June 4, 2024

SURREY, BC — Slower seasonal sales helped build inventory to its highest level since September 2019 in the Fraser Valley in May, creating more balanced market conditions for home buyers and sellers. The increase in supply over the past several months has further contributed to a softening of price growth, which is good news for buyers.

Active listings increased eight per cent from April to May to 7,904 — up 42 per cent over May 2023 and 19 per cent above the 10-year average

Sales, however, remained seasonally slow, with 1,517 transactions on the Fraser Valley Real Estate Board’s Multiple Listings Service ® (MLS®) in May, up 3 per cent from April, but down 11 per cent compared to May 2023. May sales were 21 per cent below the 10-year average.

“We are seeing an influx of inventory this spring, primarily due to slower than usual spring sales,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Growing inventory levels are helping to create a healthy balance in the market, giving buyers more options, especially as prices continue to flatten.”

New listings softened in May, down five per cent from April, to 3,760. With a sales-to-active listings ratio of 19 per cent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“While the consensus seems to indicate rate cuts in the latter half of the year, there is considerably less agreement about either magnitude or timing,” said FVREB CEO Baldev Gill. “We strongly encourage buyers to have comprehensive discussions with their REALTORS® about market conditions and how they will impact mortgage rates in the coming year.”

The average number of days townhomes and single-family detached homes are spending on the market increased slightly in May. Detached homes are spending 25 days on the market, up from 23 in April. Townhomes are spending 20 days on the market, up one day from April, and condos remain steady at 23 days on the market.

Benchmark prices in the Fraser Valley remained flat in May, with the composite Benchmark price down 0.2 percent from April and down 0.8 per cent from May 2023.

MLS® HPI Benchmark Price Activity

Single Family Detached:  At $1,530,200, the Benchmark price for an FVREB single-family detached home increased 0.2 per cent compared to April 2024 and increased 2.9 per cent compared to May 2023.

Townhomes:  At $853,800, the Benchmark price for an FVREB townhome decreased 0.03 per cent compared to April 2024 and increased 3.4 per cent compared to May 2023.

Apartments:   At $555,100, the Benchmark price for an FVREB apartment/condo decreased 0.1 per cent compared to April 2024 and increased 2.9 per cent compared to May 2023.

To view the complete package: 

              

Stay or Move? 5 Questions to Help You Decide

It can be tough to make the decision to sell. In fact, for many homeowners, it’s overwhelming. If you’re considering making a move and struggling with the decision, here are five helpful questions to ask yourself: 

“What is your practical reason for selling?”   This question refers to what you’ll get by moving to a new home. The reasons could include a bigger backyard, a shorter commute to work, an extra bedroom, a more desirable neighbourhood, etc. 

“What are your emotional reasons for selling?”   This question refers to how you’ll feel about living in a new home. For example, you might feel safer, less cramped, less worried (because the local schools are better), or happier (because the shorter commute means more time with your family

 “What type of new home can you afford?”   This question involves finding out how much you’ll likely get when you sell your existing home and how much of a mortgage you qualify to receive. With that information, you’ll have a price range within which you can comfortably shop, plus a clear  idea of what your mortgage payments will be. 

 “In what ways will your lifestyle be better in a new home?”  This ties in closely with emotional reasons for selling. It relates to what your life will be like in a new home. Try to paint a picture in your mind.  For example, you might want to be able to spend Saturday afternoons relaxing in your bigger backyard or Sunday nights entertaining friends  and family in your larger living room. 

“What else do you need to know before you decide to sell and move?”  Sometimes people are hesitant about selling simply because they have unanswered questions. So, if there’s any part of the selling and buying process that’s not clear, be sure to ask me. 


Does thinking about these questions help make the decision easier? 

Call today for your complimentary Seller's Guide. We are here if you need more help, or want to talk about your decision. 

604-309-5453  or email:  bonetti@telus.net










 





Should You Buy a Resale or a New Build?

If you're thinking about moving, you may be weighing purchasing a new build versus a resale.  See the infographic below for a quick comparison.

Ultimately, the decision will come down to your needs and wants, your risk tolerance, and of course your budget.

Regardless of which way you go, I can help you make the best decision and find the home that's perfect for you. Call today.





Check out our next ad in the Langley Advance Times :





















"June is the pearl of summer, shining with warmth and joy." 

- L.M. Montgomery





OPEN HOUSE 

Saturday, June 22  1-4pm



   





                         


        

      


                          







REAL ESTATE NEWS
                    
Wednesday, June 5  2024
 

The Bank of Canada lowers key interest rate to 4.75%
 
The Bank of Canada cut its benchmark interest rate by 25 basis points, delivering its first rate decrease since March 2020.
 

Homeowners renewing their mortgages, or those with existing variable-rate loans tied to the central bank’s policy rate will immediately see their interest rates drop. "

Bank of Canada governor Tiff Macklem said that if inflation continues to ease, “it is reasonable to expect further cuts to our policy interest rate.” But he added that the central bank would take its decisions “one meeting at a time.”

Economists weighing in on the first round of cuts were split on what path The Bank of Canada will take next with BMO and TD Bank economists predicting a pause on cuts in July, resuming in September, and RBC and CIBC predicting another 25 basis point decrease in July.

When asked by reporters on Wednesday whether he was prepared to further cut rates at the next meeting, Macklem reiterated that the timing of future cuts is dependent on the data they receive, and "Let's just enjoy the moment for a little bit."


The Bank of Canada's next interest rate decision comes on July 24


To read the full article:

For any questions you may have on the latest news and how it effects you, give us a call at 604-309-5453








Upsizing or Downsizing? Don't Overdo It!

Imagine you have a growing family, and you want to trade in the small sedan for something larger. So, you visit the dealership and come back with a bus.

Well, that would be upsizing a bit too much – unless you have a really huge family! 

That’s the challenge of upsizing or downsizing. You need to be careful not to take it too far and end up with something that isn’t suitable. This often occurs in the real estate world. 

For example, homeowners might decide to sell their home and find a smaller one. But, if they go  too far, they end up with a property so small they feel claustrophobic. How do you avoid a similar scenario happening  to you? 

If you’re thinking of upsizing or downsizing, the best place to start is in your own home. Think about how you use the space. Do you and your family spend a lot of time in certain areas?     Are there rooms and other spaces that are rarely used? Or, conversely, do you wish you had more room — such as an extra bedroom, wider driveway, separate living and family rooms, etc.? 

Do a thoughtful analysis of how you’re using your current property in order to reveal clues about what you’ll want in your next home. If you’re upsizing, you might find that all you need is an extra bedroom. If you’re downsizing, you might realize that one family room, rather than separate living and family rooms, would work better for you. 

So, whether you’re upsizing or downsizing, carefully decide what type of new home you need. Be as specific as possible. Consider criteria such as the number of bedrooms, entertaining space, bathrooms, driveway size, etc., that you need. Doing that will help ensure your upsizing or downsizing move will be successful.

I can help you make an informed decision. 

Call today.  604-309-5453













                      

Get to Know...

Joanne Bonetti


Joanne's formal education and training allows her to excel at every step of the real estate selling or buying process.

Joanne has always lived in the Langley area  and is very knowledgeable of the Fraser Valley market.

Choosing a Real Estate Career over 15 years ago, she has seen the many changes this industry has had. Following the trends and staying informed is crucial to this business. 

Outside of her career in real estate, Joanne enjoys an active lifestyle with crossfit, neighbourhood walks and spending time with family and friends.  

Known by clients and colleagues for her honesty, dedication and reliability, Joanne also has a reputation for timely and focused responses to each of her client’s needs and concerns. She is a skilled negotiator and goes the extra mile for her clients. Always included is quality after-care from start to finish.

A Full-time Realtor who is committed to providing expertise tailored to your needs and learning what is important to you to reach your real estate goals, Joanne is a clear choice for anyone thinking of buying or selling their home.

A big Thank you to all her clients, friends, and family for their continued support.






Proud Supporter of the BC Cancer Foundation

                                                                                               




Quick Contact

Like on Facebook Add on Instagram
Greyfriars Realty Ltd. 

Phone: 604-309-5453 Email: