April Market Update: Two Markets Worth Watching

Two Markets Worth Watching

The Fraser Valley and Greater Vancouver real estate markets continue their steady trend of balance to sellers markets throughout the region; most significantly in the detached and townhome property types, while condos are still struggling to find their sweet spot in many of the areas—especially in the Fraser Valley. Lower inventory levels, similar or stronger sales, and less failed listings are pushing many of the areas STR numbers into balanced or sellers markets, making for one the best spring markets across the entire Fraser Valley in the past 5 years.

Two markets that I believe will be key indicators of whether this current trend will hold or fade will be Maple Ridge and Abbotsford. Both are key in anchoring the eastern part of the Fraser Valley real estate market. They are both seen as affordable alternatives to some of the other areas, like Langley, Surrey, Cloverdale, and Coquitlam. The value or price gap between their neighbors has become significant over the years and many buyers are realizing the incredible value in the eastern part of the Fraser Valley. The commute has significantly improved as well, with the new lanes on Hwy #1, bridges, and South Perimeter Road. Also, Maple Ridge has a no toll commute via the Lougheed Hwy, or you can sit back and take the West Coast Express to downtown Vancouver. The most active price ranges in Maple Ridge are: detached $450,000-$500,000, townhomes $250,000-$300,000, and condos at $175,000-$200,000.  These numbers make for excellent first time or move up buyer opportunities in Maple Ridge. With its value packed real estate and new and improved commute, the same can be said for Abbotsford. The most active price ranges in Abbotsford are: detached $350,000-400,000, townhomes $250,000-300,000, and condos at $125,000-150,000.

Maple Ridge and Abbotsford are the two key markets that will solidify the Fraser Valley market. It will be interesting to watch the STR numbers over the next 3-6 months.

Please feel free to contact me if you have any questions or would like to discuss the market in more detail. I am always available to serve.  604-807-4366 or randy@eximus.com

STR (Sell Through Rate) Formula = Sales ÷ Active Listings + Failed Listings + Sales ​