The biggest development lately are the new mortgage rules, which include a new stress test for the marketplace. Coming into effect on January 1, 2018, it’s still unclear what the broader implications of these new rules will be. However, at this point it seems reasonable to expect increased difficult for those looking to qualify for mortgages.
That said, new construction of multi-family homes remains strong in Vancouver, while Surrey continues to attract both local and foreign buyers. Affordability is the main concern, with first-time buyers often priced out of the market and a shortage of rental units.
Median price levels in the Fraser Valley are up nearly 19% from last year, reaching $925,000. Single family detached homes remained on market for an average of 29 days before selling, a slight increase from 24 days last month.