I hope you are doing well and enjoying the warm weather we've been having. I just wanted to keep you updated and informed about the market today. The stats for April have come in and depict the following:
- Decreased demand continues to allow the supply of homes for sale to accumulate across the Metro Vancouver
- Government policy continues to hinder home sale activity.
- The federal government’s mortgage stress test has reduced buyers’ purchasing power by about 20 per cent, which is causing people at the entry-level side of the market to struggle to secure financing
- The benchmark price for a detached home is $1,425,200
- The benchmark price of an attached home is $783,300
- The benchmark price of an apartment is $656,900
- The Fraser Valley real estate market experienced its second slowest April in ten years and yet sales of certain property types and price ranges remain solid.
- Consumers may not have the purchasing power that they did prior to January 2018, but the desire for home ownership is still there and we’re seeing that reflected in our MLS data
- Detached homes under one million dollars and attached homes – ranging from $400,000 to $700,000 – continue to attract buyers in the Fraser Valley
- Single Family Detached: At $964,600
- Townhomes: At $521,800
- Apartments: At $420,700
To summarize what's currently going on in the market, i would say that now is the best time to buy real estate if you are in the market. Prices have come down quite a bit and we are seeing a lot of people upgrading to better homes. A common trend that i've seen is that people who lived in townhouses are selling them and buying a house because the value of a house came down more than the value of their townhome. This allowed them to be able to afford buying a home. In this market as a buyer, you have more time, more selection, and less competition.
If you have any questions about the market or need some advice feel free to get in contact with me.
I will also be hosting an open house at my listing in North Delta. It will be from 2-5 pm on Sunday May 5th. The details to the property are below
Real Estate Consultant
SELMAK REALTY LTD.www.AnkitDadral.com
Making realty dreams a reality, own the home meant for you.