Clients, Neighbours and Friends,
 
We wanted to share with you the latest stats update from the Fraser Valley Real Estate board as we think it illustrates exactly what our experience has been over the past month working with our buyers and sellers. 

See the update below. We have included benchmark pricing stats closer to home …
 
March home sales in the Fraser Valley remained nearly 50 per cent below the 10-year average — making for the slowest start to the spring market in more than 15 years. The Fraser Valley Real Estate Board recorded 1,036 sales in March, up 13 per cent from February, but still 26 per cent below sales recorded this time last year.
 
Following a decline on the Board’s Multiple Listing Service® (MLS®) in February, new listings increased 22 per cent in March to 3,800. Overall inventory is at a decade-high level, with 9,219 active listings, 49 per cent above March 2024 and 59 per cent above the 10-year seasonal average.
 
“If not for the economic uncertainty driven largely by U.S. tariffs, we’d likely be seeing a typical strong spring market in the Fraser Valley,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. 

Instead, we’re seeing a disconnect as sellers remain hesitant to lower their prices beyond a certain threshold, while buyers, facing tighter financing conditions, are either unable or unwilling to meet it. The resulting inertia is keeping sales low.”
 
The overall sales-to-active listings ratio continues to signal a buyer’s market in the Fraser Valley, with a ratio of 11 per cent. (The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.)
 
“Currently, uncertainty is impacting all corners of the real estate and development sector,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board, “  and as a result, we are seeing markedly lower seasonal activity. 
 
Pricing stats for March ...
 
Benchmark pricing in South Surrey White Rock locked in at $1.904 for detached homes, townhomes $946k and apartments $626k.
 
Benchmark pricing in Sullivan/Panorama/Cloverdale sat closer to $1,525 for detached homes, $842k for townhomes and $592k for apartments.
 
As we have mentioned before, transitional markets are highly nuanced. 
 
For sellers, pricing your home can be stressful and highly dynamic.  For buyers, understanding how to submit offers that will get thoughtfully considered often involves trial and error.
 
If you have been thinking of making a move this year and any of the above resonates with you, give us a call. 604-583-2000
 
We can offer valuable insight into current conditions, future trends and important considerations for timing your sale or purchase.   
 
Jenn & Colin
 

Saturday May 10, 2025 (rain or shine)
9:00 am – 1:00 pm.

This years sale is the 15th time Colin and I have hosted this community event!

Typically we have have 30-60 families in the community participate by registering their sale. If you live in Surreys Sullivan Panorama area between 64th Ave / 56th Ave and 156th St / 144th St your home qualifies to register.

All promotions, posts and advertising will be managed by us leading up to the sale.  In addition, hundreds of directional arrows and signs leading buyers to your sale will be installed by us early in the morning the day of the event. 

All that is required from you is to have your sale ready to go before 9:00am on Saturday May 10th!

Please visit our garage sale page for all you need to know to shop the sales or to register your home … 

GARAGE SALE PAGE 

Please note, REGISTRATION CLOSES SUNDAY MAY 4th and you must fill in the registration form to have your home included on our maps and in our promotions.

See you out there Sullivan!

COMMUNITY, it’s what we do.

Headwaters Club Phase 2 built in 2020 is located next greenspace and walking trails, within walking distance to shops at Morgan Crossing, Thrifty Foods, coffee, dining parks and schools. And, only minutes to Surrey and White Rock beaches , Morgan Creek Golf Course and HWY 99 access.

Open concept unit with 9ft ceilings and recessed lighting. Sleek kitchen with quartz countertops, gas range and oven, undermount lighting, huge island and SS appliances.

Flexible floor plan in the living area with laminate flooring, marble tile feature wall and electric fireplace.

Two generous size bedrooms including primary suite, ensuite bath with his/hers sinks and heated floors plus a WI closet.

New washer and dryer and large 9 x 9 patio off the living room.

Amenities incl gym/catering/party/spa/media spaces.

210 15436 31 Ave is asking $739,900 and is open this Sunday March 23 from 2-4pm.  Come check it out!

View image gallery HERE

Clients, Friends and Neighbours,

 After several months of growing momentum, consumer confidence once again took a hit, this time from the uncertainty surrounding tariffs and a potential trade war.

 Helping to offset this dark news the Bank of Canada just lowered its overnight policy rate by 25 basis points from 3 per cent to 2.75 per cent. There is a strong argument for policy rates to be even lower, though such a path is complicated by the inflationary impact of retaliatory Canadian tariffs.

 Even though borrowing costs have come down from their peak, 2025 and 2026 are expecting a wave of mortgage renewals for those homeowners who purchased with five-year-fixed-rate mortgages while rates were still at historic lows.  This leaves many homeowners facing renewal at a much higher rate and could potentially launch a lot of new listings onto the market. 

 The threat of an uptick in new listings are not expected to throw the market out of balance but are more an indication of the number of households that are not able to keep up financially.  Additionally, if businesses suffer under the trade war we may also see a wave of distressed selling on top of this influx.

 With the current accumulation of listings on the market, overall sale numbers are still signaling buyers conditions with softening home prices in Surrey, Cloverdale and White Rock.

South Surrey / White Rock saw benchmark prices across home types soften in February when compared to Feb last year.  Down -4.1 per cent for detached homes, -3.2 per cent for townhomes and to -1.9 per cent for apartments. Similar numbers were posted across home types in Surrey and Cloverdale.

 Also contributing to accumulating inventory, many listings are sitting on the market having been priced well above the last comparable sales in the area.  As we move into the 2025 spring market - to prevent a listing from going stale it’s a good idea to consider listing at a sharp price.  Sellers are always better off trimming their listing price by 5 per cent rather than accepting an offer 15 per cent below ask price.

 Although we don’t expect this most recent rate drop to completely alleviate concerns around the economic forecast we do expect it will be the encouragement prospective buyers and sellers need to move forward with their real estate goals in 2025. 

If you have been thinking about a move this year and would like to discuss timing considerations, we can help.  Its what we do.

Jenn & Colin

Saturday May 10, 2025 (rain or shine)
9:00 am – 1:00 pm.

This years sale is the 15th time Colin and I have hosted this community event!

Typically we have have 30-60 families in the community participate by registering their sale. If you live in Surreys Sullivan Panorama area between 64th Ave / 56th Ave and 156th St / 144th St your home qualifies to register.

All promotions, posts and advertising will be managed by us leading up to the sale.  In addition, hundreds of directional arrows and signs leading buyers to your sale will be installed by us early in the morning the day of the event. 

All that is required from you is to have your sale ready to go before 9:00am on Saturday May 10th!

Please visit our garage sale page for all you need to know to shop the sales or to register your home … 

GARAGE SALE PAGE 

Please note, REGISTRATION CLOSES SUNDAY MAY 4th and you must fill in the registration form to have your home included on our maps and in our promotions.

See you out there Sullivan!

COMMUNITY, it’s what we do.

We have just listed this end unit in Natures Walk! Charming brick townhomes surrounded by mature trees and walking trails.

This bright and airy two bedroom is in immaculate condition. Large fenced yard and private main floor entrance off 150th St.

Open concept floor plan, 9ft ceilings, white kitchen with stainless appliances and fixtures. Wide plank laminate flooring and extra storage throughout plus large sundeck off the main level.

Generous sized bedrooms on the upper including the primary suite, ensuite bath and laundry area. Bonus room in the basement could easily flex for home office, teens, media or gym.

New washer/dryer and HW tank. Single 20 x 13 garage plus designated single car parking pad.

Only minutes to schools, parks, YMCA, Fresh Street Market and the shops at Panorama.

84 15075 60th Ave is asking $759,900 and is open this Sunday March 9th from 2:30 - 4:00.

View Image gallery and cinematic video tour here …

https://storyboard.onikon.com/jennandcolin/unit-84-15075-60-avenue-surrey

Save the date for our 2025 Sullivan Panorama Community Garage Sale!

Saturday May 10, 2025 (rain or shine)
9:00 am – 1:00 pm.

This years sale is the 15th time Colin and I have hosted this community event!

Typically we have have 30-60 families in the community participate by registering their sale. If you live in Surreys Sullivan Panorama area between 64th Ave / 56th Ave and 156th St / 144th St your home qualifies to register.

All promotions, posts and advertising will be managed by us leading up to the sale.  In addition, hundreds of directional arrows and signs leading buyers to your sale will be installed by us early in the morning the day of the event. 

All that is required from you is to have your sale ready to go before 9:00am on Saturday May 10th!

Please visit our garage sale page for all you need to know to shop the sales or to register your home … 

GARAGE SALE PAGE 

Please note, REGISTRATION CLOSES SUNDAY MAY 4th and you must fill in the registration form to have your home included on our maps and in our promotions.

See you out there Sullivan!

COMMUNITY, it’s what we do.

Dear Clients, Neighbours and Friends,

 Happy New Year!

Just wanted to reach out to share some pricing news from the latest stats package released by the Fraser Valley Real Estate Board (FVREB).

Bank of Canada interest rate cuts that began mid 2024 were not enough to ease the affordability crisis for home buyers by year end but slight declines in home prices in a few areas of the region did provide some relief for buyers looking to get into the market.

At the same time, the modest price adjustments did not discourage sellers from listing, the FVREB reported new listings in 2024 at a 10-year high.

However, annual sales were the lowest seen in ten years.

The City of Surrey accounted for the majority of 2024 sales at 51 per cent, with Langley and Abbotsford accounting for 24 per cent and 15 per cent respectively.

The negligible home price adjustments alluded to above can be seen in today’s benchmark pricing stats ..

 In December, benchmark prices for detached homes in White Rock and South Surrey ($1.869,000) were down 1.5 per cent compared to the same time last year.

Langley now at $1.606,000 up a meager 0.6 per cent and Sullivan, Panorama, Cloverdale posting the highest gains of 2.8 per cent bringing the benchmark price in those communities up to $1.485,000. 

Some slightly stronger gains were seen in the apartment category – the most affordable of all property types – however the picture looks much the same for townhomes.

The sales-to-active listings ratio of 16 per cent posted in December showed the overall market closed out the year in balance. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

Looking ahead into 2025 we see steady progress on the horizon.  Economists anticipate a couple more quarter-point rate cuts from the Bank of Canada before it slows its easing cycle and likely pauses by the second half of the year. Current forecasts from major banks suggest the policy rate could fall anywhere between another 25 to 125 basis points, depending on inflation and broader economic trends. 

The housing market is expected to stay active, with steady sales growth and modest price increases as interest rates continue to decline and demand flows back in from the sidelines. Additionally, potential future regulatory adjustments, including expanded affordability measures, could influence market activity later in the year.

 If you have been considering a move this year, now would be a good time to meet with your local realtor to chat about timing considerations.

 If you live in Surrey, South Surrey, White Rock, Delta or the surrounding communities, we can help. 

It’s what we do.

Jenn & Colin

Dear Clients, Friends and Neighbours,

The Bank of Canada (BOC) reduced interest rates again!

The fifth cut in a row, the BOC reduced rates by 50 bps on December 11th bringing the overnight rate from 3.75 to 3.25 per cent.
 
In recent years homeownership has become the impossible dream but there is much good news in the pipeline. 

Here are our top 5 tips and considerations for those looking to enter the market or renew their current mortgage …

1. Ongoing Interest Rate Cuts.  The BOC expects inflation to average close to its 2 per cent target over the next couple of years.  With both the economy and inflation undershooting the BOC’s expectations policymakers are eager to get the economy back on a path to recovery.  Considering the economies current trajectory and some looming risks re: threats of incoming tariffs from the Trump administration it’s likely the BOC will have to continue making cuts.  According to the British Columbia Real Estate Association we can expect the BOC to cut to 2.5 or 2.75 per cent in early 2025.

2. Reduced Down Payments.  Currently those looking to purchase a home under $1m can make a down payment of less than 20 per cent provided they take out mortgage insurance. (CMHC) However, starting December 15th, these rules will expand slightly for homes valued up to $1.5m.  This means down payments will drop significantly for those of us who live in high-cost areas in the lower mainland such as Surrey, South Surrey and White Rock.

3. 30 Year Amortizations Expanded.  Back in July the government announced lenders could offer 30-year-amortizations on insured mortgages for first time buyers looking to purchase new construction.  As of December 15th, this measure will be extended to all first-time home buyers and all buyers of new construction.  Stretching mortgage payments over a longer period (30 years from the current 25) helps to bring down regular mortgage payments for borrowers.

4. No Stress Test for Mortgage Renewals. As of November 21, any borrower looking to switch their mortgage to another lender upon renewal will no longer need to undergo a stress test.  This change applies to insured and uninsured mortgages and enables more of us to switch to a provider that better meets our mortgage needs.

5. Existing Programs and Tax Benefits.  There are other ongoing programs that can help first time homebuyers afford their first home.  These include the First Home Savings Account FHSA, the Home Buyers Plan HBP, the First Time Home Buyers Tax Credit HBTC, New Housing Rebates on GST/HST and lastly, Land Transfer Tax Rebates.

 
Mortgage rates and rules are an especially hot topic right now as we head into what may be the busiest spring market we have seen in the last 2 years. 

Buying and selling is typically quiet at this time of year but its worth noting that sales in November were higher when compared to the last two Novembers. 
 
It would seem overall activity is finally picking up as buyers gain confidence. Increasing demand and the typical decrease in inventory we see over the holiday season will likely spur on a quick start to the spring market in 2025.
 
If you have been thinking of a move in the new year its time to buckle up.
 
We can help you get back on the track..  It’s what we do.
 
Book your no obligation, home evaluation now.
 
Jenn & Colin