Courtesy of Amanda Milford

Market Recap: March in Review

$555,000 apartment UP 6.9% year-to-year

$1,517,100 detached UP 8.8% year-to-year

6,197 ACTIVE LISTINGS

$846,900 townhouse UP 7.2% year-to-year

BENCHMARK PRICES

apartment 1,429 869 townhouse

detached 2,160

1,395 SOLD LISTINGS

4.4 MONTHS OF INVENTORY

2,986 NEW LISTINGS

22.5% SALES TO ACTIVE LISTING RATIO

Provincial Legislative Actions In recent months, the province has passed legislative actions aimed at opening doors for attainable housing opportunities across British Columbia. Bill 44, in particular, aims to streamline the process of creating small-scale, multi-unit homes within existing neighbourhoods on single-family lots. Need more information, call me! Navigating the Landscape For both homebuyers and sellers, navigating this evolving landscape requires a strategic approach to pricing, negotiations, and market timing. Whether you’re looking to buy or sell, now is the time to evaluate your options and make informed decisions. Are you considering listing or buying a home? Reach out to me today for guidance based on experience and knowledge tailored to your unique needs and goals. Statistics reflect market activity in March 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.

The Fraser Valley Real Estate Board recorded 1,395 transactions on the Multiple Listings Service® (MLS®) in March, marking a 13% increase over February. However, this figure falls 31% below the 10-year average, making it the second-lowest March sales recorded in a decade. Despite the slower pace, inventory is steadily building, offering buyers more opportunities in detached and attached markets compared to the previous year. However, I saw a lot of activity in the market in March. Interest Rates and Forecast While interest rates remain high, the forecast suggests changes are on the horizon. The Bank of Canada is anticipated to begin cutting rates in the summer, potentially impacting the real estate landscape. With home prices already on the rise, sellers are hesitant to lower prices, driving the market into a state of anticipation. According to the 2024 ROYAL LEPAGE Market Survey Forecast, national indexes predict a 5.5% growth, with significant increases observed in recent trends, such as a 6.8% surge in single-family homes in March alone. Impact of Interest Rate Changes The slight drop in interest rates could significantly impact buyer behaviour. According to the Royal Lepage survey, even a minor 25 basis point decline could entice back 10% of hesitant buyers into the market, potentially driving competition and prices up.

The first 10 individuals to scan the QR code to enter their names will receive a bouquet of flowers delivered at the end of April. Make your move confidently in the competitive market

– call for a detailed consultation today

604.330.2975 amanda@amandamilford.ca www.white-rockproperty.com

Top 5% Sale Representative in Canada, Homelife Realty Services Inc 2021 & 2022

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