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All the hype, is just that. Hype.

 

It is tough today to get a firm grasp on what is taking part in our real estate market. If you have read any articles or watched the news lately, it is filled with a ton of gloom and doom, stating ‘our’ market is down 10% from this time last year. What a terrible time to own a home! 

 

Let’s pull back on that thought a bit to exam some facts. When you hear about ‘our’ market, most of the time that means the Vancouver market, not the Fraser Valley. We are the little brother to the Vancouver market and tend to follow their trends, yet there are some reasons why we may not.

  1. We are affordable in the Fraser Valley, much more so than North of the river (Vancouver, Burnaby, ect.)
  2. At this time last year, a large Asian influx was purchasing up a ton of high end homes in Vancouver, Richmond and White Rock, squewing our numbers dramatically.

The facts are in our numbers. In our area, we have 3 types of markets:

  • A Buyer’s market – over 7 months of inventory (where buyers are favoured with tons of inventory and choice)
  • A Seller’s market – under 5 months of inventory (Where sellers are favoured with minimal inventory promoting competition among buyers)
  • A balanced market –between 5-7 months of inventory (where both buyers and sellers have equal opportunity and prices remain stagnant)

With the latest statistics, we can see there are huge differences in the areas based on what we hear on the news. Look below to find your area and product type to get an accurate idea of what is happening right now.

 

 

 

White Rock

Surrey

North Surrey

Delta

Cloverdale

Langley

Buyers Market

C

C

T

C, T

C

C

Sellers Market

 

 

D

D

T

T, D

Balanced Market

T, D

T, D

C

 

D

 

Condos =             C             Townhomes =      T           Detached Homes =         D

 

So what does all this mean? Not a whole lot unless you are planning to get out of the market today. When you are buying or selling, you are getting into the market and likely going to stay in there. Whether you buy high or buy low, sell high or sell low, everyone is riding the same wave of activity you are. At the end of the day, no one has a crystal ball to dictate what may happen tomorrow yet all things tend to come back around regardless of if we are on a high or a low. If you don’t believe me, type “hipster” into Wikipedia and you won’t believe people think that style is back. Believe me, it’s back.

 

Until next time,


Darin

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