Good news for Langley, Surrey and White Rock first time home buyers?

September 20, 2012 | By

First Time Buyers priced out of the marketplace? Could some good news be hiding just under the surface?

These days, the operative words between Canadian housing market watchers seem to be “slowing” and “cooling.”, and with a “cooling market” the number of sales in most markets in Canada is slowing.

At the same time, year-over-year prices aren’t retreating in most markets, at least yet. The anticipation of mortgage brokers has been that some first-time buyers will be priced out of the market.

“The cycle of eroding affordability followed by softening home prices has begun in some regions and will be felt in many parts of the country by year-end,” Royal Lepage CEO Phil Soper forecasts. “Home prices cannot grow faster than salaries and the underlying economy indefinitely.”

However, rumour has it that of all the housing markets in Canada, Toronto is the one that bears watching. “If I was concerned about a market, I’d be more concerned about Toronto, because the level of building activity has been very, very high there,” one mortgage professional was quoted saying – referring to the boom in condo-building. “You see supply levels being very high by historic standards in terms of construction,” he says. “I’m not saying things have to go sour; I’d just be more concerned [about Toronto] than elsewhere.”

Which is of course, good news for those of us looking to purchase in the Lower Mainland.

The Upside to the Downward Trend for places like Langley, White Rock and Surrey

Despite that sliver of silver lining, the fact remains that Greater Vancouver’s real estate market – places like Langley, White Rock and Surrey – have slowed down significantly over this past summer. According to the Real Estate Board of Greater Vancouver, home sales are down 30 per cent from the same time last year.

The Board recently announced that sales in August decreased by 21.4 per cent from July, with the biggest drop in sales came from detached properties.

Listings for residential properties increased nearly 14 per cent from last year, but August sales were the second lowest for the month in the region since 1998. Despite those seemingly dire numbers, housing prices remain constant in this buyer’s market.

Seemingly a conflict of information, and hard to make sense of with so many statistics and reports, and information being taken from the general mass. Regardless, a buyers market is a buyers market, and for those looking to get into the wise investment of purchasing a home – ensure you have a knowledgeable real estate agent who will better explain the going’s on of the current marketplace.

As always – I’m more than happy to help!

 

Filed in: Buying and Selling Real Estate, Surrey and White Rock

About the Author (Author Profile)

Andrew is a West Coast enthusiast through and through. He is a native of the area that you will often find adventuring on one of the many sea to sky activities that abound in the Fraser Valley. Along with being in love with the place he calls home, Andrew is a well known and respected Realtor focusing on helping others to find their own perfect home in Langley, Surrey, White Rock and beyond! Visit www.yourperfecthomebc.ca to find your perfect home.

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