Hello, I’m Larry Heran, and as the owner of City Centre Mortgages, based right here in the centre of the south in South Surrey, I always make it a priority to keep my clients informed about the local housing market in Surrey. The Surrey real estate market directly impacts your home buying decisions, and understanding the latest trends can give you a significant advantage in securing a more affordable home.
With over a decade of experience helping Surrey residents secure the right mortgage financing solutions, I know just how important it is to stay on top of the market. So, let's dive into the latest Surrey housing stats and explore how they can affect your home purchasing decisions.
Surrey's Housing Market Trends
As we move through 2024, the Surrey housing market is showing some interesting trends. In November, Surrey’s median list price was around $1.1 million, with homes taking an average of 66 days to sell. This marks a slight increase compared to the previous month, signaling that the market is stabilizing after some ups and downs earlier in the year.
As someone deeply involved in the mortgage industry, I can tell you that these shifts are significant, especially when considering how Canadian mortgage rates have been evolving. With the recent decrease in mortgage rates in Canada, many potential homebuyers are now able to enter the market with more purchasing power, which is helping to breathe life back into the Surrey real estate market.
However, it's important to remember that even with decreasing rates, affordability can still be a challenge for some buyers. But with the right strategy and guidance, we can work together to help you make the best choice for your financial future.
Breaking Down Surrey's Core Areas
At City Centre Mortgages, we work with clients from all across Surrey, and understanding the specific neighbourhood dynamics is key when navigating the housing market in Surrey. Here’s a quick overview of some of Surrey's most sought-after areas:
South Surrey: This is my home turf, and I know it’s a favourite for families and first-time homebuyers. In November, homes in South Surrey were listed at a median price of $1.4 million, with properties generally staying on the market for about 63 days. It's a competitive area, and I’ve helped many clients find their dream homes here.
Fraser Valley: Surrey is a central hub in the Fraser Valley, which is a growing and diverse region. Homes here are seeing more balanced activity, as the market returns to more seasonal norms. For those looking for a well-priced home in a vibrant community, Surrey offers a variety of options to explore.
Mortgage Rates and Affordability
One of the most important factors to consider when buying a home in Surrey is mortgage rates. Over the last few months, we’ve seen a decrease in Canadian mortgage rates, and this can make a big difference in your purchasing power. As rates drop, your mortgage pre-approval amount could be higher compared to what you would have been eligible for a year ago.
At City Centre Mortgages, I take great pride in keeping my clients informed about how these changes affect their ability to buy a home. While rates are coming down, affordability remains a top concern for many. That’s why I focus on finding the best mortgage solutions to suit your specific financial situation, ensuring that your monthly payments are manageable and that you’re not stretching your budget too thin.
Whether you’re buying your first home, upgrading, or refinancing, understanding how mortgage rates impact your financial picture is essential. With decreasing rates, now might be a great time to consider getting pre-approved for a mortgage and locking in a lower rate before things change again.
What Does This Mean for You?
With the current trends in Surrey’s housing market, it's clear that we are moving into a more stable and buyer-friendly environment. As homes continue to be in demand, it’s essential to make informed decisions about your financing options. Lower mortgage rates can make homeownership more affordable for many buyers, but it’s crucial to work with an experienced mortgage broker who understands the nuances of the market.
At City Centre Mortgages, I’m here to help you navigate these changes. I take a personalized approach to every client, ensuring that you get the right mortgage solution for your needs. Whether you're buying in South Surrey or anywhere in the Fraser Valley, my team and I are dedicated to making your homeownership dreams a reality.
Let’s Take the Next Step Together
If you’re considering purchasing a home in Surrey, now is a great time to reach out. With my deep knowledge of the local market in Surrey and the latest mortgage rate trends, I can help you make the best possible decision for your future. I’ll guide you through the mortgage process with ease and ensure you have the support you need at every step.
Contact me today to discuss how we can make your homeownership dreams come true.
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Stay informed, stay confident, and let City Centre Mortgages help you find the right mortgage for your home purchase. I look forward to working with you!
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