From all of us at Elevation Real Estate, we wish you and your families a Happy New Year! The holidays are behind us and 2018 is off with a bang. We hope that you were able connect with your loved ones and enjoy a time of rest, relaxation and reflection before returning to the regular routines of the new year.
If there was one topic that was prevalent around kitchen tables and water coolers in 2017, it would have to be the continued fast pace of our local real estate markets. Last year was once again a strong year, the Fraser Valley Real Estate Board’s second highest selling year on record, behind only 2016’s unprecedented level of activity. The market in 2016 was driven by an influx of foreign capital into the Vancouver area causing a wave of rising values to flow outwards from the downtown core. In 2017, the sustained pressure was almost entirely driven by people moving up from attached properties to single family homes.
Although early in the year, 2018 is off to a strong start already. We are predicting a return to more normal market conditions this year, as interest rates rise, new lending rules come into effect, and a lack of affordability increasingly restrains entry into the market. The supply of available homes (inventory) still remains near all time lows, which reduces the likelihood of dramatically diminishing values.
We at Elevation Real Estate Group take pride in our careful and ongoing scrutiny of market fundamentals. We would be happy to sit down over coffee and chat with you about the current trends in the Fraser Valley Real Estate market and how they might impact your real estate plans and goals.
Wishing you a strong and successful 2018! Please let us know if we can be of service to you or your friends and family this year.
~Elevation Real Estate Group
PS: In an ongoing effort to provide increased value and service, we are offering FREE tickets to the BC Home & Garden Show at BC Place Stadium in Vancouver this Feb 21-25. Reach out to us through phone, email, text, facebook, instagram, or twitter and we will arrange to get tickets to you!