As reported in Business In Vancouver by Patrick Blennerhasset, despite what you are hearing about housing sales slowing, prices being asked for houses in the region are not dropping. February sales were 41% less than in February 2016. However statistics gathered across the region show that “while home sales and listings have returned to their 10-year average, prices across the region remain high in the wake of 2016’s record-breaking year, according to new Fraser Valley Real Estate Board (FVREB) statistics.”
Townhomes and apartments also experienced marginal price increases, with one realtor stating that buyers were now turning to these housing forms. Townhomes and apartments have had a substantial increase in benchmark pricing compared to last year. People are also being a bit more cautious putting their housing on the market with new listings dropping nearly 48% from February 2016.
Realtor Daren Germyn stated “Depending on what area in Surrey and what type of property, you’re looking at very different markets regarding competition and pricing. Inventory that is more affordable, like townhomes and condominiums, is very popular right now and with the lack of new product coming in compared with what is common for this time of year, demand is outpacing supply, and it’s fuelling a fast-paced attached market.”
Surprisingly sales of houses and townhomes in White Rock/South Surrey have fallen 67% and 57% respectively. But even with few houses selling there, benchmark prices have increased dramatically, with single family homes prices increasing by nearly 24%. While housing sales are more in line with the normal historical real estate activity, the hoped for decrease in sales prices has not happened-yet.