Courtesy of Amanda Milford

Sales, listings continue to pick up heading into spring

$546,100 apartment UP 7.2% year-to-year

$1,485,600 detached UP 8.4% year-to-year

5,561 ACTIVE LISTINGS

$831,000 townhouse UP 6.7% year-to-year

BENCHMARK PRICES

apartment 1,284 803 townhouse

detached 1,865

1,235 SOLD LISTINGS

4.5 MONTHS OF INVENTORY

2,797 NEW LISTINGS

22.2% SALES TO ACTIVE LISTING RATIO

In its recent report, the Bank emphasized that shelter-price inflation continues to surge, serving as the primary driver of overall inflation. Moreover, core inflation measures hover between 3% to 3.5%, with certain components of the CPI still experiencing growth above 3%, albeit at a slower rate. Looking ahead, the Bank anticipates inflation to linger around 3% in the initial half of the year before gradually subsiding. However, concerns persist regarding the enduring nature of underlying inflation, with a keen desire to witness further alleviation in core inflation. A noticeable trend in the housing market is the decline in the duration homes spend on the market, indicating heightened demand. Single family detached homes saw a decrease from 44 to 35 days on the market, while apartments dropped from 41 to 29 days, and townhomes decreased from 33 to 28 days.

The real estate landscape portrays a mix of swift transactions and sluggish movements. There’s an evident shortage in inventory, particularly in properties priced under $1 million, attracting active buyers. I have seen many multiple offer situations in this price point. If you’re navigating this dynamic market and seeking to formulate effective strategies, don’t hesitate to reach out for a conversation on suite to selling and buying approaches in this market. In these times of fluctuation, staying informed and seeking professional advice are pivotal in making sound decisions. Feel free to contact me for further insights and personalized guidance tailored to your needs. Statistics reflect market activity in February 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 first 10 individuals to scan the QR code to enter their names will receive a bouquet of flowers delivered at the end of March. 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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