Newsletter

Sunridge Place – Live in the Heart of Murrayville!

We are excited to announce the grand opening of the showhome at Sunridge Place in Murrayville! ☀️🏡

🕛 Saturday October 28 12pm-5pm
🕔 Sunday October 29 12pm-5pm
📍 #3 22305 50 Avenue Langley

✨ 3 BRAND NEW HOMES
🪞Timeless design
💯 High-quality finishing
🛋️ Open concept floor plan
🛏️ 3 bedrooms
🛁 3 bathrooms
🥗 Gourmet kitchens
🍽️ High-end cabinetry and appliances
🔥 White quartz surrounding the gas fireplaces
🚪Slab on grade homes with insulated concrete
🪵 7” engineered oak hardwood flooring
🌿 Backyard patios for year-round enjoyment
⭐️ High efficiency furnaces
🪟 Oversized double pane windows
⚡️ EV car charger plug
🔨 2-5-10 Year Warranty
🛠️ Built by Wesmont Homes
🔑 Come check out your new home!

Priced at $1,549,900 + GST

Signs of stability in Fraser Valley create opportunities for home buyers and sellers

House prices in the Fraser Valley posted a slight but positive bump in February after nearly a year of month-over-month decreases. Similarly, sales, though still trending lower than normal, also recorded their first monthly gain since October

The Fraser Valley Real Estate Board (FVREB) processed 898 sales on its Multiple Listing Service® in February, an increase of 43.5 per cent over January but still only half as many as were recorded a year ago.

February new listings were also up, by 5.7 per cent over last month to 1,938 but 48.2 per cent lower than this time last year. Active listings grew by 7.0 per cent over January and by 16.3 per cent over February 2022.

The composite Benchmark price in February was $946,700 and though relatively flat compared to January with a negligible gain of 0.5 per cent, it reverses the price slide the market has been experiencing since April 2022. Further, while well below the record prices posted at that time, it is still more than 36 per cent higher than pre-pandemic February 2020.

“In recent months, the level of uncertainty regarding rates and prices has negatively impacted inventory and that’s kept a lot of clients on the sidelines,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “Together with a growing consensus suggesting that a pause on rate hikes is imminent, the positive signals from the market give families something to build on and plan for. As that starts to happen we expect to see sales pick up slowly but steadily heading into spring.”

With a sales-to-active listings ratio of 20 per cent, the overall market was once again in balance, however the ratio for townhomes was higher at 36 per cent, indicating a seller’s market for this category. The market is considered in balance when the ratio is between 12 per cent and 20 per cent.

“All indications suggest that the market is on track to re-establish a level of stability, which is encouraging for both demand and supply sides,” said Baldev Gill, Chief Executive Officer of the Board. “With solid opportunities for properties that are appropriately priced, investing in the expertise of a professional REALTOR® should be the first decision buyers and sellers make to ensure the best local strategies before jumping back into the market.”

Properties spent between 7 and 12 fewer days on the market compared to last month, another sign that the market may be picking up. Across Fraser Valley in February, the average number of days to sell a single-family detached home was 36 and a townhome was 33 days. Apartments took, on average, 32 days to sell.

The Spring Market is Approaching…

With spring almost one month away, we are noticing the real estate market is picking up again. The market has been greatly impacted by the Bank of Canada’s eight interest rate hikes over the past year. However, it looks like interest rates are likely going to stabilize with likely no future increases in the near future. Our team has noticed consumer confidence is building back up again and there are a lot more buyers at open houses again. If you are thinking of buying or selling in the spring market please let us know. We are happy to give you a market update.