Published August 16, 2021

Where is the Real Estate Market Now?

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Written by Rob Visnjak Personal Real Estate Corp

Where is the Real Estate Market Now? header image.

July Newsletter 


Hello,

We'll try to keep this informative, concise, and not clutter your inbox with useless information.

Market activity in the Fraser Valley – both sales and new listings – softened in July, however buyers continued to significantly outnumber sellers resulting in inventory reaching the lowest for the month since 1981. 

Larry Anderson, President of the Board, said,

“Demand for homes in our region, however, remains above average – for fourteen months we have been in a seller’s market for Fraser Valley detached homes, townhomes and condos – and yet for the last four months, new listings in our region have been decreasing.”
 

WE HAVE BUYERS! 
We need:
  • Acreage in South Langley 
  • Build sites for condos, townhomes or single family detached 
  • Single family homes in Langley and South Surrey 
If you or anyone you know is considering a move call us today. Your home may be worth more than you think!
 

Thank you to everyone who took part in our Sassy Frass Kitchenary giveaway last month on Instagram! Congrats to the winners who get to spice up their home cooked culinary delights.

We are always planning contests and announcing community events/news, so be sure to subscribe & follow to keep connected with us on instagram: @robvisnjak & @pbouwmanrealestate.

 
If you're looking to see what your home might be worth you can check that out here:
Rob Visnjak
Personal Real Estate Corporation
604.836.0089
www.robv.ca
    
 
Paige Bouwman
Licensed Assistant
778.960.3433
paige@robv.ca
    

CREATING WEALTH THROUGH REAL ESTATE SINCE 2007

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MLS® HPI Benchmark Price Activity
Statistics as of July 2021:
  • Single Family Detached: At $1,319,200, the Benchmark price for an FVREB single-family detached home decreased 0.4 per cent compared to June 2021 and increased 30.9 per cent compared to July 2020.
     
  • Townhomes: At $688,400, the Benchmark price for an FVREB townhome increased 1.5 per cent compared to June 2021 and increased 22.3 per cent compared to July 2020.
     
  • Apartments: At $494,000, the Benchmark price for an FVREB apartment/condo increased 0.1 per cent compared to June 2021 and increased 13.0 per cent compared to July 2020.
July 2021 Statistics
JUST LISTED
#308-15155 22 AVE, SURREY / R2606124  
$524,000
2 Bedrooms    2 Bathrooms    974 Sq Ft

Spacious living and fabulous south-facing outdoor balcony make this two-bed, two bath unit at Villa Pacific a must see. Situated in a quiet cul-de-sac in desirable South Surrey, this top floor residence boasts 974sqft of living space plus a 160sqft covered balcony.

Two spacious bedrooms, including a full master ensuite with glass shower and double sinks. Entertain guests in the open living and dining area, or relax in front of your cozy fire place. Includes two parkings spots, one storage locker, in suite laundry, close to transit, shopping, and recreation in beautiful Sunnyside Park. Easy to show and it’s move-in ready!
MORTGAGE AFFORDABILITY
Presently Variable mortgage rates are the lowest sticker price. We are fully expecting inflation to drive Variable rates in the coming years however not until in to 2022. The economy has been rebounding however government officials and economists are moving forward with cautiously optimistic statements about where we are headed with COVID variants at the forefront of everyone’s minds.

Fixed rates recently have been on a harsh down turn and bond yields have dipped nearly 0.25% over the past two weeks. In the mortgage world we are yet to see that dramatic drop materialize in to lower Fixed rate mortgages but are expecting announcements of rates lowering in the next week or two heading in to fall market.

Current rates as of August 5th, 2021:
  • 5 year Variable rate mortgages can be found ranging between 1.25% - 1.75% 
  • 5 year Fixed rate mortgage can be found ranging between 1.79% - 2.49%
These all pending mortgage size, credit score, amortization schedule and purchase price of home.
Rates are subject to change without notice and only upon formally approved credit*
 
Want to know what your annual household income can buy?

The following assumes 20% down payment, standard debt to income ratios following CMHC guidelines, 30 year amortization, no debts outside of mortgage application and Bank of Canada 5.25% qualifying rate:
 
AffordabilityIncome
$500,000$68,000  
$102,000$750,000
$1,000,000$138,000
$1,250,000$168,000
$1,500,000$202,000
$1,750,000$238,000
$2,000,000$272,000
 
Article written by: David Ford, Sparo Mortgage

Connect with our team to find out more information. 
PENDING SALES

14012 68 AVE, SURREY / R2574501  
$1,999,900
4 Bedrooms    3 Bathrooms    2,537 Sq Ft
JUST SOLD 

#69 6956 193rd St, SURREY / R2603252  
$799,900
3 Bedrooms    3 Bathrooms   1,984 Sq Ft
 
COMMERCIAL
COMMERCIAL
8410 160 STREET, SURREY / C8036192
$300,000
125-Seat Pub/Restaurant including Patio 
 
RECENTLY SOLD

#209-13768 108 AVE, SURREY / R2597980  
$355,000
1 Bedroom    1 Bathroom    456 Sq Ft
*Listing Courtesy of RE/Max Performance Realty

15523 85 AVE / R2597206
$1,299,900
3 Bedrooms    2 Bathroom    1,352 Sq Ft
 

#512-19228 64 AVENUE / R2602792
$525,555
2 Bedrooms    2 Bathroom    857 Sq Ft
*Listing Courtesy of Macdonald Realty (Langley)
 
VIEW MORE LISTING
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Surrey, BC V4A 4N6
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This is not intended to solicit properties currently listed for sale or individuals currently under contract with a brokerage. All information was current on August 4, 2021

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finding a Realtor, langleyhomes, clayton homes, south surrey homes, white rock homes, real estate market, bc real estate, Rob Visnjak, Homelife Benchmark Realty, Stats, FVRB, top realtor for buying a new home, top real estate agents in langley, top real estate agents in white rock, sell a home, cloverdale, surrey, langley, clayton, surrey homes, white rock, housing market, Homelife, Statistics, FVRB Statistics, Fraser Valley Real Estate, top real estate agents in surrey, top real estate agents in cloverdale, selling a home

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