Market Update-May 2018

This month’s real estate stats are in! May was a busy month in Real Estate; with a 33% Homes Selling Rate the Fraser Valley Real Estate Market is still a seller’s market.

However the numbers are down slightly from last month:

  • 4859 Active Listings were listed in May
  • 1591 Sales this month
  • 10% increase overall in Sale Price for Homes

These numbers have fallen slightly due to the mortgage qualificatins hindering buyers capability to increase their buying power. Over the next several months, the impact of these qualifications is expected to soften due to people re-evaluating their budgets and finances to better accomadate these new mortgage regulations.

This article from Re/Max contains a few pieces of great advice on how to better afford a home and set yourself up for financial success!

Here are the breakdown of statistics for the Fraser Valley:

Real_Estate_Fraser_Valley

Give me a call if you would like to chat about the statistics in your area and how we can help get you more!

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The Market Update-March

Spring has officially sprung and with it the Real Estate market has picked up! In the spring we typically begin to see the market’s inventory become more saturated, an increase in buyers and a sense of urgency to buy.  Below are the statistics for March for detached homes.

Inventory

In comparison below are February’s statistics, showcasing a clear growth especially in the Langley, Cloverdale and Abbotsford area.

Inventory

Another area that has been of interest over the past few months is the foreign buyers tax’s overall effect. The interest of foreign buyers appears to be levelling off, as they accounted for  little more than three per cent of both the value and number of all transactions, according to the most recent property transfer tax data.

It is still unclear of the overall effect of the tax and how the recent announcement of the exemption from the tax if  one is a skilled worker here under the provincial nominee program and/or is a  foreign national who obtained permanent Canadian residency within a year of living in Canada.  To learn more about the exemptions check out this article.

Back to the Fraser Valley though! This month shows the general growth of the market and the increase in overall sales. This will continue over the next few months making it a great time to put your home on the market! It is a great time to look at selling your home and by partnering us at Young Real Estate we promise to work with you to sell your home for more!! #SellingHomesForMore