{"id":13119,"date":"2019-07-06T10:10:57","date_gmt":"2019-07-06T17:10:57","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13119"},"modified":"2019-07-04T13:58:06","modified_gmt":"2019-07-04T20:58:06","slug":"its-a-great-time-to-buy-real-estate-in-fraser-valley","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/07\/its-a-great-time-to-buy-real-estate-in-fraser-valley\/","title":{"rendered":"It&#8217;s a Great Time to Buy Real Estate in Fraser Valley"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 Last month\u2019s property sales in the Fraser Valley were 29.3% below the 10-year sales average for June and were the second lowest total for the month since the year 2000. The number of new listings also decreased in June, coming in at 9.6% below the 10-year average for the number of listings received during that month.<\/p>\n<p style=\"text-align: justify;\">The Fraser Valley Real Estate Board processed 1,306 sales of all property types on its Multiple Listing Service\u00ae (MLS\u00ae) in June, a 13.9% decrease compared to sales in May 2019, and a 10.1% decrease compared to the 1,452 sales in June of last year.<\/p>\n<p style=\"text-align: justify;\">Darin Germyn, President of the Board, said of the market : \u201cThe Fraser Valley market is still adjusting to the federal government\u2019s new mortgage requirements and to the provincial government\u2019s speculation and vacancy taxes. We\u2019re seeing historically low levels for home purchases in our region, and yet at the same time we\u2019re seeing some prospective sellers holding back on listing their homes; waiting to see what the market will do.<\/p>\n<p style=\"text-align: justify;\">\u201cThis has created a great opportunity for buyers in the Fraser Valley. Inventory overall is growing; prices of typical homes have decreased on average 6% to 10% over the past year and interest rates are still holding firm.\u201d<\/p>\n<p style=\"text-align: justify;\">There were 8,516 active listings available in the Fraser Valley at the end of June, an increase of 19.3% compared to June of last year and an increase of 0.1% compared to May 2019. The Board received 2,810 new listings in June, a 20.7% decrease compared to May 2019\u2019s intake of 3,542 new listings and a 10.5 per cent decrease compared to June of last year.<\/p>\n<p style=\"text-align: justify;\">\u201cThere is tremendous variation in the market depending on the property type and location\u201d, added Germyn. \u201cIt\u2019s currently a buyers\u2019 market for detached homes in South Surrey\/White Rock; but is leaning towards a sellers\u2019 market for townhomes in Langley, so if you\u2019re considering taking advantage of the market slowdown, first, talk to your REALTOR\u00ae.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>HPI\u00ae Benchmark Price Activity<\/strong><\/p>\n<p style=\"text-align: justify;\">\u2022 Single Family Detached : At $960,100, the Benchmark price for a single family detached home in the Fraser Valley decreased 0.4% compared to May 2019 and decreased 6.1% compared to June 2018.<br \/>\n\u2022 Townhomes : At $525,200, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.5% compared to May 2019 and decreased 5.9% compared to June 2018.<br \/>\n\u2022 Apartments : At $409,800, the Benchmark price for apartments\/condos in the Fraser Valley decreased 1.7% compared to May 2019 and decreased 9.6% compared to June 2018.<\/p>\n<p style=\"text-align: justify;\">For the Fraser Valley region, the average number of days to sell an apartment in June was 37.5, and 31.6 for townhomes. Single family detached homes remained on the market for an average of 35.6 days before selling.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/fvreb.bc.ca\/statistics\/Package201906.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> to view the June Statistics Package.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/both-buyers-and-sellers-taking-a-wait-and-see-approach-in-the-fraser-valley\/\" target=\"_blank\" rel=\"noopener noreferrer\">FVREB Both Buyers &amp; Sellers Taking a Wait-and-See Approach in The Fraser Valley<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 Last month\u2019s property sales in the Fraser Valley were 29.3% below the 10-year sales average for June and were the second lowest total for the month since &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/07\/its-a-great-time-to-buy-real-estate-in-fraser-valley\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-13119","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>It&#039;s a Great Time to Buy Real Estate in Fraser Valley &#8226; 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