October Monthly Market Update


Happy Thanksgiving to you and your family! I think this is the warmest Thanksgiving I have had here in Canada!
I filmed this month's market update from my beautiful listing, 17246 2A Ave. I brought in a stager to help me help the sellers to create space and increase the presentation in their home to help them sell it. And this home shows beautifully!

My market update goes like this:

There has been an increase in activity this week! 

"There's no question that interest rates continue to be a primary factor in the market trends over the past six months or so," said Sandra Benz, President of the Fraser Valley Real Estate Board. "The sales slowdown we're seeing reflects a level of caution exercised by buyers, who are likely waiting for the market to settle further before jumping in. In the meantime, we anticipate prices may continue to decline across all categories."


In South Surrey/White Rock, Prices are down 18% from the peak in Feb and up 4.9% year on year, and our detached home sale price range is in line with prices from October 2021. An interesting thing to note, though, is that the sale prices are up 34% since Jan 2020.

Currently, sales are in line with April 2020, active listings are coming down somewhat from May this year, and we are in a buyers market in South Surrey. 

Should you sell now or wait for the spring? We are in an adjusting market, and if you are selling this fall, you may still recoup some of the gains from 2021. If you are then going to turn around and purchase in the market after selling, you may have greater purchasing power as pricing push downwards across all product types.

When we talk of the spring market, and given the inflation outlook, the Bank of Canada's Governing Council still judges that the policy interest rate will need to rise further. Quantitative tightening complements increases in the policy rate. As the effects of tighter monetary policy work through the economy, they will be assessing how much higher interest rates need to go to return inflation to target. The Governing Council remains resolute in its commitment to price stability and will continue to take action as required to achieve the 2% inflation target.

If you are planning to buy, there are fascinating comparisons comparing buying at the market's peak to buying now. Although rates have increased, prices have come down, and mortgage payments can be very similar.

To see this all clearly, I would need to show you the market stats on my iPad for the past several years for it all to make sense. Call me in for a sales or buying consult. 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.

Warm Regards,

Amanda 

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