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Fraser Valley Real Estate Market Update

Blog by Robert McLean | January 25th, 2018

Wonder how the Langley, Abbotsford and Chilliwack real estate market is?  These key points from a CMHC presentation that took place this morning may give you an idea.  This information is based on stats and forecasts for this upcoming year.

  • -Langley, Abbotsford and Chilliwack are near 0% Vacancy.  The lowest in the country.
  • -Active Listings/Inventory overall is very low
  • -Apartments/Condos/Townhomes are separating from Detached homes in regards to sales/demand
    • -Apartments/Attached are still in a Sellers Market
    • -Detached has moved into a Balanced Market
  • -Foreign Buyers Tax really had no influence in the market movement in the last year.
  • -There is a pent up demand for apartments for primary residence and rental market.
    • -Under construction is elevated but inventory remains low
  • -Employment gains, migration and low supply of resale market are putting pressure on rental market
    • -Renters are sitting in the rental pool longer, saving to purchase
  • -Home prices will rise at a slower pace

What does this all mean to you?  If you've been thinking about selling a condo or townhome, now may be a great time to take advantage of the current Seller's market.  If you've been trying to buy a detached home in the past couple of years, we may be returning to a more "normal" house buying market...let's hope.

If you have any questions about the market, please give me a call and I will do my best to help.