  On a year-to-date basis, Fraser Valley sales are down only 4.7% from 2022, illustrating the current decline has come off a relatively strong demand in the first half of 2023 prior to the BoC’s policy rate hitting 5.0%. While the Fraser Valley market is now in an overall balanced condition with the sales-to active listings ratio at 14% ending November, new listings have continued to decline in recent months. November saw 2.030 new listings, a drop of 20% from October, and 43% below this year’s peak of 3,533 new listings last May. The active Valley inventory at the end of November totaled 6,254 homes, a decline of 5.0% from the October, and on a year-to-date basis was down 9.4%. However, the current supply is a substantial  17% higher than the same period one year ago. Anyone wanting to find a Valley home now has therefore a relatively good selection. Demand for townhouses and condominiums remains slightly elevated over single family detached homes. The 12% sales-to-active ratio has moved detached home into a buyer’s market at present and prospective buyers are encouraged to make offers in this segment as prices continue to trend downwards. During November, single family detached homes were on the market, on average, for 36 days, while townhouses and condominiums sold on average within 29 days. At the end of November, the combined benchmark price for a residential property in the Fraser Valley was $1,003,900, a decline of 1.1% from the preceding month.     

My monthly selection of comparative benchmark prices below serves as guide to relative prices in different areas of the Fraser Valley at the end of November. Each of the property types has a cluster of benchmark prices on each side of the overall average for the area. The month-over-month price changes also provide a general guide to the market activity in each area. Remember that benchmarks are average prices for comparable homes. There may be specific prices that are more aligned with your budget. I keep a close eye on the market so please let me know if your would like more detailed information on any area. Notably this past month, there is predominance of price declines as the market adjusts to the cooling effect of higher interest rates. If you are interested in exploring further any particular area, I will be happy to assist you with the most up-to-date market data. And if you are considering listing your home for sale, I can prepare a Customised Market Analysis and advise you on the optimal listing price in the current market conditions. Please feel free to call with any questions you may have.    

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of November  was $1,489,100, a decrease of 0.9% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,950,800 and Mission at $991,900. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,523,500, decrease of 2.5% from the preceding month; Langley at $1,622,100, a decrease of 0.6% from the preceding month; and Abbotsford at $1,161,600, an increase of 1.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,477,700,  no change from the preceding month; Cloverdale at $1,472,200, a decrease of 0.6% from the preceding month; and North Delta at $1,363,500, a decrease of 0.8% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of November was $837,200, a decrease of 1.0% from the preceding month. The extremities of this average were South Surrey/White Rock at $971,800 and Abbotsford at $648,500. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $850,400, a decrease of 1.0% from the preceding month; Surrey at $842,500, a decrease of 1.0% from the preceding month; and Langley at $862,800, 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 Surrey at $752,100, a decrease of  4.5% from the preceding month; Mission at $671,500, an  increase of 1.1% from the preceding month; and Abbotsford at $646,500, a decrease of 0.2% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of November was $545,300, no change from the preceding month. The extremities of this average were South Surrey/White Rock at $647,000 and Abbotsford at $442,400. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $556,100, a decrease of 0.8% from the preceding month; Cloverdale at $586,800, an increase of 0.8% from the preceding month; and Langley at $604,900, 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 $576,000, a decrease of 0.4% from the preceding month; Mission at $452,300, a decrease of .1% from the preceding month; and Abbotsford at $442,400, an increase of 0.9% 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. 

METRO VANCOUVER

New listings abound as sales chill; prices decline for all property types

While Metro Vancouver residents are no doubt feeling the drop in temperatures at this time of year, home sales in the region also plunged sharply in November. The sales volume for November declined close to 15% from the preceding month of October. November’s decline was the fourth consecutive month that sales have dropped in the region although this last decline was significantly more than October’s 3.5% drop month-over-month. Yet, while 33% below the 10-year seasonal average, last month’s volume was notably a 4.7% increase over the same month one year ago. For prospective buyers, the Metro Vancouver market currently offers a plentiful inventory of homes and prices declines reflecting the slower pace of sales. New hone year ago. Although the current market is considered as balanced by historical standards, meaning downward or upward price pressures are relatively flat in a range of the sales-to-active listing ratios between 12.0% and 20.0% for a sustained period, there was nonetheless a predominance of modest price declines in each property category in November. Declines were typically in the range of 0.50% to 2.0% although larger declines as much as 4.0% lower in November than October were recorded for single family detached homes. This is no doubt a market response to the Bank of Canada’s high interest rates, but with the central bank’s second consecutive hold on further rate increases beyond the current 5.0% level last week, it appears that upward price pressure is now in check. Indeed, the downward trend seen in price declines for single detached homes in particular is within a single percentage point of moving into ‘Buyers’ Market’ territory. The current market has some exceptional offerings so I encourage you to look at comparative prices at this time. Overall, the composite benchmark price for residential property in Metro Vancouver at the end of November was $1,185,100, a 1.0% decline from the preceding month.

Please examine the selection of benchmark prices below for a comparison of current prices in different areas of Metro Vancouver. Each property category is illustrated with average prices in three municipalities above and below the overall benchmark price for that property type in Metro Vancouver. The extremities of each benchmark is also given so you can see the range of prices making up the average. The month-over-month price change is also a general indicator of the current sales activity in an area. During this past November, the greatest month-over-month increase in sales occurred in condominiums, up 1.0% from October. Sales of detached homes followed with a 0.9% increase from October; and sales in townhouses were 0.7% higher. Keep in mind when browsing the statistics that benchmarks are averages and particular prices may match your budget more precisely. If you are interested in any particular area, please let me know. I can provide you with the most up-to-date asking prices. And if you are thinking of listing your property, I can produce a Customised Market Analysis and advise you on the optimal listing price in the current market. Please don’t hesitate to call. I am happy to help in any way I can.     

 Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of November was $1,982,600, a decrease of 0.9% from the preceding month. The extremities of this average were Vancouver West at $3,468,300 and Sunshine Coast at $864,300. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $2,057,900, a decrease of 1.0% from the preceding month; Port Moody at $2,077,300, a decrease of 0.6% from the preceding month; and Richmond at $2,162,800, a decrease of 0.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,868,000, an increase of 0.5% from the preceding month; Vancouver East at $1,819,400, a decrease of  4.0% from the preceding month; and Coquitlam at $1,788,800, a decrease of 0.4% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of November was $1,092,600, a decrease of 0.7% from the preceding month. The extremities of this average were Whistler at $1,527,300 and Sunshine Coast at $766,800. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,097,600, a decrease of 0.7 from the preceding month; Vancouver East at $1,109,800, a decrease of 0.8% from the preceding month; and North Vancouver at $1,357,800, an increase of 0.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $1,033,500, a decrease of 1.3% from the preceding month; Coquitlam at $944,100, a decrease of 0.9% from the preceding month; and Burnaby South at $1,005,900, a decrease of 1.3% from the preceding month (Squamish has been excluded here as it too far out for my clients).

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of November was $762,700, a decrease of 1.0% from the preceding month. The extremities of this average were West Vancouver at $1,240,600 and Maple Ridge at $531,100. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $806,600, a decrease of 1.7% from the preceding month; Burnaby East at $807,900, no change from the preceding month; and Vancouver West at $842,800, a decrease of 1.0% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $753,500, a decrease of 1.3% from the preceding month; Burnaby North at $741,200, a decrease of 1.7% from the preceding month; and Ladner at $725,300, an increase of 2.2% 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.  

METRO VANCOUVER

Sales decline for third consecutive month; inventory up; prices downward

Residential sales in Metro Vancouver declined for the third consecutive month in October, although by a slight decrease of 3.5% compared to the previous month. This contrasts with the steep month-over-month decline of 16% seen in September which followed a negligible drop of 0.6% in August after a reasonably strong summer. However, on a 10-year comparison, the seasonal average is close to 30% down for October this year. Canada’s higher mortgage rates, which have been hiked successively over the past year in tandem with Bank of Canada policy rate increases from 0.25% to the current 5.%, appear to be achieving their market-cooling goal, however painful this is for new home buyers and home owners renewing previously lower-rate mortgages. Yet, the current sales slow-down is accompanied by another strong month for new listings – an overall good sign that market conditions appear to be adjusting to a greater balance as price increases level off or continue to inch downwards. October’s total of 1,996 sales, combined with new listings of 4,664 across all property types produced a total available inventory of 11,599 home in Metro Vancouver. This is over 12% higher than one year ago for this period, and 0.6% higher than the 10-year average. The increased selection of homes contributes to more favourable conditions for buyers presenting offers at present, as well as keeping supply high enough to see price declines in most areas. There was one month composite decrease of 0.8% for the lower mainland, and more than 70% of municipalities in Metro Vancouver showed month-over-month composite price decreases in October ranging from 0.5% to 1.5%. The composite benchmark price for a residential property in Metro Vancouver at the end of October was $1,198,500, a decrease of 0.6% from the preceding month.    

In the monthly selection of comparative benchmarks below you will find current benchmark prices for each property type in different areas of Metro Vancouver. Each benchmark is shown with the price change from the previous month. Benchmarks are average prices for comparable properties. The benchmarks in each of the six municipalities I have selected for each property type are grouped around the overall benchmark for that property type. The grouping shows the three benchmarks on the upper side of the average, and the three benchmarks on the lower side of the average. These will provide with you with a general guide for home shopping within your budget. However, remember that benchmarks are averages within the extremities as provided. There can therefore be specific prices on particular properties that are farther from the average which may represent a price that may be a closer fit for you finances. Please feel free to call me for more details on sale properties in any neighbourhood. And if you are considering listing you home for sale, I can prepare a Customized Market Analysis (CMA) for your property and assist you determining the optimal asking price in the current market. I watch the changing market closely and can provide you with the most up-to-date information for the area of your choice. I am always happy to help my clients 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 October was $2,001,400, a decrease of 0.8% from the preceding month. The extremities of this average were Vancouver West at $3,436,500 and Sunshine Coast at $880,400. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $2,079,300, an increase of 1.5% from the preceding month; Port Moody at $2,089,100, an increase of 0.4% from the preceding month; and Richmond at $2,155,600, a decrease 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 $1,894,800, an increase of 1.8% from the preceding month; Vancouver East at $1,878,200, a decrease of  1.1% from the preceding month; and Coquitlam at $1,796,500, an increase of 0.4% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of October was $1,100,500, an increase of 0.2% from the preceding month. The extremities of this average were Whistler at $1,545,400 and Sunshine Coast at $768,300. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,104,800, a decrease of 1.9% from the preceding month; Vancouver East at $1,118,500, a decrease of 1.9% from the preceding month; and North Vancouver at $1,349,100, an increase of 2.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Coquitlam at $1,062,900, a decrease of 1.1% from the preceding month; Port Moody at $1,047,200, a decrease of 0.9% from the preceding month; and Tsawwassen at $1,014,100, an increase of 1.4% from the preceding month (Squamish has been excluded here as it too far out for my clients).

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of October was $770,200, an increase of 0.2% the from the preceding month. The extremities of this average were West Vancouver at $1,289,900 and Maple Ridge at $531,600. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $8.7,900, an increase of 1.4% from the preceding month; Burnaby South at $829,300, a decrease of 0.3% from the preceding month; and Vancouver West at $851,800, an increase of 0.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $763,400, an increase of 1.8% from the preceding month; Burnaby North at $753,700, an increase of 0.9% from the preceding month; and Port Moody at $751,700, an increase of 3.8% 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 down in high interest regime;  plentiful inventory; price drops  

Residential market activity in the Fraser Valley declined again in October, down for the fourth consecutive month. October’s total of 970 sales transactions was a drop of 11.8% from the preceding month following previous monthly declines of 14% in September, 6.9% in August and 30% in July. This current downward trend highlights the delayed effect of ten incremental interest rates hikes by the Bank of Canada since March 2022. On a year-over-year comparison,  October’s sales were close to 8.0% higher than the same month in 2022, indicating the current down slope began in July this year after the BoC policy rate rose to 4.75% in June, when Valley sales had reached a 12 month high of 1,935 sales. This peak in sales was reached after the central bank’s rate sat at 4.5% for the first five months of this year. Many prospective buyers could therefore be waiting for a even a slight interest rate reduction to stimulate home purchases. While the Valley market continues to adjust to the current high mortgage cost regime, the overall market remains balanced with sales-to-active listings in a ratio of 15% although single family homes are on the cusp of becoming a buyers market with a 12% ratio at present. New Valley listings in October also saw a decline with 2,535, a drop of 11% from the preceding month. However, with a healthy increase of 2,860 new listings in September, the active inventory in the Fraser Valley was up to 6,580 homes, slightly above the preceding month and more than 17% higher than one year ago. The ample supply provides a good selection at present and is also a factor in declining benchmark prices seen over the past three months. The composite benchmark price for a residential property in the Fraser Valley at the end of October was $1,015,200, a drop of 1.4% from the preceding month.

Below you will find my monthly guide using comparative benchmark prices in the six areas closest to the overall benchmark for each property type. Note that the extremities of each benchmark which will give you the range of prices making up the benchmark average. There are three delected benchmarks grouped on the higher side and three on the lower side of each average. For each benchmark price you can also see the percentage of the price change from the previous month. This can serve as a general indicator of the recent market activity in the residential area. However, keep in mind that benchmarks are just a guide with averages for comparable properties in a particular area. There may be particular prices within a range that fit your budget more precisely. There are some significant prices declines this month, particularly in the detached homes category, so I urge prospective buyers to take a close look. If you are interested in exploring an area, please give me a call. I can provide you with the most up-to-date information on any neighbourhood you like. And if you are considering selling you home, I can prepare a Customized Market Analysis of your property and advise you on the optimal listing price for the current market. I am happy to help in any way I can.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of October was $1,503,300, a decrease of 1.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,946,700 and Mission at $1,004,700. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,561,700, decrease of 1.5% from the preceding month; Langley at $1,632,100, a decrease of 0.3% from the preceding month; and South Surrey/White Rock at $1,946,700, a decrease of 2.1% 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 of 2.5% from the preceding month; North Surrey at $1,478,000, a decrease of 1.0% from the preceding month; and North Delta at $1,374,600, a decrease of 1.2% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of October was $845,300, a decrease of 0.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $971,600, and Abbotsford at $649,600. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $850,400, a decrease of 1.0% from the preceding month; Cloverdale at $852,800, an increase of 0.0% from the preceding month; and Langley at $869,600, 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 $787,200, an increase of 2.5% from the preceding month; Mission at $664,600, a decrease of 1.3% from the preceding month; and Abbotsford at $649,600, a decrease of 0.8% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of October was $545,400, a decrease of 0.1% from the preceding month. The extremities of this average were South Surrey/White Rock at $642,700 and Abbotsford at $438,600. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $560,900, a decrease of 1.2% from the preceding month; North Delta at $578,200, a decrease of 1.4% from the preceding month; and Cloverdale at $580,500, 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 $489,800, a decrease of 0.8% from the preceding month; Mission at $452,800, a decrease of 1.1% from the preceding month; and Abbotsford at $438,600, a decrease of 1.0% 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. 

FRASER VALLEY

Fall sales down; new listings up; prices declining

Fraser Valley residential sales declined for the third consecutive month in September. The three successive month-over-month declines saw September’s volume of 1,100 sales down 14%, preceded by a drop in August of 6.9% and July’s decline of 30%. While fall sales typically slow down from summer home shopping, the cooling trend which started mid-summer suggests Canada’s high mortgage rate climate is gaining traction as buyers have faced since last spring the compound  challenge of persistent strong demand and rising prices. However, this past September also saw the second month of declining benchmark prices as well as a 9.1% jump in new listings – an additional factor in moderating upward price pressure. The 2,860 new listings in September brought the region’s inventory across all property types to a total of 6,532 homes, just 3.5% below the  ten-year average. This provides an ample supply at present for home shoppers who may be anxious over market signals suggesting the Bank of Canada could announce another rate increase later this month. With the country’s consumer price inflation (CPI) rate still high at 3.8% at the end of September, but down from 4.0% in August, the central bank is under less pressure to announce another policy rate increase on October 25. However, the Bank’s current rate remains at 5.0% has pushed mortgage rates to ten year highs. According to WOWA.ca, the highest weighted category in the CPI index of inflation is Shelter at 28.24%. This compares to Food at 16.65% and Transport at 16.44%.  The market’s current benchmark price declines may also provide some additional room right now for buyers to qualify for mortgages in this high interest period. The previous two months have seen month-over-month benchmarks for the Fraser Valley decline by 0.9% in August and another 0.8% in September. At the end of September, the combined benchmark price for a Fraser Valley residential property was $1,029,200, a 2.1% increase over one year ago.  

Please review my monthly selection below of benchmark prices for each property type across the Fraser Valley. The selected benchmarks represent the municipalities closest to the overall benchmark for the property type. There are three benchmarks on the higher side and three on the lower side of each average. For each benchmark price you can also see the percentage of change for the area from the previous month. This can serve as a genera indicator of the recent market activity in the residential area. The extremities of each average price gives you the range of prices within their composite average. You may wish to use this as rough guide to understand where you might want to search for particular prices more precisely aligned with your budget. Please call me if you would like more detailed information on any neighbourhood. I can provide you with the most up-to-date information on new listings and any price changes.  And if you are considering listing your property for sale I can develop a Customised Market Analysis for your property, and advise you on the optimal listing price in the current market. Please feel free to call me with any questions. I am always happy 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 September was $1,534,500, a decrease of 0.6% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,988,100 and Mission at $1,050,800. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,584,8 an increase of 0.6% from the preceding month; Langley at $1,636,900, a decrease of 0.1% from the preceding month; and South Surrey/White Rock at $1,988,100, 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 $1,518,900, a decrease of 2.2% from the preceding month; North Delta at $1,391,400, a decrease of 1.2% from the preceding month; and Mission at $1,050,800, a decrease of 0.9% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of September was $848,600, an increase of 0.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $994,600, and Abbotsford at $654,600. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $852,400, a decrease of 1.0% from the preceding month; Surrey at $858,800, an increase of 0.1% from the preceding month; and Langley at $861,200, an increase of 0.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $768,000, a decrease of 1.9% from the preceding month; Mission at $673,100, a decrease of 0.1% from the preceding month; and Abbotsford at $654,600 an increase of 0.2% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of September was $545,900, a decrease of 1.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $628,600 and Abbotsford at $447,200. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $567,700, a decrease of 2.8% from the preceding month; Cloverdale at $582,200, a decrease of 2.5% from the preceding month; and North Delta at $586,500, a decrease of 4.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $493,900, a decrease of 1.2% from the preceding month; Mission at $457,900, a decrease of 0.7% from the preceding month; and Abbotsford at $447,200, 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

New listings up significantly; price declines continue

Metro Vancouver home sales in September saw a decline of 16% from the previous month while still remaining 13% higher than the same period one year ago. Benchmark prices across all property types also declined for a second consecutive month as inventory levels in the region showed a significant increase month-over-month in September. While a seasonal sales decline is expected in the fall following typically higher sales volumes in summer months, the current drop is also attributed by many analysts to today’s mortgage rates, now at a ten-year high. With September’s home sales total more than 26% below the 10-year average, market watchers may be placing more weight on higher mortgage costs than other factors affecting the sales slow-down. Canada’s Consumer Price Index inflation rate dropped to 3.8% from 4.0% in August, but still has a way to go to reach the Bank of Canada’s target rate of 2.)%/ The central bank’s policy rate remains at 5.0% and WOWA.ca reports current 5-year fixed mortgages rates ranging from 5.49% to 7.4% while 5-year variable rates are now very similar.  However, the significant month-over-month spike in new listings may provide prospective buyers with the increased variety they have been waiting for, as well as helping to moderate rising prices as seen for several months. New listings in September reached a total of 5,446 across all property types, a significant increase of 38% over the 3,943 new listings in August. This brought the total inventory in Metro Vancouver at the end of September to 11,382 homes, almost 10% higher than the same month last year, and approaching – only 6% below – the ten year average. The increase in supply will be welcomed by home buyers as a moderating factor in the demand-push on price levels. With overall inventory now rising above low supplies earlier this year, prospective buyers with tight mortgage qualifications will be particularly interested if downward prices will continue off what may be their peak at the present time. The composite benchmark price for a residential property in Metro Vancouver at the end of September was $!,203,300, a 0.4% decrease from the preceding month.

To examine current benchmark prices across Metro Vancouver, please review the section below. For each property type you will find the average prices of three municipalities closest to the overall benchmark on each side of the average. The extremities of each average price will give you the range of prices within their average. The selected price benchmarks are also shown with their percentage of change from the previous month, serving as a general indicator of market activity in the residential area. This is important because benchmarks are averages and you should keep in mind that among the particular prices within the average you may find price more aligned with your budget. I am able to provide you with detailed information on any neighbourhood you are interested in, so please don’t hesitate to call me. Prospective buyers may wish to get the most up-to-date on information new listings. And if you are considering listing your property for sale I can develop a Customised Market Analysis for you property, and advise you on the optimal listing price in the current market. Please feel free to call me with any questions. I am always happy 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 September was $2,017,100, a decrease of 0.4% from the preceding month. The extremities of this average were Vancouver West at $3,553,600 and Sunshine Coast at $803,500. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $2,048,900, an increase of 0.1% from the preceding month; Port Moody at $2,082,000, an increase of 0.3% from the preceding month; and Richmond at $2,179,100, a decrease of 0.0% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,898,100, a decrease of 0.8% from the preceding month; Burnaby East at $1,861,600, a decrease of  3.2% from the preceding month; and Coquitlam at $1,798,300, a decrease of 0.5% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of September was $1,098,400, a decrease of 0.5% from the preceding month. The extremities of this average were: Vancouver West at $1,457,900 and Maple Ridge at $774,800. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,126,200, an increase of 0.5% from the preceding month; Vancouver East at $1,140,400, an increase of 0.4% from the preceding month; and North Vancouver at $1,313,000, a decrease of 0.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Coquitlam at $1,075,100, an increase of 0.3% from the preceding month; Port Moody at $1,056,800, no change from the preceding month; and Tsawwassen at $1,028.300, an increase of 2.4% from the preceding month (Squamish has been excluded here as it too far out for my clients).

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of September was $768,500, a decrease of 0.2% the from the preceding month. The extremities of this average were West Vancouver at $1,331,800 and Maple Ridge at $542,600. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $796,700 a decrease of 0.3% from the preceding month; North Vancouver at $811.900, an increase of 0.7% from the preceding month; and Burnaby South at $822,900, an increase of 0.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $750,200, an increase of 0.4% from the preceding month; Burnaby North at $746,800, a decrease of 0.1% from the preceding month; and Ladner at $738,400, an increase of 0.6% 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.  

METRO VANCOUVER

Signs of market cooling; sales dip, some price declines

Metro Vancouver’s residential sales and new listings both saw a month-over-month drop in August, a market cooling that was also accompanied by a slowing pace in price increases as well as actual price drops in some areas. August sales across all property types in the region totalled 2,296, a slight decrease of .06% from July, 13.8% below the 10-year average, but still 21.4% higher than the same period one year ago. New listings also declined compared to the previous month by 15% for a total of 3,943 across all property types. Nonetheless, compared with one year earlier, August’s new listings were about 18% higher than the same month last year, and not far behind, at 5.3% under, the 10-year seasonal average. This still brought Metro Vancouver’s total available inventory of homes at the end of August to 10,082, while 13.4% under the 10 year average, a mere 0.2% under the total for August 2022. Notably though, it was the second consecutive month with a similar rate of decline in new listings. Price increases over recent months have to some extent been explained by lower supply in relation to higher demand. This was somewhat of a paradox as higher mortgage rates had reduced demand sufficiently with the expected effect of bringing prices down. However, it appears that Canada’s central bank interest rate increases, which can have a lag time of 12-18 months to take hold, may now also be factor in the early signs of price declines. Last week’s hold on another rat increase by the Bank of Canada was no doubt happy news for current home shoppers an owners with variable rates, but the central bank still cautions that the inflation rate may rise again necessitating another interest rate hike. In the meantime, you can watch this newsletter as we track comparative prices each month for you. At the end of August, the composite benchmark price for a residential property in Metro Vancouver was $1,208,400, a decline of 0.2% from the preceding month.

For a closer look at current benchmark prices for each property type in different areas of Metro Vancouver, take a look at the selection below showing the price change from the previous month. Benchmarks are average prices for comparable properties. The benchmarks in each of the six municipalities I have selected for each property type are grouped around the overall benchmark for that property type. The grouping shows the three benchmarks on the upper side of the average, and the three benchmarks on the lower side of the average. These will provide with you with a general guide for home shopping within your budget. However, remember that benchmarks are averages within the extremities as provided. There can therefore be specific prices on particular properties that are farther from the average which represent a price that may be a closer fit for you finances. Please feel free to call me for more details on sale properties in any neighbourhood. And if you are considering listing you home for sale, I can prepare a Customized Market Analysis (CMA) for your property and assist you determining the optimal asking price in the current market. I keep a close eye on the changing market and can provide you with the most up to date information for the area of your choice. I am always happy to help my clients 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 August was $2,018,500, an increase of 0.3% from the preceding month. The extremities of this average were Vancouver West at $3,519,100 and Sunshine Coast at $894,200. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $2,047,100, an increase of 0.3% from the preceding month; Port Moody at $2,076,500, an increase of 0.3% from the preceding month; and Richmond at $2,199,700, an increase of 0.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $1,9232,700, a decrease of 1.1% from the preceding month; Vancouver East at $1,913,500 an increase of  0.9% from the preceding month; and Coquitlam at $1,798,000, an increase of 0.1% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of August was $1,103,900, a decrease of 0.1% from the preceding month. The extremities of this average were: Vancouver West at $1,498,300 and Maple Ridge at $763,400. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,120,800, a decease of 2.0% from the preceding month; Vancouver East at $1,135,400, an increase of 0.8% from the preceding month; and North Vancouver at $1,320,100, a decrease of 2.9 from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $1,057,200, an increase of 2.8% from the preceding month; Burnaby South at $1,036,600, an increase of 1.8% from the preceding month; and Tsawwassen at $1,004,800, no change from the preceding month (Squamish has been excluded here as it too far out for my clients).

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of August was $770,000, a decrease of 0.2% the from the preceding month. The extremities of this average were West Vancouver at $1,356,700 and Maple Ridge at $545,400. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $799,00 a decrease of 0.6% from the preceding month; North Vancouver at $817,400, an increase of 0.4% from the preceding month; and Burnaby South at $823,300, 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 $747,500, an increase of 0.1% from the preceding month; Richmond at $747,000, an increase of 0.8% from the preceding month; and Coquitlam at $742,600, 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

Prices dip as sales continue to slow; new listings up  

Home sales in the Fraser Valley dipped again during August, the second consecutive month showing a decline. However, August’s decrease of 6.9% from the preceding month was considerably less than July’s 30% month-over-month decline. While normal seasonal activity must be factored it, it is too early to identify a market cooling trend. Mortgage rates are also a likely part of hesitancy by potential buyers, although a collective sigh of relief could be heard among home shoppers with the Bank of Canada’s recent decision to refrain, at least temporarily, from another interest rate hike. Nonetheless, the central bank’s warning of possible further rate increases has created a palpable chill for many buyers, as no doubt was the Bank’s intention. Both the central bank and residential market watchers are now watching how the 10 rate hikes since March 2022 gain traction in reducing the country’s inflation rate. August also saw a drop in new listings to 2,622, a decrease of 8.2% over July, but here as well the rate of decline is considerably less than the 16.6% seen from June to July. It may be the case that prospective sellers are also showing some hesitancy, as there are signs across all property types of price decline, although they are very slight at present. However, the overall active inventory has been increasing for several months and August’s increase of 1.5% brought the total available supply to 6,291, almost up to the 10-year average – an ample figure for a good selection for current shoppers. What will likely be a major determinant of how the market moves in the near future will be the Bank of Canada’s next scheduled rate announcement and monetary policy report on October 26. If the Bank continues to hold its policy rate at 5.0% (a reduction at this time is unlikely), both buyers and sellers will no doubt feel more confident in the market’s current stability and there could be an upswing in market activity then. Even at present, however, demand for housing the Fraser Valley remains high. On average, properties listed for sale are on the market for two to four weeks. Detached homes on average sell within 25 days, townhouses within 16 days, and condominiums within 20 days. Prices on the whole remain relatively stable, although modest declines can be found in all areas at this month. At the end of August the combined benchmark price for a Fraser Valley residential property was $1,037,700, a 0.9% decrease from the preceding month.

In my monthly selection below, the current prices in different areas of the Fraser Valley will guide you through comparisons to assist in your home shopping. For each property type, you will find the overall average benchmark price along with the closest average prices in different municipalities. The range of each average is also provided so you can see the upper and lower extremities. The month-over-month price change can also serve as a general indicator of the market activity in the particular area for the last month. Please let me know if you would like more details on any area of your choice for your home search. And if you are thinking of listing your home, I can develop a Customized Market Analysis of your property and neighbourhood, and advise you on the optimal listing price in the current market. I am always happy to help my clients in any way. Please don’t hesitate to call.                        

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of August was $1,534,500, a decrease of 0.6% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,999,300 and Mission at $,060,100. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $1,552,900 a decrease of 0.9% from the preceding month; Surrey at $1,576,300, an increase of 0.4% from the preceding month; and Langley at $1,638,700, 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 Surrey at $1,494,300, a decrease of 2/4% from the preceding month; North Delta at $1,407,700, a decrease of 1.5% from the preceding month; and Abbotsford at $1,214,300, a decrease of 2.6% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of August was $849,200, a decrease of 0.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $977,600 and Abbotsford at $653,400. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $856,200, an ncrease of 0.9% from the preceding month; Surrey at $857,900, a decrease of 2.2% from the preceding month; and Cloverdale at $861,000, a decrease of 1.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $783,200, a decrease of 1.2% from the preceding month; Mission at $673,700, an increase of 0.2% from the preceding month; and Abbotsford at $653,400 an increase of 1.2% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of August was $553,500, a decrease of 0.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $636,900 and Abbotsford at $452,000. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $584,000, an increase of 0.6% from the preceding month; Cloverdale at $597,100, an increase of 2.9% from the preceding month; and North Delta at $611,500, an increase of 1.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $500,000, a decrease of 1.3% from the preceding month; Mission at $461,200, an increase of 0.6% from the preceding month; and Abbotsford at $452,000, an increase of 0.5% 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.