New property listed in Central Meadows, Pitt Meadows

NEW LISTING!  18866 120B AVE in Pitt Meadows.
Experience the best of Pitt Meadows living in this charming split-entry home with modern updates. Step inside to a bright living room with large windows, and a spacious updated kitchen. Three cozy bedrooms on the main floor and two additional bedrooms downstairs provide ample space. Enjoy the above ground outdoor pool, and abundant deck space, perfect for summer entertaining. Located in a family-friendly neighborhood, close to schools, parks, and shopping.

New property listed in White Rock, South Surrey White Rock

NEW LISTING!  1167 VIDAL ST in White Rock.
Beach living at it's best! Montecito By The Sea. Lovely townhome 1/2 block from White Rock Beach. Over 1900 sqft. Updated in 2018 with new kitchen including Kitchenaide & Bosch appliances, new bathrooms including heated floors , new maple hardwood, on demand h/w, new furnace & more. 2021 with new windows, paint and so much more. Master suite with large walk in shower, walk in closet and balcony. 2 more bedrooms share a main bath. Laundry located upstairs as well. Lower level features media room, with rough in for 4th bathroom, large storage area and entrance to the side by side garage. Don't miss out on this great complex only 8 townhome units. No rental restriction, 1 pet (dog @ 14" shoulder)

SURREY, BC — House prices in the Fraser Valley posted a slight but positive bump in February after nearly a year of month-over- month decreases. Similarly, sales, though still trending lower than normal, also recorded their first monthly gain since October.

The Fraser Valley Real Estate Board (FVREB) processed 898 sales on its Multiple Listing Service® in February, an increase of 43.5 per cent over January but still only half as many as were recorded a year ago.

February new listings were also up, by 5.7 per cent over last month to 1,938 but 48.2 per cent lower than this time last year. Active listings grew by 7.0 per cent over January and by 16.3 per cent over February 2022.

The composite Benchmark price in February was $946,700 and though relatively flat compared to January with a negligible gain of 0.5 per cent, it reverses the price slide the market has been experiencing since April 2022. Further, while well below the record prices posted at that time, it is still more than 36 per cent higher than pre-pandemic February 2020.

“In recent months, the level of uncertainty regarding rates and prices has negatively impacted inventory and that’s kept a lot of clients on the sidelines,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “Together with a growing consensus suggesting that a pause on rate hikes is imminent, the positive signals from the market give families something to build on and plan for. As that starts to happen we expect to see sales pick up slowly but steadily heading into spring.”

With a sales-to-active listings ratio of 20 per cent, the overall market was once again in balance, however the ratio for townhomes was higher at 36 per cent, indicating a seller’s market for this category. The market is considered in balance when the ratio is between 12 per cent and 20 per cent.

“All indications suggest that the market is on track to re-establish a level of stability, which is encouraging for both demand and supply sides,” said Baldev Gill, Chief Executive Officer of the Board. “With solid opportunities for properties that are appropriately priced, investing in the expertise of a professional REALTOR® should be the first decision buyers and sellers make to ensure the best local strategies before jumping back into the market.”

Properties spent between 7 and 12 fewer days on the market compared to last month, another sign that the market may be picking up. Across Fraser Valley in February, the average number of days to sell a single-family detached home was 36 and a townhome was 33 days. Apartments took, on average, 32 days to sell.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,364,300, the Benchmark price for an FVREB single-family detached home increased 0.5 per cent compared to January 2023 and decreased 21.5 per cent compared to February 2022.

  • Townhomes: At $776,200, the Benchmark price for an FVREB townhome increased 0.4 per cent compared to January 2023 and decreased 13.8 per cent compared to February 2022.

  • Apartments: At $510,100, the Benchmark price for an FVREB apartment/condo increased 1.3 per cent compared to January 2023 and decreased 10.5 per cent compared to February 2022.

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