Ravi Punia - REALTOR®

Fraser Valley Specialist

FRASER VALLEY REAL ESTATE BLOG POSTS

The Bank of Canada today announced that it was keeping it's key overnight lending rate steady at 0.25%.  This means the rate that variable rate mortgages are based off of remains on hold.  The BOC suggested that their lending rate would remain low for a very long time still.


There is no expectation of any interest rate increase from the Bank at least until 2022 at the earliest.


Low mortgage rates have been and look to likely remain very supportive of the hot housing market in the Fraser...

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Following up on my last blog post, regarding August 2020 housing market stats, it's worth focussing in on detached home sales.


Fraser Valley residential real estate in August 2020 showed a very high level of demand for detached houses.  


For example, detached house sales were up by the following (August 2020 vs August 2019)


ALL AREAS COMBINED - UP 72%


ABBOTSFORD - UP 92%


MISSION - UP 69%


WHITE ROCK / SOUTH SURREY - UP 86%


LANGLEY - UP 51%


NORTH DELTA - UP 31%


CITY OF SURREY (COMBINED) -...

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To say the residential real estate in the Fraser Valley was HOT in August 2020 would be an understatement.  The housing market from Surrey to Abbotsford, and everything in between, was on fire.


August 2020 showed the Fraser Valley had the second highest number of property sales in the past two decades! 


The Fraser Valley Real Estate Board processed 2,039 sales in August 2020, up 57% compared to August 2019.  This represents sales for the month 39% above the 10-year average.


These figures...

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*This blog communication is not intended to cause or induce breach of an existing agency agreement.  Views are my own and do not reflect those of any organizations that I may be associated with.

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.