📉 Rising home sales a sign of market shift in the Fraser Valley? 🏡

Andy Schildhorn • Nov 05, 2024

SURREY, BC — Home sales in the Fraser Valley increased for the first time in five months following a sizable interest rate cut by the Bank of Canada in October.

The Fraser Valley Real Estate Board recorded 1,330 sales in October, up 35 per cent from September, and 37 per cent year-over-year.

“After waiting it out on the sidelines for a number of months, buyers seem to be finally responding to the series of successive rate cuts by the Bank of Canada,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Whether this is an indication of further sales trends remains to be seen, especially as the feds eye a possible additional cut before year-end.”

New listings declined in October, down 5 per cent to 3,194, but increased 26 per cent year-over-year. Overall inventory dipped in October to 8,799, down three per cent from September, but up 34 per cent over last year. Rising sales and steady inventory levels have the Fraser Valley in a balanced market with a sales-to-active ratio of 15 per cent. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.

“October’s healthy sales boost is a welcome development for buyers and sellers alike,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “The coming weeks and months will shed more light on whether buyer optimism has returned now that the cycle of interest rate cuts is in full swing.”

Across the Fraser Valley in October, the average number of days to sell a single-family detached home was 34, while for a condo it was 32. Townhomes took, on average, 29 days to sell.

Benchmark prices in the Fraser Valley dipped for the seventh straight month in October, with the composite Benchmark price down 0.7 per cent to $971,700.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,488,000, the Benchmark price for an FVREB single-family detached home decreased 0.9 per cent compared to September 2024 and decreased 0.6 per cent compared to October 2023.

Townhomes: At $832,200, the Benchmark price for an FVREB townhome decreased 0.3 per cent compared to September 2024 and decreased 1.4 per cent compared to October 2023.

Apartments: At $543,300, the Benchmark price for an FVREB apartment/condo decreased 0.3 per cent compared to September 2024 and increased 0.1 per cent compared to October 2023.

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🏗️ Sluggish Housing Starts Ahead: Challenges Loom for B.C. 🏘️

By Andy Schildhorn • 06 Nov, 2024

With starts per capita at their lowest level in a decade, industry looks for more reform. As a tight provincial election reveals a deeply divided electorate, the pace of new home construction is stagnant, pointing to significant challenges, and choices, ahead for the next B.C. government. Read More Here

💰 Fixed or Variable? Choosing the Right Mortgage Rate 🏡

By Andy Schildhorn • 05 Nov, 2024

📞 Book a call/meeting at a time convenient to you – https://calendly.com/andyschildhorn Last week, the prime rate dropped by half a point, reducing costs for variable-rate mortgages. But fixed rates haven’t seen the same decrease. I’m Andy Schildhorn with Macdonald Realty, here to explain why fixed and variable rates react differently and how further rate cuts might complicate these choices. In this video, I’ll cover: 1️⃣ Why fixed rates are tied to government bond yields 2️⃣ The complex choice between fixed rate stability and variable rate savings 3️⃣ What “Date the Rate, Marry the Real Estate” means for timing your purchase For personalized guidance, I recommend contacting mortgage broker Rita Cousins, who can help you navigate these trends and find the right option for your needs. Her contact information is below. 📋 Mortgage Advice from Rita Cousins Connect with mortgage expert Rita Cousins for tailored advice: 🌐 Rita Cousins' Website: http://www.ritacousins.com/contact.html 💬 What are your thoughts on fixed vs. variable rates? Share your questions or ideas in the comments below—I’d love to hear from you. 📅 Ready to discuss your real estate goals? Use the link below to book a call and explore your options with me: 📅 https://calendly.com/andyschildhorn 📞 778.835.8957 📧 [email protected] 🌐 www.AndytheRealtor.com 📺 Subscribe for weekly real estate insights! Thanks for watching, and see you in the next video! 👋 🔔 Don’t forget to like, subscribe, and ring the bell for real estate tips!