Q2 2019 vs Q2 2018 DETACHED 243 SURREY,DELTA & WHITE … · The result is a booming market for...

Q2 DETACHED

TOWNHOME

CONDO

DETACHED

TOWNHOME

UNIT SALES

243 -34.00%

AVERAGE SALE PRICE

$1,057,000 -5.80%

AVE. DAYS ON MARKET

38 30.40%

INVENTORY AT MONTH END

3309 18%

TOWNHOME

CONDOCONDO

UNIT SALES

157 -37.20%

UNIT SALES

145 -31.60%

AVERAGE SALE PRICE

$423,600 -10.60%

AVERAGE SALE PRICE

$571,400 -5.80%


1313 21%

AVE. DAYS ON MARKET

35 51.90%


1476 20%

AVE. DAYS ON MARKET

33 52.90%

SU

RR

EY

,DE

LTA

&

WH

ITE

RO

CK

Q2 2019

Q2 2019 vs Q2 2018

PAGE 2Faith’s Exclusive South Surrey White Rock Analysis

The information included in this report is based on residential sales data and statistcal information sourced and compiled from the Real Estate Board of Greater Vancouver’s MLXchange database and the REALTOR Link® website. The information is current as of April 1st, 2019 and is subject to change by the REBGV. Faith Wilson Realty Group Inc., makes no guarantees as to the accuracy of the information provided and is

Pent-up demand exploding at low-end of market

Discover YOUR neighbourhood's real estate market activity,

trends & benchmark pricing.

Finding the right home in the right neighbourhood can be a challenge. That is why we have our exclusive Neighbourhood Profi les available for you on our web site. Each profi le features: • Information on the neighbourhood's

schools, housing, recreation, shopping, restaurants, transportation and more.

• A summary of CURRENT active listings, arranged by property type and showing the number of units available and the median asking price.

• Up-to-date MLS® HPI Benchmark prices AND price changes from one month to fi ve years - a rich resource to instantly see the price trend of the type of home you are interested in, within your specifi c neighbourhood.

To do so, visit FaithWilsonGroup.com and fi nd out about Vancouver Westside, Eastside, Downtown, North Vancouver, South Surrey and Richmond neighbourhoods. With more coming soon.

The second quarter (Q2) of 2019, two years into a sustained and unprecedented attempt by governments to curtail home buying across Metro Vancouver,

reveals the incredible pressure for home buying that has fi nally exploded in a certain sector of the market.

Home buyers are powerless, at least for now, against the foreign-home buyer tax, which is the highest in the world. They must deal with an unfair and misnamed speculation tax, the empty homes tax, the super-sized school tax and the mortgage stress test, all policies designed specifi cally to stop them from purchasing the home they want.

Government policies have stripped $89 billion of equity from Metro Vancouver home owners in the past year alone and stopped the dream of homeownership for thousands of people, from fi rst-time buyers to down-sizing seniors and virtually every one in between.

Yet the pent-up demand for a home remains undaunted and increasing as thousands of people stream into Metro Vancouver from across Canada and around the world.

The evidence is seen in the action at the lower-price points in every neighbourhood from the Fraser Valley to the Georgia Strait.

Buyers are working with the one tool left available to them: what they will pay for a home after dealing with the runaway taxes and regulatory barriers thrown in front of the them.

The result is a booming market for homes priced below the current benchmarks.

In Surrey and Delta during Q2 714 detached houses sold for $1.2 million or less. In the Richmond and East Vancouver, the sales ratio for houses priced up to $1.2 million is higher than 80%. On the Westside of Vancouver, the sales ratio hit 85% for every house listed at $2.25 million or below. In West Vancouver, 63% of the detached houses listed between $3 million and $3.25 million sold in Q2 and 80% of the sellers who offered their house at up to $2.25 million quickly found buyers.

Similar sales performance is seen in the condominium market and the amazingly resilient townhouse sector.

Not every home can or should be priced below the benchmark price in their community, but the recovery must begin somewhere and the booming sales in lower-cost properties is evidence that it is already underway.

Warmest Reguards,


Stress Test Need Not Stall Move-Up Plans

Whether you intend to generate regular rental income or invest in a longer-term real estate opportunity, there are many things to consider when purchasing an investment property. This type of transaction can be one of the following:• Acquiring a rental portfolio of one or more

properties to build income and equity

• Purchasing a property for your child to live in

• Converting your current home to a rental property and purchasing another property to move into

Most lenders have specifi c lending programs that can help you purchase a residential investment property. Getting advice and ultimately pre-approved from a mortgage specialist is where you want to start. Qualifying for fi nancing for an investment property purchase is different than qualifying to purchase your primary residence. To qualify for an investment property mortgage, you must have a good credit history, demonstrate suffi cient rental income (either through existing tenancy documentation or an opinion of market rent), and have enough non-rental income to meet the obligations of the mortgage. Your lender will ask for your most recent Notice of Assessment and current lease agreements and/or an opinion of market rent of the property that will be fi nanced for investment purposes. Additional documentation may be required based on the structure of the application.

Crunch the Numbers Purchasing a property to rent or turning your home into a rental property could be a good fi nancial move for you for several reasons:• You’ll generate regular rental income while

continuing to pay down debt and earn equity in your home.

• You’ll diversify your investments, which may reduce your overall risk.

• You could potentially see an increase in the value of your home (capital appreciation).

• Do some calculations to estimate your monthly cash fl ow if you choose to rent out your house. Keep in mind that you may not generate a positive cash fl ow right away, but you may be able to achieve this through renovations, rent and capital appreciation

Analyze Market Trends You may want to contact a local real estate professional for help gathering and assessing relevant data for your property and the location, including vacancy rates and the fair market value of your property. Knowing that a property and neighborhood is expected to appreciate in value in the short and/or long term is valuable information that will likely infl uence your decision.

Engage Professionals for Advice and Support A real estate agent or property manager can help you screen potential renters, run background checks, set rental rates, etc. You may also want to engage an accountant or lawyer to prepare any legal and tax documents, draft tenant leases, assist with other administrative duties or paperwork, and provide advice and support.

Your Potential Risk and Costs • Are you prepared to cover two mortgages in

the event your rental property sits vacant for any length of time?

• How much can you charge for monthly rent? Would the rent be able to cover expenses of the investment property (maintenance, utilities, mortgage, etc)?

• What are the tax/capital gains implications of renting out your home?

• What are the likely repairs and costs of turning your home into a rental property and can you cover those expenses?

Be Aware of the Time Commitment Are you ready to be a landlord and take on all the responsibilities that come with owning a rental property? Managing tenants can be easy or require a lot of time, but going thorough tenant searches can help you avoid renting to less than ideal tenants. Your time could also be consumed with ongoing maintenance and repairs. If you don’t have the time or interest in managing the property, tenants and maintenance needs, consider hiring a professional property management company. It’s an added expense for you, but could be money well spent.

Understand Local Property Laws Every Canadian province has its own set of landlord-tenant laws. Rental leases, deposits, tenant rights and rules for eviction vary from one province to another. You may want to go online and research the specifi c laws for your location or reach out to your real estate agent to see if they can put you in touch with a qualifi ed legal expert.

To learn more, check out the Canada Mortgage and Housing Corporation website at, https://www.cmhc-schl.gc.ca/en/co/reho/index.cfm, for a wealth of valuable information and resources for renters, landlords, etc.

Kevin LutzRBC Regional Manager, Residential Mortgages

Follow Kevin on Twitter @RBCKevinLutz

Purchasing and Financing an Investment Property

Kathy Wu Nikki Voutsilakos

Mortgage SpecialistRBC Royal Bank

[email protected]

Mortgage SpecialistRBC Royal [email protected]

Kathy Wu

Mortgage SpecialistRBC Royal Bank

[email protected]

Welcome our newMortgage Specialists

Nikki Voutsilakos

Mortgage SpecialistRBC Royal [email protected]


APRIL- SINGLE FAMILY DETACHED HOMES

THE REAL NEIGHBOURHOOD RESULTS: APR 2019

Price Segment ($) New Listings Added Unit Sales

0 – 800,000 84 22 26%

800,001 – 900,000 114 33 29%

900,001 – 1,000,000 155 43 28%

1,000,001 – 1,200,000 239 68 28%

1,200,001 – 1,400,000 153 20 13%

1,400,001 – 1,600,000 81 12 15%

1,600,001 – 1,800,000 45 4 9%

1,800,001 – 2,000,000 49 7 14%

2,000,001 – 2,200,000 23 3 13%

2,200,001 – 2,400,000 24 2 8%

2,400,001 – 2,600,000 14 0 0%

2,600,001 – 2,800,000 12 1 8%

2,800,001 – 3,000,000 8 0 0%

3,000,000 – 4,000,000 20 0 0%

4,000,000 – 5,000,000 5 2 40%

5,000,001 + 9 0 0%

Totals 1,035 217 21%

LISTING AND SALES ACTIVITY BY PRICE SEGMENT

THE REAL SOUTH SURREY RESULTS: APR 2019

FAITH’S KEY INSIGHTS: ■ A recent national survey showed that there is a trend towards suburban living as Millennials age into young families and big-city housing costs halt the opportunity to fi nd a detached house with a yard. Nowhere is this more apparent than in Surrey-Delta, which has seen a steady fl ow of buyers from north to south of the Fraser River. Not all are fi rst-time buyers. Some are selling a condo in Vancouver or Burnaby and discovering they can move almost laterally into a detached house in North Delta or North Surrey. In April, the benchmark price for a 2-bedroom condo apartment in Vancouver was close to $900,000 while there were 198 listings for detached houses in Surrey-North Delta for $900,000 or less and 84 priced below $800,000.

■ With 217 detached house sales in April, Surrey-Delta was one of the most active markets in Metro Vancouver, but even here is not sheltered from the policy-induced downturn seen across the Lower Mainland. Sales were down 48% from April of 2018 and the sales-to-new-listing ratio was a modest 21%, which is clearly a buyer’s market But what a market: there are 353 detached houses listed for $1 million or less, yet the highest sales ratio, at 40%, was in the rarifi ed price bracket of from $4 million to $5 million The most popular price point was from $1 million to $1.2 million, where 68 of the 239 new listings sold. Faith Wilson Group is delighted to work with buyers discovering Surrey-Delta, and to provide our exclusive Peace of Mind Guarantee for Buyers so they can buy with calm confi dence.

Sales-to-New-Listings Ratio

SOUTH SURREY / WHITE ROCK

JAN 303 217 -28.4%FEB 351 238 -32.2%MAR 426 325 -23.7%APR 422 217 -48.6%MAY JUN Total 1502 997 -33.6%

2017 2018 CHANGEUNIT SALES (BY MONTH)

SALES PRICE MONTHLY TREND

– Me

dian S

ales P

rice

– Av

erage

Sales

Price

NOV DEC JAN FEB

Days

– Me

dian D

ays o

n Mark

et –

Avera

ge Da

ys on

Mark

etDAYS ON MARKET MONTHLY TREND

NOV DEC JAN FEB

MAR

MAR

APR

APR

$900,000

$950,000

$1,000,000

$1,050,000

$1,100,000

$1,150,000$1,200,000

$1,250,000

$980,000$957,500

$975,000

$1,036,000$1,000,000

$1,030,000

$1,134,236

$1,089,166

$1,036,074

$1,126,592

$1,083,536

$1,126,356

10

20

30

40

50

60

70

3226

42

22 2317

4542

56

4439

36

MLS NeighbourhoodUnit

SalesHPI

Benchmark Price 1 Month 12 Months

Central Surrey(30) 59 $ 1,003,700 -0.3% -3.6%

Cloverdale(40) 35 $989,400 -0.8% -5.5%

North Surrey(20) 33 $948,400 0.1% -4.0%

South Surrey/White Rock(50) 46 $1,376,000 0.2% -7.1%

City of Surrey Combined 173 $1,062,600 -0.3 -4.9%North Delta(10) 20 $902,600 0% -4.5%

Ladner 12 $961,200 0.70 -4.34

Tsawwassen 12 $1,181,500 1.76 -6.64


MAY- SINGLE FAMILY DETACHED HOMES

THE REAL NEIGHBOURHOOD RESULTS: MAY 2019


0 – 800,000 83 35 34%

800,001 – 900,000 121 53 34%

900,001 – 1,000,000 141 52 26%

1,000,001 – 1,200,000 193 60 21%

1,200,001 – 1,400,000 145 35 15%

1,400,001 – 1,600,000 74 7 8%

1,600,001 – 1,800,000 58 11 12%

1,800,001 – 2,000,000 45 3 7%

2,000,001 – 2,200,000 19 0 0%

2,200,001 – 2,400,000 21 10 33%

2,400,001 – 2,600,000 13 0 0%

2,600,001 – 2,800,000 9 2 11%

2,800,001 – 3,000,000 12 3 25%

3,000,000 – 4,000,000 9 1 0%

4,000,000 – 5,000,000 8 0 0%

5,000,001 + 9 1 11%

Totals 960 273 28%


THE REAL SOUTH SURREY RESULTS: MAY 2019

FAITH’S KEY INSIGHTS: ■ Detached housing in Surrey and Delta are the best measure of how even a short southern trip from Vancouver can bring a house within reach of average Canadians. In May, for instance, there were 83 new listings for detached houses in Surrey-Delta priced at less than $800,000. Like most of Canada, detached house prices in Surrey-Delta are also balancing after suffering a 5% to 8% decrease from a year ago. In May, benchmark prices for detached houses were higher than a month earlier in Cloverdale (up 1.1%) and Ladner (up 1.2%) and unchanged (plus or minus 0.1%) in all of Surrey. Tsawwassen, down 2.2% from April to $1.15 million, was the only outlier.

■ The fi rming of prices is not the only signal that buyers may want to take advantage of a market that has favoured them for two years. May brought a fresh infl ow of detached listings to Surrey-Delta, with 960 new listings added to the 600 to 700 existing listings, the highest level in 4 years. But detached sales are rebounding – up 14.6% in May from a month earlier in Surrey and 13.3% higher in North Delta. Buyers are cheered by recent reductions in the fi ve-year mortgage rate and increasing confi dence in a B.C. economy that boasts the lowest unemployment rate in the country.

■ Sellers take note: most of the action now is concentrated in detached houses priced at less than $1 million – which accounted for more than half the 273 sales in May – but 17 buyers paid more than $2 million for a Surrey-Delta house, including 5 who paid more than $3 million. This could be an ideal time to list your house.



January 303 217 -28.4%February 351 241 -31.2%March 426 332 -22.1%April 422 326 -48.6%May 425 197 -50.6%June Total 1927 1313 -31.9%



– Me

dian S

ales P

rice

– Av

erage

Sales

Price

DEC JAN FEB

Days

– Me

dian D

ays o

n Mark

et –

Avera

ge Da

ys on

Mark


DEC JAN FEB

MAR

MAR

APR

APR

MAY

MAY

$900,000

$950,000

$1,000,000

$1,050,000

$1,100,000

$1,150,000$1,200,000

$1,250,000

10

20

30

40

50

60

70

$957,500$975,000

$1,036,000$1,000,000

$1,047,400

$970,000

$1,089,166

$1,036,074

$1,126,592

$1,083,536

$1,133,311 $1,126,264

26

42

22 2319 20

42

56

4440

37 37


SalesHPI


Central Surrey (30) 79 $ 1,003,700 -0.3% -3.6%

Cloverdale (40) 35 $ 1,000,100 1.1% -4.5%

North Surrey (20) 36 $947,400 -0.1% -5.6%

South Surrey/White Rock (50) 59 $ 1,363,400 -0.9% -8.3%

City of Surrey Combined 174 $1,061,400 -0.1% -5.8%North Delta (10) 34 $ 892,300 -1.1% -6.9%

Ladner 13 $973,200 1.21% -2.90%

Tsawwassen 13 $ 1,154,600 -2.24% -8.70%


JUNE- SINGLE FAMILY DETACHED HOMES

THE REAL NEIGHBOURHOOD RESULTS: JUN 2019


0 – 800,000 73 29 40%

800,001 – 900,000 102 55 54%

900,001 – 1,000,000 145 54 37%

1,000,001 – 1,200,000 152 58 38%

1,200,001 – 1,400,000 118 22 19%

1,400,001 – 1,600,000 80 7 9%

1,600,001 – 1,800,000 43 8 19%

1,800,001 – 2,000,000 32 4 13%

2,000,001 – 2,200,000 8 3 38%

2,200,001 – 2,400,000 17 1 6%

2,400,001 – 2,600,000 11 0 0%

2,600,001 – 2,800,000 6 2 33%

2,800,001 – 3,000,000 8 0 0%

3,000,000 – 4,000,000 9 0 0%

4,000,000 – 5,000,000 5 0 0%

5,000,001 + 10 0 0%

Totals 819 243 30%


THE REAL SOUTH SURREY RESULTS: JUN 2019

FAITH’S KEY INSIGHTS: ■ Detached housing sales in Surrey-Delta were down 31.6% in June from the same month a year earlier but apparently more than 240 buyers failed to get that memo. With an average of 8 houses selling every day, more houses were purchased in Surrey-Delta in June than in Vancouver and Burnaby combined. Surrey alone posted three times as many detached sales as Richmond and more than twice as many as on the entre North Shore. The reason is the perception of value, which Surrey-Delta represents better than any Metro Vancouver housing market.

■ During June 321 of the 819 new listings for detached houses were at $1 million or less in Surrey-Delta, the largest such inventory in the Lower Mainland and, 85 house buyers paid less than $900,000, including 30 who paid under $800,000 for a detached house. It should be no surprise then that 1,724 houses have sold in Surrey-Delta so far this year, making it the most robust house market in the province.

■ Benchmark prices for detached houses did not fall as hard in Surrey-Delta as they did north of the Fraser River and prices basically stabilized as of June. The June benchmark house price in Surrey for instance is $1.07 million, down just 0.4% from a month earlier and 5.8% below June 2018. Cloverdale house prices are off just 2.7% from 2018. In North Delta and Ladner prices are also near par with May at $880,000 and $982,000, respectively, and prices were up 1.4% from May in exclusive Tsawwassen.



January 303 217 -28.4%February 351 241 -31.2%March 426 332 -22.1%April 422 335 -20.6%May 425 356 -16.2%June 369 243 -34.1%Total 2296 1724 -24.9%



– Me

dian S

ales P

rice

– Av

erage

Sales

Price

JAN FEB

Days

– Me

dian D

ays o

n Mark

et –

Avera

ge Da

ys on

Mark


JAN FEB

MAR

MAR

APR

APR

MAY

MAY

JUN

JUN

$900,000

$950,000

$1,000,000

$1,050,000

$1,100,000

$1,150,000$1,200,000

$1,250,000

10

20

30

40

50

60

70

$975,000

$1,036,000$1,000,000

$1,045,000

$991,000$969,900

$1,036,074

$1,126,592

$1,083,536

$1,141,273$1,113,115

$1,056,058

42

22 2319

2722

56

4440 38 39 38


SalesHPI


Central Surrey(30) 75 $ 1,004,100 0.2% -4.7%

Cloverdale(40) 35 $ 1,008,400 0.8% -2.7%

North Surrey(20) 26 $932,400 -1.6% -6.7%

South Surrey/White Rock(50) 52 $ 1,340,900 -1.7% -8.4%

City of Surrey Combined 188 $ 1,057,000 -0.4% -5.8%North Delta(10) 26 $ 888,200 -0.5% -7.3%

Ladner 17 $982,300 -0.6% -8.5%

Tsawwassen 12 $ 1,171,700 1.49% -6.1%


FAITH’S KEY INSIGHTS: ■ Second-quarter sales of detached houses in Surrey-Delta reached 934 units, up from 782 in the fi rst quarter, which shows the level of momentum building in the busiest detached market in the Lower Mainland. But the data also shows that house buyers remain very price conscious, a trend that has created two separate markets evenly divided at the $1 million mark. In Q2, exactly half of the detached sales in Surrey-Delta were priced under $1 million and half above that, but 63% of the listings were priced at $1 million or more. For listings up to $1 million, the sales-to-new-listing ratio was 45%, but this dropped to 40% when list prices went over that limit and fell to the 15% range at the $1.4 million price point.

■ The caution here to Surrey-Delta house buyers is that the lower-priced stock is being whittled down, while some sellers may consider their listing price if they want to achieve a sale faster than the current average of 38 days. The right listing price can be challenge, but Faith Wilson Group has earned a reputation for our ability to ascertain accurate listing prices that attract the most buyers and the quickest sale, while also satisfying the seller. We do this through market comparisons, of course, but also through our decades of experience and our intimate knowledge of the Surrey-Delta market. For example, insight into local zoning issues or development or transit plans can make a difference in the value of neighbouring detached houses. Surrey-Delta remains a buyer’s market and with 2,828 new listings for detached houses added in the second quarter, it is very competitive for sellers. With our precise pricing, advanced marketing and our exclusive Peace of Mind Guarantee for Sellers, we can more quickly put your house into the sold category. We guarantee it.



SalesHPI


Central Surrey(30) 75 $ 1,004,100 0.2% -4.7%

Cloverdale(40) 35 $ 1,008,400 0.8% -2.7%

North Surrey(20) 26 $932,400 -1.6% -6.7%

South Surrey/White Rock(50) 52 $ 1,340,900 -1.7% -8.4%

City of Surrey Combined 188 $ 1,057,000 -0.4% -5.8%North Delta(10) 26 $ 888,200 -0.5% -7.3%

Ladner 17 $982,300 -0.6% -8.5%

Tsawwassen 12 $ 1,171,700 1.49% -6.1%

Q2 - SINGLE FAMILY DETACHED HOMES

THE REAL NEIGHBOURHOOD RESULTS: Q2 2019


0 – 800,000 252 114 45%

800,001 – 900,000 355 175 49%

900,001 – 1,000,000 430 183 43%

1,000,001 – 1,200,000 600 242 40%

1,200,001 – 1,400,000 403 97 24%

1,400,001 – 1,600,000 233 35 15%

1,600,001 – 1,800,000 143 32 22%

1,800,001 – 2,000,000 130 16 12%

2,000,001 – 2,200,000 47 9 19%

2,200,001 – 2,400,000 62 15 24%

2,400,001 – 2,600,000 39 0 0%

2,600,001 – 2,800,000 24 6 25%

2,800,001 – 3,000,000 26 3 12%

3,000,000 – 4,000,000 37 2 5%

4,000,000 – 5,000,000 19 3 16%

5,000,001 + 28 2 7%

Totals 2,828 934 33%


THE REAL SOUTH SURREY RESULTS: Q2 2019


DAYS ON MARKET QUARTERLY TREND

SALES PRICE QUARTERLY TREND

Days

Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019

Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019

– Me

dian S

ales P

rice

– Av

erage

Sales

Price

– Me

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ays o

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et –

Avera

ge Da

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Mark

et

$500,000

$750,000

$1,000,000

$1,250,000

$1,500,000

$1,750,000

0

10

20

30

40

50

60

15

29 3025

22

27

41 43 45

38

$1,050,000 $1,020,000 $989,500 $1,000,000 $1,000,000

$1,176,306$1,116,398 $1,135,602 $1,087,136 $1,108,370

2018 2019 Change (%)

Unit Sales (by Quarter)

Q1 Unit Sales 1,069 782 -26.8%

Q2 Unit Sales 1,217 934 -23.2%

Q3 Unit Sales

Q4 Unit Sales

YTD Totals 2286 1717 -24.8%


APRIL - TOWNHOUSES


0 – 300,000 2 1 50%

300,001 – 350,000 4 1 25%

350,001 – 400,000 6 4 67%

400,001 – 450,000 15 5 33%

450,001 – 500,000 39 22 56%

500,001 – 550,000 48 26 54%

550,001 – 600,000 90 38 42%

600,001 – 650,000 90 44 49%

650,001 – 700,000 77 19 25%

700,001 – 750,000 26 9 35%

750,001 – 800,000 28 6 21%

800,001 – 850,000 14 5 36%

850,001 – 900,000 16 2 13%

900,001 – 950,000 11 3 27%

950,001 – 1,000,000 4 0 0%

1,000,000+ 10 5 50%

Totals 480 190 40%

LISTING AND SALES ACTIVITY BY PRICE SEGMENTSales-to-New-Listings Ratio

THE REAL SOUTH SURREY RESULTS: APR 2019 THE REAL NEIGHBOURHOOD RESULTS: APR 2019

FAITH’S KEY INSIGHTS: ■ Half of the 10 new listings for townhouses in Surrey-Delta priced at more than $1 million sold in April, while 67% of the 6 townhouses priced at from $350,000 to $400,000 also sold. This is a great community for townhouse buyers. Not only is the selection huge, with 480 listings added in April alone, but also the price range is wider and deeper than anywhere else in the Lower Mainland. It is likely taking buyers new to the region - and Surrey alone is attracting about 1,000 new residents every month – time to take in the townhouse selection. For about the same price they can be close to the beaches of White Rock or Tsawwassen, where the townhouse benchmark price is less than $700,000 but can range to $1 million or more, or they can choose to be near SkyTrain and great shopping in North or Central Surrey, where townhouses sell for less than $560,000. Or they could choose the more rural area of Cloverdale, as 35 buyers did in April, and choose a nice townhouse for a benchmark price of $551,000.

■ In much of Greater Vancouver, there is a shortage of new townhouses being built because the high cost of land dictates higher density condo development. This is not the case in Surrey-Delta. Right now there are 806 new townhouses under construction in Surrey and another 163 in Delta, the most of any two municipalities in the Lower Mainland. I believe some of the 190 townhouse sales in Surrey-Delta in April were to buyers fl ocking here from Greater Vancouver, where the scarce new townhouses are priced from $850 per square foot to $1,000 per square foot. New townhouses are priced from $340 to $480 per square foot in Central Surrey and North Delta and $424 per square foot in South Surrey-White Rock.

Janaury 204 155 -24.0%February 239 167 -30.1%March 277 229 -17.3%April 273 190 -30.4%May June Total 993 741 -23.4%



– Me

dian S

ales P

rice

– Av

erage

Sales

Price

NOV DEC JAN FEB

Days

– Me

dian D

ays o

n Mark

et –

Avera

ge Da

ys on

Mark


NOV DEC JAN FEB

MAR

MAR

APR

APR

$500,000

$540,000

$580,000

$620,000

$660,000

$700,000

$581,000$603,750

$579,900 $580,000 $585,000$599,900

$604,209$620,411

$593,902$610,747

$599,946$618,934

10

20

30

40

50

60

2834 36

2017 15

34

46 46

37

28 29



SalesHPI


Central Surrey(30) 78 560,300 0.5 -4.2

Cloverdale(40) 35 551,100 1.1 -10.4

North Surrey(20) 15 559,800 0.9 -3.0

South Surrey/White Rock(50) 47 658,500 0.8 -4.8

City of Surrey Combined 175 567,800 0.8 -5.2North Delta(10) 7 593,100 3.8 -1.9

Ladner 7 $704,900 -3.8 -10.3

Tsawwassen 1 $696,400 -1.2 -10.9


MAY - TOWNHOUSES


0 – 300,000 1 2 200%

300,001 – 350,000 4 2 50%

350,001 – 400,000 8 4 50%

400,001 – 450,000 18 8 28%

450,001 – 500,000 32 16 50%

500,001 – 550,000 60 35 58%

550,001 – 600,000 108 41 38%

600,001 – 650,000 101 29 28%

650,001 – 700,000 59 15 25%

700,001 – 750,000 27 7 25%

750,001 – 800,000 33 4 9%

800,001 – 850,000 7 3 43%

850,001 – 900,000 10 6 60%

900,001 – 950,000 3 2 67%

950,001 – 1,000,000 7 0 0%

1,000,000+ 15 1 7%

Totals 493 173 35%


THE REAL SOUTH SURREY RESULTS: MAY 2019 THE REAL NEIGHBOURHOOD RESULTS: MAY 2019

FAITH’S KEY INSIGHTS: ■ Canada really starts, home price wise, when one travels southeast into the Fraser Valley from the super high values of Greater Vancouver. The average composite price of a home in Canada is $642,000. The average May price of a townhouse in Surrey-Delta was $601,600 and the benchmark price was $618,800, or about $200,000 less than in Vancouver. Townhouse prices in Surrey-Delta have fallen from a year ago but began to stabilize in May. In Surrey, the benchmark was $566,600, down just 0.2% from April, while North Delta was also nearly unchanged (down 0.6% from a month earlier). South Delta saw townhouse benchmark prices decline 3.1% from April, but this was based on a total of only 8 sales, including just 2 in Tsawassen where the May benchmark was $618,800.

■ Townhouse sellers are showing confi dence, placing 493 new listings onto the market in May, the highest level in months. Sales totalled 173 in May, creating a sales-to-new-listing ratio of 35%, which is still a buyer’s market. While most sales action was concentrated on townhouse listed at $500,000 or less, 8 townhouses sold in the $800,000 to $950,000 range, where the sales success ratio was 65%, signalling a seller’s advantage. All in all, quite a strong market, despite sales being down 34% from May 2018.

■ Sellers and buyers of townhouses must be aware, though, that many new townhouses are being built locally. As of May there were 793 townhouses under construction in Surrey – half of them in South Surrey/White Rock – and another 127 in Delta where 54 new units were completed in May. Townhouse pre-sales have declined and developers are offering an array of incentives to lure buyers and investors. For buyers this expands the selection, but it means more competition for sellers, which may keep benchmark prices increases in check this summer.




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MAR

MAR

APR

APR

MAY

MAY

$500,000

$540,000

$580,000

$620,000

$660,000

$700,000

$603,750$579,900 $580,000 $585,000

$598,900$585,000

$620,411

$593,902$610,747

$600,625$619,451

$601,606

0

10

20

30

40

50

60

34 36

2017 17 16

46 46

37

2832 32



SalesHPI


Central Surrey(30) 83 $563,500 0.6% -4.9%

Cloverdale(40) 23 $551,100 0.0% -10.8%

North Surrey(20) 18 $546,500 -2.4% -7.9%

South Surrey/White Rock(50) 38 $650,200 -1.3% -5.9%

City of Surrey Combined 139 $566,600 -0.2% -6.4%North Delta(10) 3 $589,400 -0.6% -3.4%

Ladner 6 $630,400 -3.1% -13.0%

Tsawwassen 2 $618,800 -3.1% -13.4%


JUNE - TOWNHOUSES


0 – 300,000 2 0 0%

300,001 – 350,000 3 3 100%

350,001 – 400,000 11 3 27%

400,001 – 450,000 19 7 37%

450,001 – 500,000 29 11 38%

500,001 – 550,000 50 32 64%

550,001 – 600,000 81 28 35%

600,001 – 650,000 90 24 27%

650,001 – 700,000 55 16 29%

700,001 – 750,000 17 11 65%

750,001 – 800,000 19 5 26%

800,001 – 850,000 12 3 25%

850,001 – 900,000 17 5 29%

900,001 – 950,000 3 5 167%

950,001 – 1,000,000 2 3 150%

1,000,000+ 10 1 10%

Totals 420 157 37%


THE REAL SOUTH SURREY RESULTS: JUN 2019 THE REAL NEIGHBOURHOOD RESULTS: JUN 2019

FAITH’S KEY INSIGHTS: ■ Cloverdale in many ways represents the past and future of the Surrey region: the past in its 1800-era founding, its historic Main Street and its big annual rodeo; its future the fastest-rising townhouse prices in the region where 27 buyers in June paid a benchmark of $568,400, a price up 3.1% or an average of about $15,000 from a month earlier. It is not only Cloverdale that is attracting townhouse buyers and investors from across the Lower Mainland to Surrey-Delta. While townhouses are becoming scarce north of the Fraser River, there were 420 new listings for townhouses in Surrey-Delta in June and 870 new townhouses are under construction representing a third of all the townhouse starts in the Metro region.

■ Surrey dominated townhouse sales in June, with 146 sales at a benchmark price of $571,400, a price up 0.8% from May. The two hottest markets are Central Surrey, with 67 sales in June and South Surrey-White Rock, with 42 sales. North Delta delivered the lowest-cost townhouses, at a benchmark of $583,000, while Ladner saw benchmark prices rise 1.2% from May to $638,100. We expect to see ongoing buyer action in Tsawwassen after the benchmark price dropped nearly 13% from a year ago to $618,000.

■ While there are many – we counted three dozen in June – local townhouses listed at less than $450,000 in June, buyers were quick to pounce on higher-priced units. In June, every Surrey-Delta townhouse that was newly listed at from $900,000 to $1 million sold, we suspect to owners downsizing from Greater Vancouver. With the overall sales-to-new-listing ratio at 37% and a price range of from less than $300,000 to more than $1 million, there is a townhouse for any budget in Surrey-Delta.

January 204 155 -24.0%February 239 168 -30.1%March 277 234 -15.9%April 273 267 -2.4%May 262 218 -19.9%June 250 157 -37.2%Total 1515 1198 -20.8%



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MAR

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APR

APR

MAY

MAY

JUN

JUN

$500,000

$540,000

$580,000

$620,000

$660,000

$700,000

0

10

20

30

40

50

60

$579,900 $580,000 $585,000$600,000

$580,000$590,000

$593,902$610,747

$600,625$620,748

$593,090$616,843

36

2017 17 18

23

46

37

2832 31 33



SalesHPI


Central Surrey(30) 67 $ 565,100 0.3% -5.5%

Cloverdale(40) 27 $ 568,400 3.1% -8.1%

North Surrey(20) 10 $ 554,500 1.5% -5.9%

South Surrey/White Rock(50) 42 $ 648,300 -0.3% -4.8%

City of Surrey Combined 146 $ 571,400 0.8% -5.8%North Delta(10) 3 $ 583,200 -1.1% -7.1%

Ladner 7 $ 638,200 1.25% -14.5%

Tsawwassen 1 $ 618,100 -0.12% -12.9%


FAITH’S KEY INSIGHTS: ■ Everyone has been complaining about the mortgage stress test but it took mortgage lenders, who have seen a dramatic fall off in their mortgage business, to do something about it. The banks are now in a mortgage rate war and the ammunition is the popular fi ve-year, fi xed-rate mortgage. The biggest bank in the country is offering fi ve-year rates at 3.19% and many of the smaller lenders have cut the fi ve-year rate to 2.54%. This does not affect the onerous mortgage stress test, which remains pegged to the Bank of Canada’s artifi cial fi ve-year rate, which is now 5.34%. But the mortgage stress test is only required if buyers are borrowing from a federally-regulated bank, not credit unions, which are provincially regulated, or the myriad of other lenders who are also competing for mortgage business. The bottom line is that townhouse buyers can more easily qualify for a mortgage today than they could say three months ago. Buyers should immediately get pre-qualifi ed for a mortgage and then start shopping in Surrey-Delta, which offers the widest townhouse selection and best value in Metro Vancouver. Faith Wilson Group’s team includes a professional mortgage expert who can advise buyers on the best mortgage strategies today.

■ Surrey-Delta townhouse sales, at 642 in the second quarter (Q2) were up from 546 sales in Q1, but nearly 20% below the pace in Q2 2018. Most of the buyers in Q2 in the mid-market price range of from $500,000 to $650,000, which accounted for 368 sales in the quarter and sales success ratio to listings of around 50%. However the price point with the highest ratio of sales was new listings from $900,000 to $950,000, where 79% of the 14 new listings sold. The overall sales-to-new-listing ratio for townhouses in Q2 was 46%, which is tracking out of a buyer’s market into a seller’s advantage.



SalesHPI


Central Surrey(30) 277 $ 565,100 0.3% -5.5%

Cloverdale(40) 105 $ 568,400 3.1% -8.1%

North Surrey(20) 51 $ 554,500 1.5% -5.9%

South Surrey/White Rock(50) 160 $ 648,300 -0.3% -4.8%

City of Surrey Combined 593 $ 571,400 0.8% -5.8%North Delta(10) 16 $ 583,200 -1.1% -7.1%

Ladner 28 $ 638,200 1.25% -14.5%

Tsawwassen 5 $ 618,100 -0.12% -12.9%

Q2 - TOWNHOUSES



0 – 300,000 5 3 60%

300,001 – 350,000 13 6 46%

350,001 – 400,000 27 11 41%

400,001 – 450,000 49 25 51%

450,001 – 500,000 105 62 59%

500,001 – 550,000 162 116 72%

550,001 – 600,000 292 128 44%

600,001 – 650,000 273 125 46%

650,001 – 700,000 187 62 33%

700,001 – 750,000 71 29 41%

750,001 – 800,000 76 21 28%

800,001 – 850,000 34 17 50%

850,001 – 900,000 43 14 33%

900,001 – 950,000 14 11 79%

950,001 – 1,000,000 11 4 36%

1,000,000+ 35 8 23%

Totals 1,397 642 46%






Days

Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019

Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019

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$500,000

$575,000

$650,000

$725,000

$800,000

$605,000 $599,000$584,000 $580,000 $590,000

$627,306 $621,194$601,151 $602,098 $610,401

0

10

20

30

40

50

12

19

27

20 19

19

28

35 3632

2018 2019 Change (%)


Q1 Unit Sales 715 546 -23.5%

Q2 Unit Sales 795 642 -19.2%

Q3 Unit Sales

Q4 Unit Sales

YTD Totals 1510 1188 -21.3%


APRIL - APARTMENTS /CONDOS

THE REAL NEIGHBOURHOOD RESULTS: APR 2019


0 – 200,000 0 1 0%

200,000 – 225,000 4 4 100%

225,001 – 250,000 4 3 75%

250,001 – 275,000 8 7 88%

275,001 – 300,000 22 6 27%

300,001 – 325,000 21 16 76%

325,001 – 350,000 45 12 27%

350,001 – 375,000 36 17 47%

375,001 – 400,000 63 19 30%

400,001 – 425,000 32 13 41%

425,001 – 450,000 59 15 25%

450,001 – 500,000 83 23 28%

500,001 – 600,000 64 13 20%

600,001 – 700,000 30 9 30%

700,000 – 800,000 15 2 13%

800,000 + 20 2 10%

Totals 506 162 32%


THE REAL SOUTH SURREY RESULTS: APR 2019

FAITH’S KEY INSIGHTS: ■ Condominium apartment sales in Surrey-Delta were down 51% in April from the same month last year, but for sellers of lower-priced condos it must have felt like the boom was back. In April, sales of new listings for condominiums priced at $325,000 or less - there were 69 of them - were experiencing sales-to-new-listing ratios of 80% and higher. Some of these buyers were investors, who discover that it is still possible to buy a condo in Surrey-Delta that can be rented to produce a positive cash fl ow, meaning the rent will support the mortgage and other payments. Others are fi rst-time buyers leaping at the chance to get on the real estate ladder with the purchase of the most affordable homes in Metro Vancouver.

■ For bargain-conscious buyers North Delta continues to offer the lowest condo prices, at a benchmark of $392,500 in April. The next most affordable selection is in North Surrey, where 57 buyers purchased a condo in April at a benchmark of $408,200. But even in upscale South Surrey-White Rock, the 43 buyers in April paid less than $505,000 for a condo and rustic and beautiful Ladner attracted 5 condo buyers in April who paid a benchmark of $433,800.

■ This is a good time to a condo buyer in Surrey-Delta. The selection is enormous with 506 new listings added in April, the highest monthly level in more than a year and price range from less than $225,000 to $800,000 and more. Yet only 32% of the new listings sold in April and it now takes an average of 37 days for a new listing to sell. This gives buyers time to carefully shop the market and to arrange fi nancing for what could be the investment of a lifetime. This buyer’s market won’t last. Prices are already fi rming after falling about 5% from a year ago. The overall benchmark price of a Surrey condo in April was down only 0.2% from March and it was up by about 0.6% in North and South Delta. Now is the time for buyers to take action.


Janaury 262 175 -33.2%February 260 195 -25.0%March 312 219 -29.8%April 336 162 -51.8% May June Total 1170 751 -35.8%



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MAR

MAR

APR

APR

$300,000

$350,000

$400,000

$450,000

$500,000

$397,500 $398,250 $390,000 $398,000 $395,000 $399,994

$403,491$419,768

$405,060$416,139 $417,966 $418,426

0

10

20

30

40

50

60

2732

2923

2724

3742 43

40 39 37



SalesHPI


Central Surrey(30) 24 $ 1,003,700 -0.3% -3.6%

Cloverdale(40) 19 $469,100 -0.4% -3.6%

North Surrey(20) 57 $408,200 0.1% -4.2%

South Surrey/White Rock(50) 43 $504,100 1.2% -4.0%

City of Surrey Combined 143 $ 438,200 -0.2% -6%North Delta(10) 12 392,600 0% -7.5%

Ladner 5 $433,800 0.29 -8.21

Tsawwassen 2 $469,500 0.97 -8.59


MAY - APARTMENTS /CONDOS

THE REAL NEIGHBOURHOOD RESULTS: MAY 2019


0 – 200,000 1 0 0%

200,000 – 225,000 1 2 200%

225,001 – 250,000 2 3 150%

250,001 – 275,000 5 2 40%

275,001 – 300,000 19 10 53%

300,001 – 325,000 29 9 31%

325,001 – 350,000 34 19 56%

350,001 – 375,000 30 13 43%

375,001 – 400,000 67 11 16%

400,001 – 425,000 42 13 31%

425,001 – 450,000 42 10 24%

450,001 – 500,000 66 14 21%

500,001 – 600,000 71 13 18%

600,001 – 700,000 37 3 8%

700,000 – 800,000 13 2 15%

800,000 + 35 10 29%

Totals 494 135 27%


THE REAL SOUTH SURREY RESULTS: MAY 2019

FAITH’S KEY INSIGHTS: ■ The condominium apartment market in Surrey-Delta provided a strange mix of signals in May. After a rally in April, with 230 sales, the highest of any month this year, transactions cooled sharply with 135 sales in May. Perhaps buyers were blinded by the selection of condos on the market: 480 new listings were added in May, joining at least 200 units that remained unsold from April. As well, there are 3,556 new condos under construction, with 1,500 underway in Surrey City Centre alone.

■ All told, condo buyers have a massive choice of about 4,000 apartments to choose from in Surrey-Delta and many developers are providing enticing incentives to draw buyers into condo showrooms. In South Surrey, where 289 condos are under construction and 54 new units are completed and unsold, one developer is offering to pay 8 per cent interest on buyer’s deposits until the project completes in mid-2022. Others developers are offering price discounts, ski passes, free parking and amenity upgrades. I advise buyers to take a trusted real estate agent with them if they are looking for a new condo: the incentives aren’t the whole story and an experienced agent can cut through the offerings and explain exactly what you will pay when the new condo is completed.

■ Investors, who constitute a substantial sector of condo buyers, are often looking for low prices and the best rental market. First-time buyers are also ubiquitous. I would point these towards North Surrey, where the May benchmark price for a condo was $404, 800 (and the condo rental vacancy rate is less than 2%.) North Delta is also an option, with prices down nearly 12% from a year ago to $381,900 in May. Recent reductions in the fi ve-year mortgage rate should encourage cost-conscious buyers, because this lessens the affect of the mortgage stress test. Faith Wilson Group provides the Peace of Mind Guarantee for Buyers to help our clients purchase with calm confi dence.





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APR

APR

MAY

MAY

$300,000

$350,000

$400,000

$450,000

$500,000

0

10

20

30

40

50

60

$398,250 $390,000 $398,000 $395,000 $399,994 $396,000

$419,768$405,060

$415,988 $417,662 $416,198

$463,194

3229

2327 26

23

42 4340 40 38 36



SalesHPI


Central Surrey(30) 26 $434,200 -0.8% -10.0%

Cloverdale(40) 23 $454,500 -3.1% -10.9%

North Surrey(20) 66 $404,800 -0.8% -7.9%



Ladner 6 $431,900 -0.39 -8.33

Tsawwassen 10 $464,300 -1.11 -8.50


JUNE - APARTMENTS /CONDOS

THE REAL NEIGHBOURHOOD RESULTS: JUN 2019


0 – 200,000 1 1 100%

200,000 – 225,000 0 0 0%

225,001 – 250,000 4 0 0%

250,001 – 275,000 7 3 43%

275,001 – 300,000 16 6 38%

300,001 – 325,000 28 13 46%

325,001 – 350,000 26 12 46%

350,001 – 375,000 29 13 45%

375,001 – 400,000 59 18 31%

400,001 – 425,000 25 17 68%

425,001 – 450,000 41 9 22%

450,001 – 500,000 71 29 41%

500,001 – 600,000 43 12 28%

600,001 – 700,000 20 6 30%

700,000 – 800,000 8 3 38%

800,000 + 12 3 25%

Totals 390 145 37%


THE REAL SOUTH SURREY RESULTS: JUN 2019

FAITH’S KEY INSIGHTS: ■ South Surrey-White Rock has always been a prestige segment of the Fraser Valley condominium apartment market but there are signals that the current condo benchmark price of less than $500,000 could face upward pressure over the next year. This is because of a campaign by the City of White Rock to reduce density, basically cutting in half the number of storeys that new condo projects can rise. As of June 527 new condos were under construction in White Rock and another 371 in South Surrey, so the there should be suffi cient inventory for this year. However, some planned condo developments may not proceed, both because of the density regulations and because pre-sales of new condos are slowed.

■ First-time buyers are of course active in Surrey-Delta, primarily because the region delivers the best condo value in the Metro region. In June there were 110 new listings for condos priced at less than $375,000 and 30 of these were offered at less than $300,000. With a 5% down payment, fi rst-time buyers can move from renting to owning easier in Surrey-Delta than anywhere in Metro Vancouver. However, the current generous inventory of lower-cost condos could be reduced after September 1 when the federal government begins to offer fi rst-time buyers interest-free loan for condos priced to a maximum of $480,000. My advice to cost-conscious buyers is to shop for and buy a Surrey or Delta condo this summer before the competition increases.

■ As well as lower prices – the condo benchmark price in Surrey-Delta is down about 10% from a year ago – mortgage rates have also fallen. Right now even banks are offering fi ve-year fi xed rates of 2.59%, which is actually higher than one-year fi xed rates, quoted recently at 2.7%. For condo buyers this combination of lower property prices and near-record low mortgage rates creates a near unprecedented opportunity right now. Faith Wilson Group offers the exclusive Peace of Mind Guarantee for Buyers to ensure buyers are totally satisfi ed with their decision.


January 262 175 -33.2%February 260 196 -25.0%March 312 224 -28.2%April 336 234 -30.4% May 315 228 -27.5%June 212 145 -31.6%Total 1697 1202 -29.2%



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MAR

MAR

APR

APR

MAY

MAY

JUN

JUN

$300,000

$350,000

$400,000

$450,000

$500,000

0

10

20

30

40

50

60

$390,000 $398,000 $395,000 $400,000 $398,500$410,000

$405,060$415,988 $417,662 $415,808

$442,582 $444,524

2923

27 26 24 25

4340 40 38 37 35



SalesHPI


Central Surrey(30) 21 $434,200 -0.8% -10.0%

Cloverdale(40) 16 $454,500 -3.1% -10.9%

North Surrey(20) 45 $404,800 -0.8% -7.9%



Ladner 6 $431,900 -0.39 -8.33

Tsawwassen 10 $464,300 -1.11 -8.50


Q2 - APARTMENTS /CONDOS



0 – 200,000 2 2 100%

200,000 – 225,000 5 7 140%

225,001 – 250,000 11 10 91%

250,001 – 275,000 23 13 57%

275,001 – 300,000 56 34 61%

300,001 – 325,000 85 46 54%

325,001 – 350,000 110 65 59%

350,001 – 375,000 94 60 64%

375,001 – 400,000 204 71 35%

400,001 – 425,000 101 60 59%

425,001 – 450,000 134 51 38%

450,001 – 500,000 215 87 40%

500,001 – 600,000 172 55 32%

600,001 – 700,000 86 21 24%

700,000 – 800,000 34 9 26%

800,000 + 67 16 24%

Totals 1,399 607 43%



FAITH’S KEY INSIGHTS: ■ Almost 1,200 condominium apartments have been purchased in Surrey-Delta so far this year, including 607 in the second quarter, when 43% of all the new listings sold. This is an incredible performance when one considers the head winds that buyers faced this year, what with the mortgage stress test and the speculation tax and other policies designed to dampen demand. But it is hard to keep buyers down, especially when they realize that owning real estate has been such a solid long-term investment. In the past fi ve years, the cash return on a Lower Mainland home purchase is 64.8%. In Tsawwassen, as just one example, the benchmark price of a condo has increased 43% from 2014, even after the 8.8% decline in prices over the past year.

■ Yet, after all the price appreciation, you can still buy a condo apartment in Surrey, the fastest-growing city in B.C., for a benchmark price of less than $455,000; and in North Delta for $381,000 or in Tsawassen where the benchmark price in Q2 was $464,200. When I see the headlines screaming about the need for affordable housing, I wonder if any of the writers have visited Surrey-Delta where condo prices are $200,000 below the Lower Mainland benchmark price.

■ With the huge inventory of condos available in Surrey-Delta and the distinct nature of the two municipalities and their seven unique neighbourhoods, it can be daunting for buyers trying to fi nd the right condo for their budget and lifestyle. There is a step-by-step guide for buyers available for free on our website, and the fi rst three steps are the most important: hire the best real estate agent you can fi nd; get a pre-approved mortgage that locks in the rate for 90 days; and prepare a detailed list of exactly what you are looking for. With that and your experienced agent in hand, you should be able to fi nd the condo of your dreams quickly in Surrey or Delta.




Days

Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019

Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019

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Price

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$300,000

$350,000

$400,000

$450,000

$500,000

$550,000

$600,000

$429,750$410,000 $399,000 $395,000 $400,000

$459,956$438,839

$417,681 $413,477$432,724

0

10

20

30

40

50

60

10

18

28 27 2520

28

39 4137



SalesHPI


Central Surrey(30) 87 $434,200 -0.8% -10.0%

Cloverdale(40) 64 $454,500 -3.1% -10.9%

North Surrey(20) 221 $404,800 -0.8% -7.9%



Ladner 6 $431,900 -0.39 -8.33

Tsawwassen 10 $464,300 -1.11 -8.50

2018 2019 Change (%)


Q1 Unit Sales 829 589 -29.0%

Q2 Unit Sales 863 607 -29.7%

Q3 Unit Sales

Q4 Unit Sales

YTD Totals 1692 1196 -29.3%

TO GET STARTEDFirst, visit FaithWilsonGroup.com for extensive details about: Vancouver area neighbourhoods from dog parks to home pricing by property type; our 360 degree Performance Promise; our exclusive monthly Market Update research publications; our awards & achievements and much, much more.Then, call me at 604-224-5277 or 1-855-760-6886, or email me at [email protected]

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HAS THE PLANthat will find and secure the home that best meets your needs backed by their specialized market knowledge, their bank of prospective sellers, their leading edge search technology and their experience at writing offers to promote & protect you!

HAS THE TEAMthat will focus on listening to and helping you define your needs & wants in context of TODAY’s market; that has the expertise and successful experience to structure offers that promote & protect YOU!

IS COMMITTEDto you being totally informed such that you will make your buying decision with complete peace of mind! Witness our unique neighbourhood profiles at FaithWilsonGroup.com.

DELIVERSa proven track record of negotiation expertise and successful transactions, in a wide spectrum of property types across the Lower Mainland, along with a benchmark level of overall client satisfaction.

To find the best home for your needs at the price you deserve what you need is a Realtor® who:

AND BOTTOM LINEYOUR SATISFACTION IS GUARANTEED

NOT HAPPY with your new home within the first 18 months? Then, we will relist it, resell it and not charge you our commission!

*Some conditions apply

Date post:	23-Sep-2020
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Q2 2019 vs Q2 2018 DETACHED 243 SURREY,DELTA & WHITE … · The result is a booming market for...

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