Is it time to buy a townhouse in Surrey?

With all the changes the world has undergone over the past year, many have expressed concern over whether it was the right time to make significant investments, such as buying a new home.

This may be related to loss of income, rising costs of various goods, or any number of other reasons in addition to the obvious concerns about real estate trends for the coming year. As with every other industry, the pandemic has had its effect on the real estate market.

Some facts to consider when asking if it is the right time to invest in a townhouse

• Prices are increasing. In fact, evidence suggests that the rise in prices has accelerated over the past few months. According to the Fraser Valley Real Estate Board (FVREB), March saw an increase of 4% in the benchmark price for a townhouse vs. February. Compared to March 2020, the increase was 13.7%

• The lack of availability of all types of property has resulted in growing demand and a strong seller’s market. Prices reflect the fact that demand is growing while the number of new listings has been low.

• Buyers are very motivated at the moment, encouraged by the lowest-ever interest rates.

• With many people working at home and a considerable number anticipating that they will continue to do so, the demand for more space is driving some to seek larger homes.

• Townhouses are becoming extremely popular, as they offer more room than an apartment without the significant expense of a detached home, making for a perfect middle ground.

• Townhouses also hold appeal due to fewer maintenance requirements and the desire to move into the suburbs, though townhouse developments are also appearing in city centres.

While the elevated prices and the lack of inventory on the market may sound discouraging, there is also some good news. March saw new records being set for the highest number of sales and new listings processed in a single month since the inception of the FVREB in 1921.

The 5,087 listings added a great deal more selection and represented an increase of 91% over March of 2020 and 56% over February of this year. The previous record of 4,458 new listings had been in place since 2008.

In terms of sales, the board processed 3,329 residential and commercial sales in March, representing an increase of 131% over the same month in 2020. Compared to February, this amount represents an increase of 18%. Previously, the record was 3,006 sales, set in March of 2016.

View all real estate properties available in Surrey

With more new listings being added and interest rates remaining low, this may be the time to make your move and we are here to help you. More questions? Do not hesitate to contact us so that we can provide you with all the information that you need.

See more of the Fraser Island Real Estate Stats.