It’s August and the weather is not the only thing that is getting hot in the Fraser Valley! 

With 2,005 sales completed in the Fraser Valley Real Estate Board for the month of July 2020 we saw a huge 22% increase from an already hot June 2020, and a 44% increase over July 2019.  That is a whopping 26% higher than the 10 year average for the month of July, which is traditionally a slower month in our market as many would be buyers or sellers would usually prefer to vacation at this time of year.  

A lot of the activity is certainly coming from the pent up demand from the 2+ months of lockdowns, which resulted in our market downtrend in April and May. Fast forward to today, and we find ourselves in our third straight month of trending upward in sales numbers which likely indicates that the market will stay quite active for the near future. Record low interest rates are definitely having an impact as well. If everything lines up with your bank it is possible to get a mortgage with less than 2% interest rate for 5 years!!

Prices have been steadily increasing for the last 3 months, though I would speculate that this will begin to slow down into August and likely stabilize for the rest of the year. Detached single family homes actually set a record high average price in the Fraser Valley this month as well. This could mean that if you are looking to downsize in the near future, this could be a great time to do so as we have not seen the jump in condos and townhomes.

Historically low interest rates are also making it quite attractive to consider a move up from a townhouse or condo into a detached home, so now could be a great time for you to look into this as well!
First time buyers need not shy away now either, as once again the low interest rates are making it easier than it recently has been to get approved for more money than you would have one year ago assuming nothing has changed financially.

Keep in mind that the last time the market prices increased considerably, detached house pricing increased at a more rapid rate ahead of townhomes and condos.  Then over several months the townhomes and condos increased significantly to be in line with the same increase the detached market had already experienced.  What does this mean? If history repeats it is possible that there could be a greater increase coming for condos and townhomes. 

In July 2020 32 out every 100 homes listed ended up selling, again making now seem like a great time to sell if you are thinking of doing so

Whatever your real estate plans are now or in the future, I am always happy to provide you with the advice you need! Never be worried about wasting my time with any questions that you have about the market, or about your home, and of course, I am never too busy for your referrals!