No surprises in the fraser valley real estate market
“Markets are tightening due to a lack of supply and the confidence of stabilizing borrowing rates.” – BC Real Estate Association
Total sales in April were 1402, flat from the previous month but 6% down year over year. The median sale price was $1,030,000 in the Fraser Valley, up from $979,000 in March but still behind $1,130,000 from April last year. There were 3259 active listings last month, a 23% decrease from last year.
This month we are tempted to plagiarize the market update from last month. Condos, townhomes, and entry-level detached homes are very busy. Many buyers are making upgrades with the equity they’ve built from the rising markets. Down payments continue to be strong, with the monthly payment being the significant hurdle for many Buyers. Those Buyers waiting for payments to come down are the main reason we have such a lack of inventory and why we have a lack of buyers for the higher-priced inventory.
The impression I get from most brokers and banks I speak with is that we should buckle in for at least a year before we can expect any significant rate shift. Each neighbourhood seems to have a hard ceiling for Buyers, and the general market keeps rising, but the top remains frozen. It is essential to watch what happens when these two markets converge. I’ll be watching closely.
