I filmed my latest video from my listing, 17366 3 Ave, which overlooks Dufferin Park in South Surrey. It is a beautiful 5 bed, 3 1/2 bathroom south-facing home with a landscaped backyard. Call me if you would like more information on this beauty!
August was one of the warmest Metro Vancouver summers on record but one of the coolest for the housing market since August 2018, as sales in the month fell 48.9% year on year. Sales totalled 157 across all property types in South Surrey/White Rock in August, down 40.7% from August 2021.
For the fifth time this year, the Bank of Canada has increased its overnight benchmark interest rate. This latest increase is 75 basis points to 3.25% from 2.50% in July, and as a result, the housing market is pulling back “as anticipated” following “unsustainable growth during the pandemic”. This will put downward pressure on pricing.
Detached houses saw the most significant year-over-year sales decline, with the 41 transactions marking a 66.7% decrease from a year earlier. The sale price has decreased by 12% from the peak in February 2022, but we are still 16.9% up. The lower prices are in relative line with prices from December 2021. Simply put, sales are down, prices are down from the beginning of the year, but are also actually really good when looking at the gains made over the past 5 years.
Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs. The funny thing is that no matter the market, people still need to buy and sell for various reasons. If you think you need to sell, I can assist you with a Sales Consult and help you plan your move. It’s still a great time to sell. When you sell in a falling market, it also means buying in a falling market.
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. Last year, I helped more than 34 families buy and sell real estate and achieve their dreams. Please call me to schedule that Sales or Buyers Consult by clicking on the following link or contacting me by email or cell phone. I would be so happy to help you!