Statistics are out for Feburary and the detached market in the Fraser Valley shows signs of recovering but that is definitely not the case in Metro Vancouver.
Vancouver West and East as well as Richmond, Tsawwassen, and Ladner are all experiencing buyer’s markets. Prices in these areas have dropped between 5% and 9% in the past six months however, the big price correction that many expected, hasn’t happened. Meanwhile in Toronto, prices have increased 30% in the past year. Toronto recorded record-breaking sales for February, despite low inventory levels. If restrictions are put in place in Ontario to help calm Toronto’s real estate market, Vancouver could see many foreign investors back. Vancouver still remains the preferred city in Canada among people from China.
Statistics for February show that every area in the Fraser Valley is now in a seller’s market, with the exception of detached homes in South Surrey. This is not surprising. The benchmark price for a detached home in South Surrey is $1,441,000 while the next highest price is Langley and Surrey at $866,900. While sales were much lower than record-breaking February 2016, overall sales in February were still above the 10-year average. We could see prices increase over the next few months, especially in areas where the inventory is low.
The market for attached properties, throughout the Fraser Valley, looks like the detached market did last year. Every area is in a strong seller’s market. Cloverdale was the hottest market with 100% of its inventory selling last month. The average sale price in Cloverdale was 3% over asking. This will definitely be difficult on buyer’s. The hottest property in the attached market is a townhouse with a fenced yard off the kitchen. Expect lots of competition for these.
Buyer Opportunities (Detached)
Now may be the time to buy in White Rock. Look for properties that have been on the market for more than three months.
Sales in Nordel, North Delta are slower than other areas in North Delta. Inventory there is good and prices are still lower than they were last year.
Abbotsford is still worth considering. The benchmark price for a detached home is almost $200,000 less than in Langley.
Buyer Opportunities (Attached)
If you are looking for a townhouse, consider Sullivan Station or East Newton rather than Cloverdale or Clayton.
Whalley is the place to look for a condo.