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The Metro Vancouver real estate market continues to demonstrate a remarkable resiliency amidst central bank rate increases of 4.75 percent over the past 18 months. Prolonged shifts in the demand- supply equilibrium coupled with post pandemic economic factors continue to challenge conventional wisdom.

Headlines often capture the essense of the market spotlighting overall market health and trends. To make informed decisions in real estate it's crucial to go beyond the headlines and understand the nuamces of property types, locations and speciic attributes. The devil is in the details, diving deeper into specific market segments helps me provide you with insights that will help you thrive in this dynamic market.

The Christmas holiday season is upon us, which typically heralds a slowdown in Real Estate activity as we shift our focus towards holiday festivities and gatherings. Wishing you much joy and warmth at this wonderful time of year.

Infographic of Metro Vancouver November Real Estate Market

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New property listed in Pacific Douglas, South Surrey White Rock

I have listed a new property at 67 350 174 ST in Surrey. See details here

Exquisite craftsman style home with main floor living at it's finest, nestled in the welcoming community of the Greens at Douglas. The epitome of sophistication & function w/soaring ceilings, crown molding, hardwood floors on main, glass transoms above doors, designer kitchen w/shaker cabinets, granite counters, undercabinet lighting, high end appl. & an expansive island for prepping meals or hosting brunches. Open flow is ideal for visiting w/family & friends while putting the finishing touches on dinner. Lower level is ideal for family game night or movies complete w/wet bar and full bathroom for the comfort of guests. Seek solace in your private backyard, greet the morning sun enjoying coffee on your deck or stroll to Peach Arch Park & ocean. Explore the local shops or go golfing.

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JUNE 2023 Insights

Perhaps one of the most remarkable narratives emerging from this market data is the pace of recovery. Despite concerns about rising interest rates, the market has defied expectations by returning to a normal sales pace well ahead of schedule. The numbers speak for themselves: home sales are rebounding, painting a picture of a market that is adaptive, responsive, and undeniably resilient.

Staging an early recovery is a clear indication of the market's strength. It reflects not only the tenacity of real estate professionals and buyers but also the underlying strength of the industry. The real estate market is a living, breathing entity that responds to external forces with remarkable agility, reaffirming its position as a cornerstone of the economy.

Please contact me anytime for information specific to your neighborhood. 

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The Fraser Valley Real Estate Market has experienced a remarkable recovery, bouncing back from a 19% year-over-year decrease in sale prices to reach parity within just four months. The main driver is the supply shortage. Another factor that likely contributed to the rebound was the Bank of Canada's decision in March to temporarily halt interest rate hikes, marking the first such pause in 13 months.

The market is eagerly awaiting the upcomming interest rate announcement from the Bank of Canada, which is scheduled for June 7th. 

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The Metro Vancouver real estate market has shown remarkable strength in May, with significant year-over-year increases in sale prices for attached homes;
 
West Vancouver experienced a notable surge, with prices rising by 24%, while Delta witnessed an astonishing 36% increase despite a rise in interest rates of 4.5% over the past 13 months. 

The latest data reveals positive trends in the real estate market, specifically in New Westminster and South Surrey. Year over year, sale prices for detached homes have increased by 12% in New Westminster and 9% in South Surrey. 

In contrast, areas such as Pitt Meadows have seen a decline in sale prices compared to May of the previous year. This variation emphasizes the localized nature of the real estate market, where different factors can influence prices in specific regions.

These substantial growth rates are particularly surprising considering the rise in interest rates by 4.5% over a period of 13 months. 

A significant contributing factor to the rising sale prices in various areas, such as New Westminster and South Surrey, is the imbalance between housing supply and demand. The demand for housing has outpaced the rate at which new properties are being built or made available on the market.

The current market conditions present opportunities for buyers and sellers alike, and by seizing those opportunities, you can position yourself for success in today's housing market.

it would be my privilege and pleasure to assist you with your real estate needs anytime. I am happy to answer your questions.

All the best,

Sally


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My listing at 61 350 174 ST , Pacific Doulas has SOLD
 

My clients home at 61 350 174 ST in the Pacific Doulas neighborhood of South Surrey has SOLD. See details here it has been my pleasure and privilege to help them! 

Rare opportunity to call the prestigious Greens at Douglas home. Main floor living at it's finest in this beautiful craftsman style corner unit. Inviting open floor plan is an entertainers delight and preparing meals or hosting brunches has never been easier, this gourmet kitchen is a chef's dream with ample counter space and a generous island. The main flr primary b/rm boasts soaring vaulted ceiling and spacious 5 pce ensuite. The inviting multi-function lower level is perfect for movie, game nights, hobbies and more. West facing backyard, perfect for hosting summer BBQ's. Great Clubhouse for socializing, larger gatherings or working out in the exercise room, or practice your putting out back. The Greens is a place where strangers quickly become friends. 55+ Open house April 29th & 30th.

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The Metro Vancouver market has once again demonstrated it's resiliency. 
 
Fewer listings than last year is fuelling a rebound to last years prices more swiftly than anticipated, and the incidence of multiple offers continues to escalate.
 
It remains to be seen if the increase in prices will encourage more sellers back into the market, which may alleviate some of the pressure. It is also difficult to predict whether the Federal Government will raise interest rates sooner than expected?
 
There are areas of Metro Vancouver where supply may be better for your particular needs, call me anytime to explore your options. 
 
 
 
 
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In March the year over year sale price was down 17% In April it dropped to 9% narrowing the gap between 2022 and 2023 sale prices.
Month over month the number of listings increased by 74, however year over year there are 993 fewer listings compared to last year.
With sale prices moving towards the peak of last year, it is possible that we will see more sellers enter the market in May.
 
 
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New property listed in Pacific Douglas, South Surrey White Rock

I have listed a new property at 61 350 174 ST in Surrey. See details here

Rare opportunity to call the prestigious Greens at Douglas home. Main floor living at it's finest in this beautiful craftsman style corner unit. Inviting open floor plan is an entertainers delight and preparing meals or hosting brunches has never been easier, this gourmet kitchen is a chef's dream with ample counter space and a generous island. The main flr primary b/rm boasts soaring vaulted ceiling and spacious 5 pce ensuite. The inviting multi-functional lower level is perfect for movie, game nights, hobbies and more. West facing backyard, perfect for hosting summer BBQ's. Great Clubhouse for socializing, larger gatherings or working out in the exercise room, or practice your putting out back. The Greens is a place where strangers quickly become friends. Open House April 29th & 30th.

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