What’s happening in Surrey real estate market right now?

By: Jashan Grewal

What’s happening in Surrey real estate market right now?

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After a sluggish first half of the year, property sales in the Fraser Valley started picking up speed in the summer 2019 and finished strong in December 2019, but not enough to surpass 2018 year’s sales totals but were close enough.

January 2020 sales are going strong as compared to January 2019, inventory is at its lowest in years. Townhouses and condos are seeing increase in sales activity as buyers are showing more confidence in the market with low interest rates. Lot of townhouses and condos that have been in market for a while have started getting offer even multiple offers on them, due to low inventory.

Most of these condo sellers are moving into townhouses and townhouse sellers jumping into detached homes. It’s a trickle effect when it comes to people selling who are already in the market. For first time home buyers its hard to qualify with B20 Stress test, but lot of them who could qualify were waiting as market was slowing down and prices were going down in 2019. Now that the market is improving, buyers are more confident in making a purchase than first half 2019.
 
If you are reading this and are sitting on the fence to get into real estate market, you should get in touch with your real estate agent and strategize your real estate goal. As the inventory is getting lower and more properties being sold, prices will uptick.

Now if we look at supply of new homes not keeping up with the demand of housing, prices will keep going up. With lot of buyers on the sidelines sitting to buy who can’t qualify will jump in the market when they are able to.  If you are looking to buy, in my opinion now is the best time. I specialize in surrey real estate and been a realtor in surrey for 8 years. Feel free to reach out to me if you have any questions.
 
 

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