This graph is the MLS Home Price Index for the Fraser Valley. This allows you to see trends in home prices for a specific type of property in a given neighbourhood. The red line represents values for houses, the green line for townhouses, and the purple for condos/apartments.
As you can see, we have witnessed some ups and downs over the past 14 years. In recent history, the market took a major run up starting in 2015 and peaked in May of 2018. Since the peak of the market last spring, the values of all 3 property types have been correcting downwards. We could share at length about the drivers for the increasing market and subsequent correction, but those are topics for another post.
Coming back to the current market conditions, it looks like we have hit a point in the market where people can afford to buy again. Although it’s too soon to decisively call the bottom of the market (these calls can only be made with certainty after the fact), the lines on the graph for houses and condos have both changed direction in the month of February.
So, is now a good time for you to buy (or sell) property in the Fraser Valley? Well, this depends on your personal goals, motivations and long terms plans. We would be happy to chat with you on the phone or over coffee to shed some light on the current market so you can make a decision and plan that is best for you.