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Hot market still in the Fraser Valley in July and should continue into August!

Blog by Michael Cosburn | August 3rd, 2017

The homes are still selling and there are plenty of buyers looking for places to buy or invest in. There were 1937 sales processed in the Fraser Valley in July similar to the number of sales for July last year. Compared to June there is about a 25% decreaase but 1937 sale are quite a bit and this is a healthy market for sure. Of the 1937 sales processed in July 2017, 447 were townhomes and 544 were condos leaving 946 detached homes sold. We had an inventory of 5970 listings total. The total number of listings is low compared to the averages we ran a few years ago that were close to 12,000-14,000 during the busy months and 9,000-10,000 in slower months. So, as you can see with the low inventory this means demand is higher and keeping the prices higher as well. So, even with less sales the overall prices should stay high and for the condos and townhomes the demand will remain high because they are somewhat more affordable compared to detached homes. 
Things may start to change next year with another increase in the interest rates and possible changes to uninsured (those with at leat 20% down) mortgages and how one qualifies for those mortgages. Also what kind of changes will the new NDP provincial government bring in to address home affordability and will this have an impact on the real estate market? What ever your plans are make sure you get your ducks in a row. Get pre-apporoved for a mortgage and pay off debts. Be ready to act uickly if you are looking to get into a place now. I am here to help so if you want an expert to help you give me a call or send me an email.