Okay my friends, we all know that the world is a little bit crazy these days. The whole economy is in a constant state of flux. We live in one of the most beautiful locations in the entire world! We pay dearly for the privilege too!
Real estate prices went sky high in the Lower Mainland. But, what goes up, must come down. No? It had to happen, didn’t it? Still, it isn’t as bad as all that. The sky is NOT falling!
This autumn real estate sales in the Fraser Valley dropped to their lowest level this year. According to figures released by the Fraser Valley Real Estate Board on Wednesday, Dec. 12th, sales were down by 39 per cent compared to August of 2017.
Of the total transactions that took place in 2018, 3,866 were townhouses and 4,296 were apartments. Each of those property types saw a significant decrease in sales compared to 2017, with total townhouse sales dropping 25.6 per cent year-over-year and apartments dropping 30.5 per cent. Detached home sales continue to make up more than 50 per cent of all houses sold.
Prices of detached homes declined to $1,008,700. A 0.9 per cent decrease compared to July 2018 and a 2.9 per-cent increase compared to 2017. Prices for townhouses fell to $548,300. This reflects the market being down 1.7 per cent since last month, but up 11.5 per cent compared to last August. Apartment prices fell to $443,200 , dropping by 1.6 per cent compared to last month. Pricing reflects the fact that condo prices rose 26.9 per cent since last year.
North Surrey has seen the greatest increase in prices compared to last August, climbing 21.6 per cent to $808,400 for detached homes. The smallest shift was in South Surrey and White Rock, where prices stayed at $997,800 . Identical pricing to August 2017.Mission saw the biggest hike in apartment prices, with a 37.8-per-cent price increase to $337,200.
As you can see, prices have dropped in some places, but not drastically. It is still a very hot market. People come from all over the world to live in our beautiful province. Real Estate News from the rest of the country really doesn’t reflect what is going on in the Lower Mainland. We have a unique market because of our climate and the proximity to the Pacific Ocean and our incredible mountains.
So don’t panic folks. All is well in Beautiful B.C. Sales may have been down 39%, but not the prices. We are still one of the most valuable and sought after locations for property in the world!
If you need any information on buying or selling your home or property, please don’t hesitate to Phone Joan 604-220-7653(SOLD).