Wednesday, December 18, 2019

Demand for Fraser Valley homes poised to swell



Fraser Valley is expected to continue being a buyers' market next year as more millennial first-time buyers commence their home purchase, according to the latest outlook from RE/MAX.

RE/MAX said Fraser Valley's population growth will continue to have the most significant impact on the housing market.

"The Fraser Valley housing market is currently witnessing a buyers’ market due to the substantially higher inventory compared to the previous year and more buyers qualifying for the stress test as they become more adjusted to it," RE/MAX said.

Due to the projected demand, average residential prices could increase by as much as 2% next year to $710,432.

"This is due to more Vancouverites moving to the region as they are being priced out of the market. The relative affordability of the area compared to Vancouver keeps it a hot real estate market," it said.

One neighbourhood to watch out for is Surrey City Centre. The developments in downtown Surrey, particularly high-rise condos, will attract not just homebuyers but also businesses to the area.

The infographic below shows the other highlights of RE/MAX outlook for Fraser Valley:





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