June MonthlyMarket Update 

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I filmed this month's monthly market update from my gorgeous listing, 17371 1 Ave in Pacific Douglas, aka “Summerfield.” This is a fabulous family home with 4 bedrooms upstairs (a rare find) and a legal suite in the basement, full of natural light. Perfect as a mortgage helper or for grandparents.  Here is my latest update on the market.  

Increased Inventory Levels in Fraser Valley

The Fraser Valley real estate market experienced a significant increase in inventory levels in May, reaching the highest point since September 2019. This change is attributed to slower seasonal sales, creating a more balanced market for home buyers and sellers. The rise in supply over recent months has also led to a softening in price growth, benefiting potential buyers. 

Healthy Market Balance

Jeff Chadha, Chair of the Fraser Valley Real Estate Board, emphasized that the growing inventory, driven by prolonged spring sales, fosters a healthier market balance. This increase in inventory provides buyers with more options and stabilizes prices. 

Price Adjustments in South Surrey

Specifically, South Surrey's average sale price has decreased by 5% since April. Buyers now have a lot of choices in the market, and homes that are selling are adjusting their prices accordingly. While easing interest rates is expected to increase prices eventually, this change may take some time. Lower interest rates reduce borrowing costs, making mortgages more affordable and increasing demand for homes. However, the market typically takes time to adjust to these changes as buyers and sellers recalibrate their expectations and strategies in response to new economic conditions. 

Broader Economic Context

In a broader economic context, the Bank of Canada cited continued evidence of easing underlying inflation as a key factor in adjusting its policy interest rate. The Bank indicated that monetary policy no longer needs to be as restrictive, reflecting increased confidence that inflation will reach the 2% target. However, the Bank remains vigilant about potential risks to the inflation outlook, mainly focusing on the balance between demand and supply, inflation expectations, wage growth, and corporate pricing behaviour. The Bank reiterated its commitment to restoring price stability for Canadians. 

Dedicated Client Support

I am dedicated to working hard to ensure my clients' success and am committed to simplifying the process and navigating the market effectively for you. Please call me to discuss how I can assist you with your real estate needs. If you have any questions about the market, or maybe your friends or family do, please get in touch with me; I would be so happy to help. Please call me! 
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