Real estate continues to be a highly sought after asset in the Fraser Valley, with May sales following up strongly on a record-breaking April.
While foreign buyers are the talk of real estate in the Lower Mainland and blamed for skyrocketing prices, Jorda Maisey, past president of the Fraser Valley Real Estate Board, said overseas capital isn’t behind the Fraser Valley’s hot market.
“Is it foreign buyers? I haven’t experienced that in the areas I’ve been working in,” she said.
It’s locals.
A property listed in south Langley recently drew five back-to-back showings, with only one client coming from outside the Fraser Valley, Maisey said, which has been typical.
In Surrey, the biggest year-over-year price gains have been in the Fraser Heights neighbourhood, with median selling prices hitting $1.2 million, and listed homes lasting on the market for an average of just 12 days.
White Rock remains the most expensive area in the Fraser Valley but price increases haven’t kept pace with other neighbourhoods seeing more sales activity.
The hottest area is Mission in terms of the sheer number of properties changing hands. The median selling price has reached $595,000 and the average home remains on the market for just 14 days, she said.
Home sellers are encouraged to select a new home before cashing in, if they can afford to, Maisey said.
If they can’t, she added, “they know that they could be camping for the summer until they can find something.”
While the market overall hasn’t slowed down, Maisey said she’s noticed prices have dropped on listings in some large, acreage neighbourhoods, and multiple offers have become less frequent.
Asked if a change is on the horizon, Maisey said she doesn’t have a crystal ball.
But looking at the economics, and seeing so many small stores with help wanted signs on the door, she said the market appears healthy.
10 hottest Fraser Valley neighbourhoods for single family homes
(area/median sale price/days on market)
1. Mission, $595,000, 14
2. Cloverdale, $906,000, 10
3. Abbotsford East, $714,000, 9
4. Abbotsford West, $634,000, 9
5. Willoughby, $920,000, 10
6. Fraser Heights, $1.2 million, 12
7. Walnut Grove, $875,000, 11
8. King George corridor, $904,000, 19
9. Langley City, $904,000, 19
10. Clayton, $895,000, 7
• courtesy RE/MAX Little Oak Realty (based on greatest percentage increase of volume and dollar; sales data from May 1 to 26, 2016)