Happy New Year everyone! I hope this year has started off well for everyone. Today I returned back to my office to get my year started and I can tell it will be a good one.
Today the statistics package for December 2018 was released by the Fraser Valley Real Estate Board it came with no surprise that things slowed down as the year came to an end, this was something the government was trying to do as the housing market was getting carried away in terms of pricing. I believe they succeeded in doing what they had set out to do. After three consecutive years of total annual sales surpassing 20,000 units, 2018 saw the Fraser Valley real estate market return to more typical levels for both sales and inventory. The report states the Multiple Listing Service processed 15,586 sales in 2018, which is a 30.2 percent decrease as compared to last year’s (2017’s) 22,338 sales which resulted in the lowest total sales for the Fraser Valley since 2013.
They further go and break down the numbers to types of dwelling units. From all the transactions that had taken place in 2018, 3,866 were townhouses and 4,296 were apartments.
However, with the interest rate not being raised by the Bank of Canada, it is still a buyer’s market; tougher lending rules have made it so those in the position to purchase are not competing with multiple offers.
If you would like to view the whole report done by the FVREB please click here