February Market Update by Amanda Milford PREC 

I filmed this at my listing, 6 350 174 St - a west-facing executive townhome with a primary bedroom on the main. Book your showing my replying back to this email!  

In a positive shift, the Fraser Valley real estate market exhibited signs of recovery in January, with home sales rebounding after six consecutive months of decline. Notably, new listings more than doubled, marking the most significant month-over-month percentage increase in new listings in the past five years. Market participants anticipate the Bank of Canada to initiate a critical policy rate reduction from the current 22-year high of 5 percent in April, aligning with previous forecasts. The Bank of Canada is still holding their position with caution, though. There is a noticeable upswing in the market, with some homes securing multiple offers within just 1 or 2 days of being listed. However, the market dynamics vary significantly between detached and attached homes, creating distinct challenges. 

The South Surrey detached home market witnessed a substantial 6.09% year-on-year price increase, maintaining an 8.5-month absorption rate (the rate at which homes sell) indicative of a balanced market in the broader South Surrey/White Rock area. Unfortunately, this balance is not uniform across all property types, as certain neighbourhoods experience rapid sales with multiple offers, while others encounter extended listing periods. Townhouses and condos are in a seller's market, intensifying competition and posing challenges for those looking to downsize from detached homes. 

Strategic pricing, positioning, and packaging become pivotal for successful transactions. As the year progresses, heightened competition is anticipated due to low housing inventory. To navigate this competitive market successfully, sellers must be well-prepared. If you are contemplating a move, consider reaching out for a detailed sales consultation to plan your transition to your dream home strategically. Looking ahead, the anticipation of an early arrival of spring adds a positive note to the market outlook. To celebrate this optimism, the first 10 individuals to scan the click HERE to enter their names will receive a bouquet of flowers delivered at the end of February.  

Make your move confidently in the competitive market – call for a detailed consultation today! 

 Warm Regards,