The Fraser valley Real Estate board recently released its statistics package for April.
Similar to our last blog post it declares; increased housing supply and downward facing prices have not been enough to drive housing sales.
Buyers are now able to enjoy a selection of homes we have not seen in more than a decade. The growing inventory of more than 2,000 active listings in Surrey, South Surrey and White Rock area means that buyers can now view many homes, take the time to carefully consider which one is the right fit and then negotiate a sale price with some leverage.
According to Tore Jacobsen, Chair of the Fraser Valley Real Estate Board, “…there’s definitely a surge of activity in the market, buyers are out viewing homes and attending open houses …” however this activity is not translating into actual sales.
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. Further, Tariffs and economic uncertainty continue to weigh heavily on the minds of home buyers in the Fraser Valley.
On the upside … with the federal election now behind us and a new administration in place, there’s cautious optimism that a fresh approach to strengthening the economy could be on the way.
As noted in our last blog post … we have been hearing whispers from those in the mortgage biz that the Bank of Canada may in fact lower rates a couple more times to help offset any potential downturn in the economy, which would be welcome news for sellers and those of us who work in the real estate sector.
In the meantime, Benchmark pricing stats for April were as follows:
Detached homes in South Surrey / White Rock $1,910 down -2.6 per cent from the same time last year. Townhomes $954k down -2.8 per cent. Apartments $619k down -2.9 per cent.
Detached homes in Sullivan / Panorama $1,527 up slightly +0.4 per cent. Townhomes $845k down -4.5 per cent. Apartments $586k down -4.3 per cent.
If you have been thinking of a sale this year we can help you navigate this transitional market by helping you time your sale in such a way it allows you to achieve your real estate goals and possibly more!
All things real estate. It’s what we do.
Jenn
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