Mission, Cloverdale among 10 hottest real estate markets in Fraser Valley

No real estate slowdown for Fraser Valley after strong May and record-breaking April

Real estate continues to be a highly sought after asset in the Fraser Valley, with May sales following up strongly on a record-breaking April.

While foreign buyers are the talk of real estate in the Lower Mainland and blamed for skyrocketing prices, Jorda Maisey, past president of the Fraser Valley Real Estate Board, said overseas capital isn’t behind the Fraser Valley’s hot market.

“Is it foreign buyers? I haven’t experienced that in the areas I’ve been working in,” she said.

It’s locals.

A property listed in south Langley recently drew five back-to-back showings, with only one client coming from outside the Fraser Valley, Maisey said, which has been typical.

In Surrey, the biggest year-over-year price gains have been in the Fraser Heights neighbourhood, with median selling prices hitting $1.2 million, and listed homes lasting on the market for an average of just 12 days.

White Rock remains the most expensive area in the Fraser Valley but price increases haven’t kept pace with other neighbourhoods seeing more sales activity.

The hottest area is Mission in terms of the sheer number of properties changing hands. The median selling price has reached $595,000 and the average home remains on the market for just 14 days, she said.

Home sellers are encouraged to select a new home before cashing in, if they can afford to, Maisey said.

If they can’t, she added, “they know that they could be camping for the summer until they can find something.”

While the market overall hasn’t slowed down, Maisey said she’s noticed prices have dropped on listings in some large, acreage neighbourhoods, and multiple offers have become less frequent.

Asked if a change is on the horizon, Maisey said she doesn’t have a crystal ball.

But looking at the economics, and seeing so many small stores with help wanted signs on the door, she said the market appears healthy.

10 hottest Fraser Valley neighbourhoods for single family homes

(area/median sale price/days on market)

1. Mission, $595,000, 14

2. Cloverdale, $906,000, 10

3. Abbotsford East, $714,000, 9

4. Abbotsford West, $634,000, 9

5. Willoughby, $920,000, 10

6. Fraser Heights, $1.2 million, 12

7. Walnut Grove, $875,000, 11

8. King George corridor, $904,000, 19

9. Langley City, $904,000, 19

10. Clayton, $895,000, 7

• courtesy RE/MAX Little Oak Realty (based on greatest percentage increase of volume and dollar; sales data from May 1 to 26, 2016)

Just Posted

Proudly Surrey modifies child-care policy

Slate wants to use school board property for child-care spaces

Surrey school board wants to expand French Immersion program

District had to close program at Cougar Creek Elementary due to low enrolment

VIDEO: Scarecrow festival kicks off in Port Kells

Fourth-annual event will be on until Halloween

Delta to craft whistle-blower policy

The policy is meant to increase public trust and create support for staff in questionable situations

VIDEO: North Delta Studio Stomp back for sixth year

The annual art event has local artists opening their studios to the public this weekend

Lions earn stunning 35-32 OT win over Ticats

Epic comeback lifts B.C. past Hamilton in CFL thriller

Czarnik nets 3 as Flames dump Canucks 5-2

Calgary picks up exhibition win over Vancouver

Ottawa to name new ambassador for women, peace and security, Freeland says

Chrystia Freeland also confirmed Canada would spend about $25 million to fund number of initiatives

‘A little bright spot:’ Ottawa residents rescue dog trapped beneath rubble

Freelance journalist says rescue of a dog trapped under rubble was happy ending amid chaos in Ottawa

B.C. deaf community wants different sign languages on federal accessibility act

Advocates also want Indigenous Sign Language to be recognized on the Indigenous Language Act

Remainder of Vancouver Whitecaps season filled with ‘must-win’ games: coach

With Vancouver currently sitting four points out of a post-season spot, each contest is crucial

VIDEO: B.C.-born firefighter remembered by MP in emotional speech

Family asks first responders to look after one another in wake of suicide, growing concerns of PTSD

Airline has ‘close call’ with drone while en route to B.C. airport

Jazz Aviation reported the drone sighting near Vancouver to the RCMP and Transport Canada

Most Read