Coming out of the 2nd slowest April in 10 years the local real estate market is finally starting to heat up …. but let me qualify. 

Due to affordability restraints and the mortgage stress test that came into effect last year … detached homes under 1 million and attached homes between $400,000 and $700,000 are finally starting to heat up.

But despite this SUPER slow start to the 2019 market – low supply and pent-up demand has kept pricing from any significant contraction.  

For example, compared to this time last year detached homes, townhomes and condos in the Sullivan Panorama area of Surrey have seen their benchmark price decrease …
-5.5%, -10.4% and -7.8% respectively. 

Even less so in the South Surrey Real Estate Market.  The benchmark price of detached homes, townhomes and condos have decreased in value -7.1%, -4.8% and -4.0% respectively.

But important to keep in mind … property owners have enjoyed a significant increase in their equity over the last three years.  To give you some perspective, here is a breakdown of benchmark pricing, as of April  …

Sullivan / Panorama

Detached homes $989,400
Townhomes $551,100
Apartments $469,100

South Surrey / White Rock

Detached homes $1,376,000 (yikes!)
Townhomes $658,500
Apartments $504,100

If you have been thinking of listing your home this year … now would be the time to make your move. 

Demand is where it will likely remain for the 2nd quarter of the year.  Beyond that is anyone’s guess.  The market has been so variable the past 6 months … even the best of us are on a wait and see basis re: summer and fall conditions.

As always … we will keep you posted.

Jenn

Photo by Jeremy Bishop on Unsplash

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