The past couple of weeks, especially last week, we’re seeing signs of the typical spring market heating up. More listings coming onto the market, more buyers showing signs of increasing levels of motivation, and more traffic through open houses.
What we’re seeing is that detached houses, although still selling steadily, are more or less remaining around the price points we would’ve expected them to sell a month or even two or three months ago. Sometimes a place will surprise us and go into multiple offers, but often the homes are simply selling within a week or two and for pretty close to asking price.
Townhomes and apartments, on the other hand (particularly townhomes, as they cater to a larger market) are still going up in price. Townhomes are more and more becoming what families are considering as they’re a longer-term option, and they’re also becoming a more attractive option for investors as rental rates continue to climb in light of prices limiting such a high number of people.
Apartments in much of the Fraser Valley are being scooped up generally by first-time buyers looking for any stepping stone into the market here.
Expect these trends to continue, as the gap in price between detached houses and strata is still fairly wide. Whenever this gap narrows, we may see things level off a little more.
If you have any questions, give us a call!