Red-hot condo Market = Second Busiest October on Record

Since the changes to the mortgage rules were made official last month, it’s not surprising to see an increase in sales. The new rules will require buyers to have a firm and binding Contract of Purchase and Sale in place by December 31, 2017 to qualify for their mortgage under the old rules. The completion date can be after Dec. 31 as long as subjects are removed before Jan. 1, 2018. Now that most lenders have made this requirement known to their clients, expect November sales to be higher than average.

It takes less than two weeks on the market for a condo or townhouse to sell. If you are thinking of selling before Christmas, there is still time.

Fraser Valley:

Statistics for October show the attached market maintaining a hot, sellers market. With the exception of North Delta, the average days on market is less than two weeks. Condo prices rose again last month, 3.1%, while townhouse prices rose only 0.8%.

Sales in the detached market picked up as well in October. Surrey was back into a sellers market last month. South Surrey fell deeper into a buyers market, however, the rest of the Fraser Valley remained in a sellers market. Prices fell slightly, -0.3%.

Greater Vancouver:

Sales were up in the Greater Vancouver area as well. The largest increase was seen in the detached market with a 44% increase in sales compared to October 2016 while townhouse sales increased 17.4% and condo sales increased a mere 0.7%.  All areas are in a sellers market for attached properties. Vancouver, East and West side, and Richmond are in buyers markets for detached properties however, prices are stable and higher than they were one year ago. Moving east from Vancouver, almost all areas are in a sellers market for detached properties.

Buyer Opportunities (Detached)

White Rock is struggling in comparison to other areas in the Fraser Valley. Many would say that nothing lasts forever.

West Newton is in a buyers market – 79 listings on the market last month but only 9 sales.

Both Cloverdale and Langley have greater inventory than they did in the spring and prices have come down slightly.

Buyer Opportunities (Attached)

There is much less competition for properties built prior to 2010. Older properties tend to have rental restrictions but if you are purchasing to live in, you will get much more square footage for your dollar.

Townhouses are starting to look like a real deal compared to condos.

If you are thinking of selling and need help to prepare, I have many trades I can recommend that will help: painting, organizing, rubbish removal, plumbers, electricians, storage companies, cleaners, plus more. Contact me for their information.