Katronis Blog

Realtors for Cloverdale, Surrey, Fraser Valley

Real Estate News Brings A Bright Sparkle To A Dull Year

After a year that has had most of us swinging from sighs to worries to grumbles, it was delightful to get some good news, and in the real estate market too. That’s a double delight for us, of course.

Home sales did really well, year on year, in July. It has surprised everyone and had an excellent boosting effect on the economy. The Real Estate Board of Greater Vancouver (REBGV) reported a 28% increase in July 2020 vs July 2019.

Ms. Colette Gerber, the Chairperson of REBGV, said that they believed it was “pent up activity….that had been accumulating….through the year”.

The Fraser Valley Real Estate Board (FVREB) reported a 22.2% increase month on month in July, which equated to a 44% yearly increase. What inspiring statistics!

The low-interest rates and limited stock available are hardening the market with a July 2020 increase of 9.4% on the 10-year sales averages in GVRD and a 25.5% increase on the ten year average for Fraser Valley. This latter figure is a record, being the 2nd highest ever for July. The ball is definitely in the court of sellers, so get your best realtor in Surrey carving out the best deal for you.

The single-family homes category saw the greatest increase versus the sales of townhomes and condos.

REBGV also noted that buyers and sellers were all in the market with serious intent based on feedback from real estate agents in Surrey and BC generally. The new COVID protocols were becoming a habit and the ‘shock’ or disruption effect was wearing off.

We observe this with eyes wide open as we are aware that if there is another lockdown due to a second wave, it might impact. However, as a new normal and a new digital way has been established in the Real Estate market and, in most industries, we believe the impact will be far less disruptive.

The Canadian citizens have adapted fast and taken on the new normal. They are forging ahead in pioneering ways as they have done for centuries. It is a proud time to be a Canadian.

If you need assistance with selling your family home and upsizing or downsizing, our fabulous team of professionals at the best Realtor in Surrey, Katronis Real Estate Team, would be honoured to assist you. As a digitized real estate agent in Surrey, we can assist digitally or on-site with adherence to COVID-19 protocols.

Let’s turn that dream into a real estate reality.

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