Lots of celebrations around my house over the past month: a wedding anniversary (love you, Kim), Superbowl Sunday (great game and half time show), Valentine’s Day (yummy, chocolate), kids’ activities nearing playoff action (let’s gooooo!), and this coming weekend, Family Day (time for a nap? Wishful thinking)! With four active kids, it’s been a busy but terrific start to the year and I hope the same for you as well. My four-year-old “assistant” has kept me on my toes and laughing constantly with his unfiltered creativity and imagination and I’m soaking in that shared time together before September’s school start up and the other boys have kept me clapping on the sidelines with their best efforts on the field and court (spectacular header, kiddo!).
As for Fraser Valley real estate trends, market activity remained relatively slow through January with sales down over 50% compared to January of 2022; however, there are definitely signs that things are picking up. Detached house prices have continued to trend downward (remember that asset class had the most gain during the frenzy of 2021 and early 2022, and because of its higher cost than the other asset classes of condos and townhouses, it makes sense that this asset class was and continues to be the hardest hit by interest rate increases). Townhouses, and in particular, condos, have seen a price flattening and in certain areas of the Fraser Valley, a slight uptick in pricing. These same asset classes and the lower priced detached property that are well priced are also seeing multiple offers again though not with the same over-list price unconditional offers of the year previous. It remains to be seen whether this upward trend will continue, but it does appear, at least at present that townhouses and condos have reached the price bottom and are on the way, albeit slowly, back up.
If you or someone you know is interested in getting in the market or moving up the property ladder from condo to townhouse or townhouse to detached home, there is a window of opportunity that exists right now that hasn’t existed for some time. The price gap between townhouses and detached houses has narrowed considerably, the down-payment necessary to purchase, because of price drops, has lessened, and there is still an opportunity to do more due diligence than buyers in past years were afforded if those same buyers wanted to remain competitive with other offers.
Simply put, the housing market in this region has seen ups and downs over the last 40+ years, but, over time, real estate has proven reliable as an appreciating asset. Because of the price drop over the last year, there’s lots of room for prices to go back up, so if you are someone who is considering a move this year, please reach out and let’s get the conversation and planning started.
SPECULATION AND VACANCY TAX:
Speculation and vacancy tax declarations have been mailed out. The deadline for declaration is March 31, 2023. Reminder – if you are completing a declaration this year, please ensure that you have captured an image of your completed declaration especially if you are considering a sale.
MONTHLY GIVEAWAY:
Congratulations to last month’s winner, Erica Mok. To enter to win this month’s giveway, a $25-dollar gift card to a local business of your choosing, click the following link: https://caseyduncan.ca/monthly-newsletter-giveaway/
A LITTLE HUMOUR:
And now, a little Valentine’s Day humour…
Q. What did the man say after Cupid hit him with a love arrow?
A. “Ow!”
Enjoy the remainder of February. Spring break is just around the corner!