Numbers are trending as we would expect heading into the winter months, with slowing sales and fewer new listings. While the direction these numbers are going is expected, we are still seeing much lower than average numbers for November than we would see in a more typical year, but as we know, the market has been on the slow side since the summer.

With only 781 sales in November 2023, we saw 9% fewer sales than October 2023, but 7% more than November 2022 and 37% fewer sales than the 10 year average.  This is still likely due to the current high interest rates and will likely stay slower until rates come down.

With 1,686 new listings in November 2023, we saw 20% fewer new listings compared to October 2023, but 16% more than November 2022, and 7% higher than the 10 year average for the month.

As touched on last month, the 10 year averages are somewhat misleading as they do not account for new homes built over the last 10 years, and our population growth. The number of sales should increase proportionately to the population growth, and new listings should be proportionate to the number of new homes built. From 2016 to 2021 (using Canada Census data), we saw an increase of nearly 10% for the total number of homes, and the same 10% for the increase in population in Surrey alone. Interestingly, we saw the percentage of Surrey residents that own their home in that time drop by 2%.

Back to the current market though, we saw 16 out of every 100 homes listed selling in the month of November. As we have seen for the past several months, detached homes are the lowest with only 11 out of 100 listed homes selling, condos saw 20 of every 100 listed sell, and townhomes saw 25 of every 100 listed sell. Anything above 20% is considered a seller’s market, below 12% a buyer’s market and anything in between is a balanced market according to the Fraser Valley Real Estate Board. Technically we are in all three types of markets right now, with the average being balanced, detached being a buyer’s market and attached homes being in a seller’s market. This is not always accurate as we have seen prices drop in all types of homes, and dropping prices hardly seems advantageous to call something a seller’s market.

Overall, it is still not a bad time to make a move if it makes sense for you and your family. High interest rates can certainly make borrowing more difficult, but there is some possible advantage to buying or upsizing now. As we know, prices have dropped with the increasing interest rates, and it is quite likely that once rates come down, we will see prices go up. The old saying is Buy low, Sell high and we may have opportunity to do so now. Of course, prices are certainly not low, but lower.

If you are looking to sell and not purchase anything else, it may be advantageous to wait these high interest rates out, however, we do not know how long that will actually take, it may be a few months to as long as a few years, so again, your situation will be unique to you.

If you have any thoughts of making a move in the near future, one way or another, I am always happy to consult. Reach out today!