Optimistic as we have been, the fall real estate market has been nothing to write home about.

Despite improved borrowing rates a slight uptick in September / October Real Estate sales in Surrey and the Fraser Valley remain sluggish, firmly entrenched in a buyer’s market.   As we move further into fall/winter homes sales have continued to underperform, leaving buyers, sellers, and investors wondering why.

It is unreasonable to single out any one factor or policy driving today’s market dynamics (as there are many) so lets look at a few …

Economic Uncertainty:  Inflation, interest rate volatility, political volatility, currency fluctuations, supply chain disruptions, migration, demand and affordability pressures are all at play.  Yikes.  This uncertainty weighs heavily on buyer confidence and has ripple effects that touch every corner of our local real estate market.  According to the Fraser Valley Real Estate Board, “… recent economic uncertainty seems to have weighed more heavily here … ”.

Ongoing Price Declines:  Locally, benchmark home prices have been dropping for six consecutive months now.  Compared to this time last year,  Surrey, Sullivan/Panorama and Cloverdale detached homes are down -5 per cent, townhomes down -6 per cent, apartments down almost -8 per cent.  South surrey / White Rock looks similar.  Detached homes down – 8 per cent, townhomes down – 6 per cent, apartments down – 8 per cent.  While falling prices might seem like a boon for buyers, they signal uncertainty, causing both buyers and sellers to hesitate.

Rising Inventory:  The Fraser Valley is experiencing decade-high inventory.  As of September, the sales-to-active listings ratio sits at just 9 per cent, well below the 12–20 per cent range considered balanced.  This trend cools any sense of urgency a buyer might have otherwise, making buyer cautious, analytical and strategic.

October 29th the Bank of Canada reduced its target for the overnight rate by 25 basis points to 2.25% but according to the BOC “ … the Canadian economy is facing a difficult transition. The structural damage caused by the trade conflict reduces the capacity of the economy and adds costs. This limits the role that monetary policy can play to boost demand while maintaining low inflation. The Bank is focused on ensuring that Canadians continue to have confidence in price stability through this period of global upheaval. “

 So where does that leave those looking to enter the market in the coming months?

Buyers:  Be optimistic but strategic, lock down your financing terms and watch global trends to time your purchase locally.

Sellers:  Stay informed and most important, adaptable.  Watch interest rate and consumer trends to time your listings launch or adjust your asking price when needed.

Investors:  Continue to diversify.  Have all your finances is order so you can act quickly.  Work with a real estate professional who understands how to find opportunity amongst the factors noted above.

In summary, until economic confidence improves and supply better aligns with demand, local real estate markets are likely to remain subdued.  If your curious how you might best navigate these conditions, reach out.  

We can help you draft a smart and strategic plan that aligns with your goals.

We have just listed this 3 level home in Summerfield.  Minutes to HWY 99, the US Border, Grandview Rec Center and the Shops at Morgan Crossing.

Just over 3,200sqft of open concept living space including 4 bedrooms on the upper level plus a self contained 1 bedroom in-law suite in basement.

Bright, open and airy great room plan walks out to landscaped yard, covered dura-deck with bbq area, outdoor fireplace, hot tub and slate stone patio.

Family friendly plan on the upper level boasts 4 generous size bedrooms including primary suite with vaulted ceiling, walk in closet and ensuite bath.

Flex room in the basement can be used as part of the main level plan or as an additional bedroom for the basement occupants.

Features include 10ft ceilings, hardwood flooring, California shutters, granite tops, functional cupboards plus pantry storage.

Double car garage plus additional driveway and street parking.

16943 0A Ave is asking $1,599,900 and showing by appt only.

View full image gallery, video, floor plan and specs HERE

We have just listed this well cared for 4 bed and bath, 2 story, cul-de-sac home in Ocean Parks Amble Greene neighbourhood. 

Almost 3,000sqft of immaculate living space on a 13,547sqft lot. The main level offers formal living/dining space, an open plan at back with bright solarium and family room overlooking the landscaped back yard, perfect for family hang outs and entertaining.

Bonus flex room and 4th bedroom also on the main level. Upper rooms include primary suite, ensuite bath and tons of closet space plus 2 more generous size bedrooms.

Huge patio area at back plus a smaller patio off kitchen perfect for outdoor kitchen and bbq. Full size double car garage with deep parking pad.

Perfectly situated in a private, parklike setting but only minutes to the amenities of Ocean Park Village, local library, local schools, easy access parks and beaches.

View images, video, specs and floor plan HERE

We have just listed this rancher style end unit townhome, across from Sunnyside Park pool, playground, tennis and tennis courts.

Walking distance to Peninsula Village, movie theatre, parks and transportation and only minutes to Grandview shops and rec center.

Open concept main floor with 3 generous size bedrooms walks out to private, south facing fenced back yard and patio.

Bonus rec / flex room above the garage perfect for media, hobbies, home office, 4th bedroom or guest suite.

Updates include bright kitchen with shaker cabinets, quartz countertops, stainless appliances and laminate flooring, updated bathrooms, 8 year roof, 3 year windows, 2 year cedar fencing.

3 car parking includes single garage 10 x 19, single car pad and parking stall # 8 at front door.

Pets okay. $508.22/month in maintenance fees.

Rarely available rancher plan, come check it out!

View specs, video and full image gallery HERE