HAPPY SEPTEMBER!
Well, folks – it was yet another record-breaking month for most of the Fraser Valley!
With detached homes, we saw prices increase from 2% to 11% (White Rock!) and the only area we saw a small decrease of 4% was in Mission.
Condos and Townhomes were a mixed bag however with most areas increasing slightly with one small exception of North Delta which saw a decrease of 23%! Keep in mind though, this was only based on 21 sales so more likely an outlier when surrounding areas in all directions went up!
Overall we’ve seen things continue from the momentum in July straight through into August! Prices are up, supply is still relatively low, and bidding wars are still commonplace!
For buyers out there who are concerned of these ever-rising prices, many lenders have recently LOWERED their interest rates to be more competitive! Despite rising prices, monthly payments haven’t been affected nearly as much with some lenders offering as low as 1.29% 5 YR Variable 
! This is about a 25% to 30% reduction in monthly payments for the same borrowed amount as they were back just 2 years ago!
This is a great reason to get pre-approved right away if you’re considering buying! They can lock in your low interest rate for 4 months usually and then you can take your time on the home hunt!
As always, if you have any questions, or are planning to buy or sell, please give me a call today!
Until next time,
-Corbin
