March Monthly Market Update

Happy International Woman’s Day! You are all amazing!
The Bank of Canada kept its main interest rate unchanged today, the first time it has done so in about a year, arguing that economic data point to inflation sharply decelerating this year toward its 2% target. What good news!
Listings have increased marginally by 6% year on year, but to put it into perspective, we are down 42% from June 2022. The average sale price for South Surrey/White Rock in February is relatively flat compared to January, but it reverses the price slide the market has been experiencing since April 2022. Further, while well below the record prices posted then, it is still more than 36 %higher than pre-pandemic February 2020.
The good news is that our area has a 52% increase in sales. You may have seen sold signs pop up again, and I have been busy in the market and have seen a lot of activity with my listings. The buyers are active after sitting on the fence for most of the last 8 months. 
A report from RSM Canada, a global consultant and auditor, predicts rising prices will slow down significantly this year, with the inflation rate potentially dropping by half to 3% by the end of 2023 and falling further to 2% in 2024. 
That 2%t inflation mark is significant — it is the target the Bank of Canada is trying to reach as it has ratcheted interest rates. With the interest rate hike on pause for now, the buyers are more active in deciding to purchase the house they have been dreaming of. 
We have moved into a decent balanced market, creating a great time to buy and sell, and if you have been waiting for a good time to make a move, it is now. You should get your pre-approvals for your mortgage now (even if you are going to sell and then buy) and secure a rate that will last until early July. Please reach out to me and allow me the opportunity to share my market knowledge with you to enable you to make the right decision for your family. 
 I want to thank the following people for allowing me to be of service and for the referrals of their friends and family:Roy, Quiann, Nathalia, Evgeni & Lilia, Shannon & Dave, Jeanette & Dave, Gail, Peter & Terry, Rosemarie, Justine & Matt, Krista and her family, Dan, Tara, Donna and Marie.
I am always here to assist with any real estate-related questions you or your friends and family may have. Just let me know how I can be of help.
Please call should you have any.
Warm Regards,Amanda