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!

Deciding whether to buy now or wait for changes in interest rates depends on various factors, including your personal financial situation, housing market conditions, and long-term goals. Here are some considerations to help you make an informed decision:

Buy Now if:

1. Favorable Market Conditions: If the housing market in your area is currently favorable for buyers, with a good selection of homes and competitive prices, it might be a good time to buy. “We are seeing a relatively calm and balanced market right now,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “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.”

2. Stable Financial Situation: If you have a stable income, sufficient savings for a down payment and closing costs, and a good credit score, you may be well-positioned to buy now.

3. Low Interest Rates: If current interest rates are historically low, locking in a mortgage now could potentially save you money on interest payments over the life of the loan. As of May 21, 2024, the lowest mortgage rate in Vancouver is 4.59% for a 5-Year Fixed mortgage. The predictions range from a decrease of 25 basis points (0.25%) to a total drop of around 100 basis points (1.00%) by year-end. The next Bank of Canada rate announcement is on June 5th, 2024, and could be a turning point. Market expectations lean towards a potential decrease of 25 basis points.

4. Long-Term Plans: If you plan to stay in the home for the long term and are confident in your ability to afford the monthly mortgage payments, buying now could be a wise investment in your future.

Wait if:

1. Interest Rate Trends: If interest rates are expected to decrease further in the near future, waiting could allow you to secure a lower mortgage rate and potentially save money on your monthly payments.

2. Market Uncertainty: If there is uncertainty in the housing market, such as rising home prices or inventory shortages, waiting may give you more options and negotiating leverage when purchasing a home.

3. Financial Preparation: If you need more time to save for a larger down payment, pay off debt, or improve your credit score, waiting could put you in a better financial position to qualify for a mortgage with favorable terms.

4. Life Changes: If you anticipate major life changes in the near future, such as a job relocation, marriage, or starting a family, it may be prudent to wait until your situation stabilizes before committing to a home purchase.

Consult with a Financial Advisor:

Before making a decision, consider consulting with a financial advisor or mortgage professional who can provide personalized advice based on your individual circumstances and the current economic landscape. They can help you assess the pros and cons of buying now versus waiting, taking into account factors such as interest rates, market conditions, and your long-term financial goals.

Ultimately, the decision to buy now or wait depends on your specific needs, preferences, and financial objectives. Take the time to carefully evaluate your options and make a decision that aligns with your overall financial plan and lifestyle goals.

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!

Summary for April 2024

It seems like Vancouver's housing market is experiencing some interesting shifts. Despite a rise in inventory, prices are still showing some resilience, with slight fluctuations both monthly and annually. Here's a breakdown:

1. Average Home Price in Greater Vancouver:

   • Annual change: Up by 0.6%

   • Monthly change: Down by 1.2%

   • Current average price: $1,302,794

2. Benchmark Price in Metro Vancouver:

   • Monthly change: Up by 0.8%

   • Annual change: Up by 2.8%

   • Current benchmark price: $1,205,800

3. Long-term Trend:

   • Over the past four years, the benchmark price has seen a significant increase of 30%, although it's currently 4.5% lower than the all-time high recorded in April 2022.

4. Average Prices by Housing Type:

   • Detached homes: Decreased by 1.1% year-over-year to $2.18M.

   • Attached homes: Increased by 4.8% year-over-year to $1.27M.

   • Condo apartments: Increased by 0.9% year-over-year to $811k.

5. Mortgage Rates:

   • As of May 21, 2024, the lowest mortgage rate in Vancouver is 4.59% for a 5-Year Fixed mortgage.

These figures suggest some complexity in the market dynamics. Despite the increase in inventory, prices are showing resilience in certain segments, while others experience slight declines or increases. The mortgage rate remains a crucial factor for potential buyers, affecting affordability and demand.

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!

My Role as your Realtor in Guiding the Moving Process:

A. Advocating for my Clients' Best Interests: Maximizing Returns, Minimizing Risks

B. Educating my Clients on Market Trends, Property Values, and Neighborhood Dynamics

C. Providing Support and Resources for Decluttering, Staging, and Home Improvement

D. Negotiate all aspects of the sale, including price, closing costs, contingencies, repairs, and closing timelines. I will work to secure the most favorable terms for you while also being mindful of the buyer's needs and concerns.

E. Assessing Current and Future Needs: Functionality, Space, Amenities

F. Evaluating Long-Term Goals and Lifestyle Preferences

G. Researching Neighborhoods, Schools, and Community Services

H.Getting you into your new home.  I will negotiate on your behalf with the seller or their agent to secure the best terms for your purchase, including price, contingencies, and closing timelines.

It's ALWAYS very satisfying seeing my clients move into their new home.  It’s a privilege to get to know my clients, and their entire family throughout the process, and I'm grateful for the trust they place in me. Even though the professional relationship comes to an end, I'm always here for them should they ever need anything in the future.

 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!

🌟 Welcome to the Carrington! 🌟 OPEN HOUSE 🌟

3BED,2BATH 2112SQFT, ROSEMARY HEIGHTS 55+ COMMUNITY.

Discover the charm of country club living in one of South Surrey's most sought-after 55+ gated communities. The Carrington offers a fantastic clubhouse and amenities, including tennis courts, a gym, outdoor pool and hot tub, lounge area with kitchenette, games room, and guest suite.
This meticulously maintained unit is nestled within the complex, offering a quiet retreat with a warm west coast beach feel, light colors, and an inviting atmosphere. The open-concept kitchen with family room, cozy fireplace, and eating area leads out to a lovely backyard, perfect for relaxing or entertaining.
Upstairs, you'll find a spacious master bedroom with a large walk-in closet and spa-like ensuite, along with two more generous bedrooms and a full-size laundry room.
The Carrington boasts an exceptionally maintained complex with a proactive Strata, ensuring peace of mind for residents. Plus, its central location means you're just minutes away from Morgan Creek Golf Course, HWY 99, and all amenities.
Don't miss out on the opportunity to call the Carrington home! Contact us today to schedule a viewing and experience the best of 55+ living in South Surrey.

🤝 Whether you're looking to buy or sell, we are here to make it happen.

📞 Reach out today at 604-240-8160!

💻 Explore further on my website:https://whiterockviews.ca/officelistings.html/listing.r2881710-93-15500-rosemary-heights-crescent-surrey-v3z-0k1.101713869

 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!

Click on the link to access the White Rock Pier LIVE Camera and view what is happening in Memorial Park, along the promenade & at the pier.  Live coverage of trains and activities happening down at White Rock Beach.

https://www.whiterockcity.ca/402/Pier-Camera

 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!

Choose the right time of year to look for a new home.

January is the best time to make an offer on a home. Not many buyers want to brave the cold to shop for a home, so prices are the lowest. Properties also take longer to sell. This means sellers are more likely to accept a lower offer.

Please go to the link below and see the quick search links for detached homes under 1.3K, or attached homes under 800K in White Rock South Surrey Neighbourhoods. Or feel free to create your own customized search!

YOU can also search Sold listings.  So you know what homes have been selling for in the neighborhoods you are most interested in.

https://whiterockviews.ca/home-buyer-search.html

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

CMHC Incentive - Qualifying first time home Buyers ONLY Need 5% Down. 

So if you purchase a home for $450,000, you will only need to put down  $22,500.  Purchase for  $500,000 =  $25,000 down, etc...

First Home Savings Account - Qualifing First time home Buyers can contribute up to $8,000 yearly to a maximum of $40,000 towards a down payment.  Contributions are tax deductible.

HBP ( Home Buyers' Plan) Qualifying Home Buyers can withdraw up to $35,000 (couples up to $70,000) from their RRSP's for a down payment. Must repay within 15 years.  Eligibility to use the program a second time...

Reach out.  I woul love to help you make the right move, towards home ownership.  You can do it!

White Rock, our little city by the city is growing up!  Literally, Many new high rise concrete development options are on the horizon.  

Know your options, time frames, deposit structures, amenitites... Are all very important factors to compare.

Altus

Soleil

Landmark

Monaco

To name a few..

If you are looking for a presale or a brand new condo, please reach out as I have a wealth of knowledge and can get pricing floorplans and navigate the process for you!  I am very passionate about where I live and helping people find the real estate investment that works best for them, is what I am privileged in doing.

I look forward to being of assistance. 

How many showings should I expect in the first week?

There have been plenty of showings during your home's first weekend on the market & lots of positive feedback.  Typically, the homes we see selling in the first weekend are in hot, walkable locations, near transit, and or perfectly marketed and purposely staged, highlighting the rooms functionality. 

Bottom line as with most things in Real Estate, there is no way to predict what will happen!

My best advice, as always, is to work with a trusted and experienced Realtor, who will price and stage your home well, make adustments when necessary and it WILL sell!

Thinking of selling and want to talk?  I am here & always happy to help.  I've been helping my clients successfully sell, stage & declutter their homes for the past 6 years, in many different scenarios.

I would love to be of assistance in getting your home ready to List!

Let's chat  604 240-8160