Home prices soften as Fraser Valley housing market cools amid lower sales and higher inventory
I filmed this video at my beautiful listing - 234 172 St. This home is stunning and enjoy the video. To top it off, I have an accepted offer on this home.
The market has been shifting since it reached its peak in February. The recent stats out by the Fraser Valley Real Estate Board show that sales are down and active listings continue to grow. South Surrey/White Rock is now in a balanced market. Active listings (the number of properties available for sale at a given moment during the month, in this case at the end of May) have more than tripled since December 2021. At the end of May, actives sat at 6,183, up 5.4 per cent year-over-year, and an increase of 14.8 per cent compared to April 2022.
During the heat of the market, the common fear among homeowners was not knowing where to go if they sold their homes. In some instances, people needed to sell for health or personal reasons and couldn’t take the risk of becoming homeless if they put their house up for sale. We now have a balanced market, and it is a great market to sell and purchase a home with a great selection of homes to choose from. The increase in active listings has resulted in the average sale price softening 11% since the peak in February.
“Since March, we’ve seen sales come down with an accompanying increase in inventory, subsequently restoring much-needed balance and cooling our heated market,” said Fraser Valley Real Estate Board President, Sandra Benz. “While still early, it suggests that as we gradually settle into a post-pandemic state of work and life, the big pandemic-era drivers – working from home and record low-interest rates – may have run their course.”
We need to remember that although interest rates have risen recently, we still have historically low-interest rates, and there is great demand for people to come and live here. Canada is short 1.8m homes, and we have the lowest number of housing out of the G7 countries. Canada also experiencing the most significant transfer of private wealth in history, with grandparents and parents helping their children purchase their first home. We have a big drive for immigration, and when people immigrate, they come with money. Remember there will always be troughs and peaks in the sale price; that’s what markets do.
For nearly 8 years, I have worked as an award-winning realtor in the White Rock-Surrey area, focusing on development and residential real estate. My passion lies in helping people see the market clearly. I helped more than 34 families buy and sell real estate and achieve their dreams in the last year.
Call me if you are thinking of making a move. I would be so happy to help you in any way I can.