The real estate markets in White Rock and South Surrey have been dynamic and ever-changing. Whether you're a buyer, seller, or investor, understanding the current trends and conditions can help you make informed decisions. In this blog, we’ll delve into the latest market data, trends, and what they mean for you.

Market Overview

1. Recent Trends:

• Home Prices: Over the past year, home prices in White Rock and South Surrey have shown a slight increase, reflecting increased demand.

• Sales Volume: The number of homes sold has decreased this past month, indicating slower market activity.

• Inventory Levels: Current inventory levels are high and rising month over month, with 63.3% new listings in April 2024, which suggests a buyer’s market.

2. Types of Properties in Demand:

• Single-Family Homes: These continue to be highly sought after, particularly those with ocean views.

• Condos and Townhouses: There is growing interest in these property types due to affordability, amenities, lifestyle, and low maintenance.

Key Market Drivers

1. Economic Factors:

• Interest Rates: The next rate announcement by the Bank of Canada is scheduled for June 5, and prospective buyers are hoping they will finally see the first rate cut by the central bank since March 2022.

2. Demographic Trends:

• Population Growth: White Rock and South Surrey are attracting new residents due to affordability, accessibility, quality of life, amenities, and great schools.

• Aging Population: There is an increasing demand for properties suitable for retirees, such as single-level homes or properties with minimal maintenance.

Neighborhood Highlights

1. White Rock:

• Lifestyle and Amenities: Known for its beautiful beaches, vibrant arts scene, and excellent dining options.

• Real Estate Hotspots:  New condo developments, in central White Rock showcasing beautiful ocean views.

• White Rock Developments: Check out my White Rock Developments tab https://whiterockviews.ca/ to learn more about upcoming new developments in White Rock.

2. South Surrey:

• Community and Education: Home to top-rated schools, family-friendly parks, and a strong sense of community. 

• Emerging Areas: Growth is particularly notable in areas like Grandview Heights.

• Real Estate Hotspots: Popular neighborhoods include Morgan Creek, Grandview Heights, Crescent Beach/Ocean Park, Elgin Chantrell, Sunnyside & Pacific Douglas (Summerfield).

Expert Insights

1. Real Estate News:

• According to Jeff Chadha, Chair of the Fraser Valley Real Estate Board, “We are seeing a relatively calm and balanced market right now, which means buyers have time to shop around and purchase a home without the pressure of a few years ago, and while prices are holding fairly steady across all property types.”

• The market in White Rock and South Surrey is seeing high inventory levels right now. Buyers can benefit from lots to choose from and take advantage of this market, while sellers can benefit from pricing competitively.

2. Market Predictions: Sales activity is closely linked to interest rates and market sentiment. Despite headlines, the underlying demand for housing remains robust, buoyed by factors such as aggressive immigration policies and significant population growth. Continued stability or even reductions in interest rates will fuel increased buyer activity, particularly if accompanied by government measures to stimulate housing supply. Prices in 2024 are likely to reflect the interplay between supply and demand factors. While significant price surges seen during the pandemic are unlikely, moderate increases in the range of 5% to 7% for detached properties could potentially be expected, and 4% to 6% for condos and townhouses. However, these predictions are subject to change based on ever-evolving market conditions and external influences.

Tips for Buyers and Sellers

1. For Buyers:

• Be Prepared: Get pre-approved for a mortgage to streamline the buying process.

• Act Quickly: In a competitive market, desirable properties can sell fast. Be ready to make an offer.

• Work with a Local Agent: They have the best insights and can help you find the right property.

2. For Sellers:

• Price It Right: Work with your agent to set a competitive price based on current market conditions.

• Declutter Your Home: Buyers are more likely to make quicker decisions on a home that looks move-in ready and doesn't need immediate cleaning or decluttering.

• Market Effectively: Use high-quality photos and online listings to reach a broad audience.

Conclusion

Understanding the current market conditions in White Rock and South Surrey is crucial for making informed real estate decisions. Whether you’re looking to buy, sell, or invest, staying informed is essential.

For more detailed information and personalized advice, feel free to contact me, your South Surrey White Rock Realtor, at 604-240-8160 or email me at soldbymichelleb@gmail.com.

Let's Connect! Whether you're buying, selling, or just curious about the real estate market, I'm here to help. Sign up today for valuable insights, tips, and updates on the White Rock South Surrey housing market, and let's embark on this exciting journey together!

White Rock is a popular vacation destination, attracting visitors from near and far with its stunning natural beauty, vibrant seaside atmosphere, and array of attractions and activities. Here are some reasons why White Rock is considered a top vacation spot:

1. Scenic Beaches: White Rock Beach and Promenade offer miles of sandy shoreline, perfect for sunbathing, swimming, beachcombing, and picnicking. The picturesque setting and panoramic views of the Pacific Ocean make it an ideal spot for relaxation and recreation.

2. Outdoor Activities: Visitors to White Rock can enjoy a variety of outdoor activities, including walking, cycling, kayaking, paddleboarding, and whale watching. The nearby parks and trails provide opportunities for hiking, birdwatching, and nature exploration.

3. Dining and Shopping: The vibrant town center of White Rock boasts an array of cafes, restaurants, bistros, and ice cream shops, offering a diverse culinary scene to satisfy every palate. Visitors can also explore the boutique shops, art galleries, and markets along Marine Drive and Johnston Road.

4. Cultural Attractions: White Rock is home to several cultural attractions and landmarks, including the White Rock Museum and Archives, which showcases the area's history and heritage. The nearby White Rock Pier and Semiahmoo Park offer opportunities for sightseeing and photography.

5. Events and Festivals: Throughout the year, White Rock hosts a variety of events and festivals that attract visitors of all ages. From summer concerts and art shows to holiday celebrations and fireworks displays, there's always something happening in White Rock to entertain and delight visitors.

Overall, White Rock's stunning coastal scenery, lively atmosphere, and wealth of attractions make it a popular vacation destination for travelers seeking a memorable seaside getaway on the beautiful shores of British Columbia.

 Let's Connect!: Whether you're buying, selling, or just curious about the real estate market, I'm here to help. Sign Up for valuable insights, tips, and updates on the White Rock South Surrey housing market, and let's embark on this exciting journey together!

Why Purchase a home with a mortgage helper?

Renting out part of your home offers significant financial gains, and is encouraged by the Canada Mortgage and Housing Corporation (CMHC), for being an effective contributor to affordable rental housing. For example, the Crown Corporation estimates secondary suites account for one fifth of all rental supply in Vancouver, a city with nearly zero (0.6%) rental vacancies.

“Not only are secondary suites a source of affordable rental housing, they can also provide the needed extra income to first-time buyers for whom that additional income makes housing affordable in high-cost areas,” the CMHC states on its website. In September 2015, it also passed new rules to make it easier for landlord homeowners to qualify for loans and mortgages – 100% of gross rental income can now be included as part of their debt-servicing ratio.

While that’s a big plus for buyers who are looking for the additional help qualifying, the CMHC points out that income suites are also a great option for retirees who may not wish to downsize & leave their family homes. “For older households who no longer need a larger house, the addition of a suite can generate needed income and security, as well as allow them to continue to live in their neighbourhoods and age in place,” it states.

However, you’ll be sharing your home with other people, and that’s not for everyone. Be sure you're willing to tolerate things that go bump in the day and night.  It is important to do your research on what you will need and what to expect as a landlord.

Please reach out for more information.  I would love to be of assistance in helping you reach your real estate goals.

Grandview & Morgan Crossing

Experience The best of the South Surrey White Rock lifestyle here.  With everything you need at your door step such as; Great Restaurants, Shopping, Golf Courses, Trails, Parks,Aquatic Centre, Gyms, Yoga, Pilates, and Spin classes, and don't forget the beaches. You don't have to leave, It's all here!

This makes this area very desirable for families and singles in the Grandview Heights/ Morgan Crossing communities. Grandview is formerly a largely agricultural area that has witnessed a remarkable transformation in the past 10 years. 

Growing neighbourhoods with exciting new Condos, detached homes and townhomes in carefully planned communities.  Affordability is drawing new residents to enjoy the amenities, and Urban Lifestyle while living within 10 minutes to White Rock Beach and Crescent Beaches. 5 minutes to the US border crossing and easy access to Hwy 99 will get you into Vancouver in 45 minutes.

October 26th, 2022

Today's New Listings in White Rock South Surrey, Click on the link to view.  

Click Here to View Listings

Feel free to register for new listings in the communities that interest you on my website or let me know and I can set it up for you!

Happy Wednesday :-)!

Michelle Bennett