The Surrey Real Estate Market. Making a comeback?

Dear clients friends and neighbours,

Despite the last two rate cuts by the Bank of Canada (BOC) buyers are still struggling to overcome challenges with affordability in Surrey and the Fraser Valley.  High interest rates have kept first time buyers and those looking to buy up firmly planted on the sidelines, waiting in anticipation of further rate cuts.
 
Well the wait is over … ish. 
 
The BOC just lowered its lending rate another 25 basis points from 4.5 per cent to 4.25 per cent.  Those who will notice an immediate change are those dealing with mortgage rates, variable rates, or lines of credit but after record-high inflation it’s going to take a bit longer until we see a significant bump in housing activity and demand.
 
Over the summer the supply side of the market had been adjusting to low demand, new listings in the Fraser Valley dropped approx. 20 per cent in August.  However, the steady supply of new listings and sluggish sales over the first half of the year resulted in total inventory rising to its highest levels since 2019. 
 
Home prices continue to remain flat.
 
The average price of a detached home in South Surrey White Rock currently sits at $2,189,000, townhouses at $1,093,000 and apartments at $700,187. 
 
For Sullivan Panorama and further north into Surrey / east into Cloverdale average prices are slightly more affordable;  detached homes $1,526,000, townhomes $800,577 and apartments $523,333.
 
Most analysts are expecting more demand for the final quarter of this year and into 2025.  Further to that, Central 1 Chief Economist Bryan Yu predicts BOC lending rates to drop to 2.75 per cent by the middle of 2025.
 
Although inflation and higher interest rates causes some anxiety, real estate is still a super solid long-term investment.  We like to think of our homes mortgage as a forced savings program.  
 
With that in mind, if you have been wondering when to get back into the market - whether looking to purchase your first home, buy up, downsize, or make a lateral move - now is a good time to get some advice that can help you cut through the noise.
 
Get in touch with your mortgage broker and book a home evaluation with your local realtors to fully understand where interest rates are headed in the coming months to determine the best short or long term strategy for you.
 
We can help.  It’s what we do.

Jenn & Colin
 

Dear clients friends and neighbours,

Despite the last two rate cuts by the Bank of Canada (BOC) buyers are still struggling to overcome challenges with affordability in Surrey and the Fraser Valley.  High interest rates have kept first time buyers and those looking to buy up firmly planted on the sidelines, waiting in anticipation of further rate cuts.
 
Well the wait is over … ish. 
 
The BOC just lowered its lending rate another 25 basis points from 4.5 per cent to 4.25 per cent.  Those who will notice an immediate change are those dealing with mortgage rates, variable rates, or lines of credit but after record-high inflation it’s going to take a bit longer until we see a significant bump in housing activity and demand.
 
Over the summer the supply side of the market had been adjusting to low demand, new listings in the Fraser Valley dropped approx. 20 per cent in August.  However, the steady supply of new listings and sluggish sales over the first half of the year resulted in total inventory rising to its highest levels since 2019. 
 
Home prices continue to remain flat.
 
The average price of a detached home in South Surrey White Rock currently sits at $2,189,000, townhouses at $1,093,000 and apartments at $700,187. 
 
For Sullivan Panorama and further north into Surrey / east into Cloverdale average prices are slightly more affordable;  detached homes $1,526,000, townhomes $800,577 and apartments $523,333.
 
Most analysts are expecting more demand for the final quarter of this year and into 2025.  Further to that, Central 1 Chief Economist Bryan Yu predicts BOC lending rates to drop to 2.75 per cent by the middle of 2025.
 
Although inflation and higher interest rates causes some anxiety, real estate is still a super solid long-term investment.  We like to think of our homes mortgage as a forced savings program.  
 
With that in mind, if you have been wondering when to get back into the market - whether looking to purchase your first home, buy up, downsize, or make a lateral move - now is a good time to get some advice that can help you cut through the noise.
 
Get in touch with your mortgage broker and book a home evaluation with your local realtors to fully understand where interest rates are headed in the coming months to determine the best short or long term strategy for you.
 
We can help.  It’s what we do.

Jenn & Colin