Good Morning, its a beautiful sunny day while i am writing this blog in City of Parks Surrey. We all have seen different real estate market trends in Fraser Valley. If we look at historical data of real estate in Surrey, prices have gone up after correction in prices & slow market trends. No one can predict what will happen in the future with real estate prices but evidence show that prices eventually go up. Click Here for the link for Average Median Prices since 2005.
Real Estate Market was crazy from Mid 2015 till end of 2017. Prices were going up every single day, inventory was low and demand was high. On average there were 10 buyers for one home out bidding each other for the home they wanted. Market changed after both provincial and federal government brought policies to cool down the hot market and those policies worked. As the real estate prices were going up, average monthly rent was going up at the same time. Average rent right now in basement suites for one bedroom can vary from $850 to $1000 & 2 bedroom suites can vary from $1200 to $1500 depending on location & whats included in the rent.
Now if you are on the sidelines waiting to buy a home, today is the right time. Prices tend to go up and down on supply & demand plus interest rates. We saw a price correction in home prices as market was slowing down plus Bank of Canada kept increasing Interest rate. For last 5 meeting of Bank of Canada, it has not increased interest rates. Lot of market analyst are saying that interest rate won't go up in 2019. There are lot of articles online that you can read.
Now if you are looking to buy your dream home, talk to your Neighborhood Real Estate Specialist. There are lot of great homes on the market at a really good price. If you have any questions, please feel free to reach out to me, i'll be really happy to answer your questions.
Yes, Today is the right time. To search your dream home Click Here