2018 starts the year with extremely low inventory.  

Fraser Valley:

Inventory levels for attached properties throughout the Fraser Valley were significantly lower in January compared to a year ago. This could mean that we will continue to see steady price increases for townhouses and condos for the next few months.  Demand for condos and  townhouses remains high. It is unlikely we will see a drop in demand while the rental vacancy rate remains at 1 percent and the unemployment rate also remains low.

The inventory for detached homes was also down for January compared to January 2017. Most areas in the Fraser Valley remain in a sellers market for detached homes with prices showing gradual increases.

Overall sales for January were 1,210, 24 percent higher than last January and the third highest sales total for a January in the Board’s history, behind only 2016 (1,338) and 1992 (1,270). Changes to the mortgage rules and interest rate increases have not yet affected the market.
HPI® Benchmark Price Activity

  • Single Family Detached: At $982,700, the Benchmark price for a single family detached home in the Valley increased 0.6 per cent compared to December 2017, and increased 15.1 per cent compared to January 2017.
  • Townhomes: At $519,400 the Benchmark price for a townhome in the Fraser Valley increased 1.2 per cent compared to December 2017, and increased 23.4 per cent compared to January 2017.
  • Apartments: At $404,100, the Benchmark price for apartments/condos in the Fraser Valley increased 4 per cent compared to December 2017, and increased 44.1 per cent compared to January 2017.

 

Greater Vancouver:

Across the Greater Vancouver area, detached homes remained in a balanced or buyers market while townhouses and condos remained in a sellers market. Sales for detached homes were under the 10 year average while sales for townhouses and condos were well above the 10 year average.

HPI® Benchmark Price Activity

  • Single Family Detached: At $1,601,500, the Benchmark price for a single family detached home increased 8.3 per cent compared to January 2017 but decreased .07 per cent in the past six months.
  • Townhomes: At $803,700 the Benchmark price for a townhome increased 17.5 per cent compared to January 2017.
  • Apartments: At $665,400, the Benchmark price for apartments/condos increased 27.4 per cent compared to January 2017.

 


HOME DESIGN TRENDS TO WATCH FOR IN 2018


Buyer Opportunities (Detached)

White Rock continues in a buyers market.

Abbotsford – get in while you still can. The average home in Abbotsford is more than $200K less than in Langley.

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.

The spring season is approaching and we are expecting the sellers market to continue and prices to rise.  If you are thinking of selling, I would love to help you prepare.