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Overview of Real Estate in Fraser Valley 2018.

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After three consecutive busy years of Real estate  sales surpassing 20,000 units annually, 2018 saw the Fraser Valley real estate market return to more Typical level for both sales and inventory. New data released today by fraser valley board shows slow down in sales in 2018 lowest since 2013 and most of realtors in bc acknowledge this. Sales data by Fraser Valley Board The Board’s Multiple Listing Service® (MLS®) processed 15,586 sales in 2018, a 30.2 per cent decrease compared to 2017’s 22,338 sales and the lowest total sales for the Fraser Valley since 2013.  For inventory, a total of 32,058 new listings were received by the Board’s MLS® system in 2018. This was the fourth highest total for new inventory in the Board’s history. Of the total transactions that took place in 2018, 3,866 were townhouses and 4,296 were apartments. Each of those property types saw a significant decrease in sales compared to 2017, with total townhouse sales dropping 25.6 per cent year-over-year an
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Dont Expect Increase In Interest Rates By Bank Of Canada In 2019

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As I wrote a Blog couple days ago about the Real Estate Market Surrey Bc In 2019 about having one interest rate hike in 2019 as economy is looming, cause the price of Canadian oil known as Western Canada Select briefly dipped below $15 a barrel last fall. Today CBC wrote an article Expecting higher rates in 2019? Don't bet on it just yet . It`s a must read for all to see what`s happening in 2019 with economy and interest rate hike`s. As of today it will be hard to predict which way Bank of Canada is heading but number`s don't lie and looks like with economy slowing down, there might be no interest rate hike in 2019 if not a cut in interest rate. Some economist were still predicting interest rate hikes in 2019 some weeks ago, But that scenario is changing which might move into a interest rate cut predicted by some economists. Some statements made are as follow :- "At present, there is not a single hike priced for 2019." Say`s Pollick. By Pollick's math, there&
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Whats happening in Surrey Real Estate Market Right Now?

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After a sluggish first half of the year, property sales in the Fraser Valley started picking up speed in the summer 2019 and finished strong in December 2019, but not enough to surpass 2018 year’s sales totals but were close enough. January 2020 sales are going strong as compared to January 2019, inventory is at its lowest in years. Townhouses and condos are seeing increase in sales activity as buyers are showing more confidence in the market with low interest rates. Lot of townhouses and condos that have been in market for a while have started getting offer even multiple offers on them, due to low inventory. Most of these condo sellers are moving into townhouses and townhouse sellers jumping into detached homes. It’s a trickle effect when it comes to people selling who are already in the market. For first time home buyers its hard to qualify with B20 Stress test, but lot of them who could qualify were waiting as market was slowing down and prices were going down in 2019. No
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