Courtesy of Amanda Milford

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

$1,488,000 detached DOWN 0.6% year-to-year

$543,300 apartment UP 0.1% year-to-year DOWN 1.4% year-to-year $832,200 townhouse

8,799

ACTIVE LISTINGS

BENCHMARK PRICES

apartment 2,228 1,384 townhouse

detached 3,110

1,330 SOLD LISTINGS

15.1% SALES TO ACTIVE LISTING RATIO

6.6 MONTHS OF INVENTORY

3,194 NEW LISTINGS

MARKET UPDATE — NOVEMBER 2024

time in five months as a response to October’s rate cut. Buyers who’ve been on the sidelines are beginning to take action, recognizing the value in securing a home now before rates and prices shift. CONDO MARKET FORECAST FOR 2024 The condo market is seeing unique conditions. Investors are holding back, and builders are slowing down projects. However, this creates a prime opportunity for buyers in 2024, as prices are expected to rise again by 2026. Next year could be your best window if you’re considering a condo purchase . The recent surge in activity is promising for those eyeing the South Surrey area, providing a secure investment opportunity. YOUR TRUSTED GUIDE IN REAL ESTATE As a experienced REALTOR ® , my goal is to provide guidance through these shifting times. Real estate decisions can be complex, and I’m here to help simplify the process, offering clarity and strategic advice so you can confidently make informed choices. Whether you’re buying, selling, or simply exploring, trust that I’m here to support your journey every step of the way.

A CONVERSATION WITH CIBC’S BENJAMIN TAL I recently had the opportunity to sit down and listen Benjamin Tal, Deputy Chief Economist at CIBC, and the message was clear: The worst of the real estate market slowdown is behind us. While the next six months may still present some challenges, there’s a bright future ahead. By spring, the market will start picking up momentum, with growth expected to carry through into 2026 WHY NOW IS THE IDEAL TIME TO BUY OR SELL Now is truly an ideal time to buy or sell your home. With increased competition likely on the horizon, waiting could mean a tougher market as prices and demand rise. If you’re considering a move, acting sooner rather than later may put you in a stronger position. THE BANK OF CANADA’S INTEREST RATE CUTS AND THEIR IMPACT Last month, the Bank of Canada cut an unprecedented interest rate, sparking conversations across the market. This cut is expected to fuel further buyer interest due to the lower cost of borrowing. Here in the Fraser Valley, we’ve already seen an uptick in home sales for the first

Statistics reflect market activity in October 2024 | Source: FVREB ® Fraser Valley Real Estate Board | Market values stated are of the benchmark of Fraser Valley and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home

COMPLIMENTS OF

604.330.2975 amanda.milford@theagencyre.com AMANDA MILFORD PERSONAL REAL ESTATE CORPORATION

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