February Monthly Market Update

I filmed this from my listing, 1786 142 St. This is a beautifully renovated family home right next to Bayridge Elementary. Watch my video to see this gorgeous home and market update! Here is my market update: Fraser Valley, real estate sales record the slowest annual start in ten years; January new listings are the lowest in over thirty years. The board has reported that the new listings in the Fraser Valley are the lowest they have been in thirty years. We do have low inventory. The activity level picked up in January, and I have seen many buyers out in the market looking for a home. There is pent-up demand as many buyers have waited to see how high the interest rate will rise. The Bank of Canada increased rates at the end of January by 0.25% and spoke of a pause in raising them for the foreseeable future unless the data points to another rise. The main driver of the increased interest rates is inflation, and the effects of tightening the monetary policy are working. The inflation rate is starting to come down. Looking to the long term, we may need to get used to higher interest rates, and I anticipate the rates to remain stable this year and possibly have rate cuts in 2024, maybe in 4th quarter of this year. The sale prices of detached homes in South Surrey/ White Rock have remained buoyant, and homes can sell well. The average price point is now in line with prices from August 2021. We have moved into a balanced market, and some homes receive multiple offers after a few days on the market, and then some homes still need to be. Sometimes I wonder what in the world everyone is drinking if there is a crazy activity for one home. However, it does boil down to the type of home selling. If a home shows well, is well presented with a good layout and is priced well, the house will get the activity. Buyers are discerning and will make educated decisions. Remember, according to the Immigration Levels Plan 2023-2025, Canada will welcome 465,000 new immigrants in 2023. This number will increase further as the country will likely target 485,000 new immigrants in 2024 and 500,000 in 2025. These immigrants all need houses, and we have a limited supply. If you have got into the market, it’s time to. If you are in the market and want to upsize or downsize, now is the time to do so. Give me a call to discuss your plans. I would love to help you. Have a super day! Kind Regards, Amanda