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South Surrey/White Rock Real Estate Update: A Stabilizing Market with Bright Horizons
A Forecast of Growth
CREA expects an active spring market, forecasting a 6.6% increase in sales across Canada and a 4.4% rise in the national average home price, bringing it to $713,000. Royal LePage predicts a 6.0% year-over-year price increase, while Re/Max sees sales rising by 25% with a 5.0% price growth. Locally, these trends are expected to translate into a more dynamic South Surrey and White Rock market.The Role of Interest Rates
A major driver of this optimism is the Bank of Canada’s aggressive interest rate cuts. Since June, the policy rate has dropped from 5.0% to 3.25%, with more cuts signalled. Lower rates are enticing buyers, making homeownership more affordable and sparking renewed activity. However, homeowners renewing their mortgages still face higher rates than the record lows of a few years ago, which could moderate some of the market’s momentum.Fraser Valley Market Snapshot
- 6% of homes successfully sold in the summer
- 12% in October
- 7% in November
- 6% in December
What This Means for You
The current market offers buyers a chance to secure a home before prices climb further. For sellers, stabilizing pricing and increased demand signals an excellent opportunity to list your home. Timing will be key in this evolving market.Ready to Make Your Move?
Whether buying, selling, or just exploring your options, now is the time to plan ahead. Let’s talk about how you can take advantage of the opportunities in this stabilizing market.📞 Call me today to schedule a no-obligation consultation or market evaluation. Let's discuss how we can make your real estate goals a reality in 2025!