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November Market Update

November Market Update

Why home sales haven’t bounced back despite lower interest rates

There’s a common assumption in real estate that when interest rates go down, sales surge. Yet here in the South Surrey we’re seeing just the opposite: even as borrowing costs ease, transaction volumes remain muted. Understanding why is key for both sellers and buyers in this evolving market.

1. Affordability is still stretched

  • The drop in mortgage rates is welcome, but prices remain very elevated in our market. Many buyers who entered the market pre-pandemic or during rapid growth now simply find themselves stretched—even with a rate drop. 

  • According to the Fraser Valley Real Estate Board (FVREB), new listings in 2024 hit a 10-year high while sales dropped to the lowest in a decade.

  • In short: cheaper financing helps, but the principal amounts and other costs (down payments, taxes, maintenance) are still high, causing buyer hesitation. 

2. Buyer psychology & timing are at play

  • Many potential buyers are on the sidelines, waiting for a clearer signal: “Will prices drop further? Will rates go even lower?” That waiting-game means fewer are pulling the trigger now. 

  • Also, economic uncertainty (job market, inflation, cost of living, increased government debt) is making buyers cautious about committing long-term. 

3. Increased supply is shifting market balance

  • As listings increase, buyers are finding they have more choices, and sellers are feeling more competition. In a market with more supply and fewer urgent buyers, transactions naturally slow.

  • The data show we are in a buyer-favoured market in South Surrey, rather than the scorching seller-market of a few years ago.

4. Legacy of prior high rates and mortgage-stress still lingers

  • Many recent buyers locked in higher rates, or are renewing mortgages at much higher payments than those who locked in earlier. This “hangover” effect means fewer households are in a position to upgrade, trade up or invest now. 

  • Also, lenders and buyers remain cautious: the mortgage stress test remains in place, meaning qualification assumptions are higher, which restricts effective buying power.

What this means for South Surrey sellers & buyers

  • Sellers: Realistic pricing, excellent presentation (staging, repairs) and clear positioning are more important than ever. The urgency is less; buyers are taking their time.

  • Buyers: This is a moment to negotiate—not just on price but on terms. However, affordability is still a barrier: having budget discipline and realistic expectations will pay off.

  • Everyone: Patience is key. While lower rates help, the market is not simply going to “turn around” overnight. The underlying fundamentals—income growth, affordability, consumer confidence, supply/demand—have to align.

In short: Lower interest rates are a necessary but not sufficient condition for a robust rebound in home-sales activity in our area. Until affordability improves more meaningfully and buyer confidence returns, we’re unlikely to see a full recovery in transaction volumes.
 

 

OCEAN PARK STATS

In the OCEAN PARK area, 14 out of 89 Detached Homes sold in October which is 16% of all inventory, better than most areas across the Fraser Valley. 

In all of SOUTH SURREY and WHITE ROCK combined, 58 out of 601 detached homes sold in October, which is 10% and continues to be in solid Buyer's Market territory.  In other words, only 1 out of 10 homes on the market sold this past month.

Dig deeper into the numbers for Ocean Park or your neighbourhood or city by clicking this link:

CLICK TO VIEW STATS PACKAGE FOR ALL NEIGHBOURHOODS:    FVR 2025


Source: SnapStats - Fraser Valley Real Estate Board
Fraser Market Housing Market Snapshot
Featured Listings
6154 130B St
Offered at $1,449,000

Welcome to this beautifully renovated rancher located on a quiet cul-de-sac in the highly sought-after Panorama Ridge community. Renovated in 2025, this 3-bedroom, 2-bathroom home offers a bright, modern layout perfect for comfortable living and effortless entertaining. Enjoy the beautiful kitchen with adjoining family room and a cozy fireplace. The spacious living and dining areas flow seamlessly together, while the large primary bedroom features an upgraded ensuite for your added comfort. Situated on a generous lot with a large covered patio (almost 400sf) and private backyard—ideal for relaxing or hosting summer gatherings. This is the ideal move-in ready home just waiting for you!

505 1220 Fir St, White Rock
Offered at $830,000

RARE TOP FLOOR PENTHOUSE CORNER UNIT
$830,000
505 1220 Fir St, White Rock
Featuring 2 beds and 2 baths PLUS a SOLARIUM with large windows overlooking your private view. Gas fireplace and hardwood floors and a fantastic layout give this home warmth, charm and functionality. Exceptionally bright unit with generous 1168 sf and 2 large balconies that feel like your in your own cozy backyard. Strata fees cover gas and hot water. 

FUNNY MLS PHOTOS
Nice cheery job on the paint selection!
If you don't want to travel far to the bathroom, this house will be perfect for you!
Cook dinner, wash dishes and play foosball at the same time!
KIND WORDS
WHO IS JOEL ROSS
Fall colours in Ocean Park.  

Thank you to all my wonderful clients and friends for your continued
referrals and support.
I'm here for you 100%!


Joel Ross
TOP 1% South Surrey Realtor*


RE/MAX
Colonial Pacific Realty

604-808-2001
* Top 1% Individual Realtor in South Surrey - Fraser Valley Real Estate Board 2024


 ~ JOEL ROSS ~
Personal Real Estate Corporation
RE/MAX Colonial Pacific Realty

Copyright © 2025 All rights reserved
Joel Ross, Personal Real Estate Corporation

Not intended to solicit properties already under contract

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The Return on Upgrades: What Pays Off When Selling in Ocean Park and South Surrey

Joel Ross PREC

When it comes to selling your home in Ocean Park, South Surrey, you want to ensure that every dollar you invest in upgrades brings a solid return. While it’s tempting to think that major renovations will guarantee a higher selling price, the reality is that not all upgrades provide the same value in the current real estate market.

In this blog post, I’ll break down the top home upgrades that offer the best return on investment (ROI) in Ocean Park and South Surrey, and explain how you can make smart improvements to sell your home faster and maximize your profit.


1. Curb Appeal: First Impressions Matter

The first impression buyers get when they pull up to your home can set the tone for the entire showing. That’s why improving your curb appeal is one of the most cost-effective upgrades to make before listing your home.

What to upgrade:

  • Landscaping: Fresh mulch, trimmed hedges, and colorful flowers can instantly brighten up your home’s exterior.

  • Exterior Paint: A fresh coat of paint on the front door or trim can create an inviting look without breaking the bank.

  • Lighting: Installing stylish outdoor lighting or pathway lights can highlight the beauty of your home’s exterior, especially in the evenings.

Why it pays off:

  • Buyers form opinions within seconds of arriving. Good curb appeal can lead to increased buyer interest and potentially higher offers.

Pro Tip: Spend around 1-2% of your home’s value on exterior improvements to ensure you get a solid return.


2. Kitchen Upgrades: The Heart of the Home

The kitchen is often considered the most important room in the house for buyers. While a full remodel can be costly, there are several smaller upgrades that can make a big impact.

What to upgrade:

  • Cabinet Hardware: Swapping outdated knobs and handles for modern hardware can refresh the look of your cabinets without spending a lot.

  • Countertops: Consider upgrading to quartz or granite for a sleek, modern look. Even a small section, like the island or breakfast bar, can make a difference.

  • Appliances: If your appliances are outdated, upgrading to energy-efficient models can be a huge selling point.

Why it pays off:

  • Kitchens are high-traffic areas where buyers tend to focus. Upgrading this space can provide one of the highest ROIs. A well-presented kitchen often increases perceived value and speeds up the sale process.

Pro Tip: Minor upgrades, such as new lighting fixtures or a stylish backsplash, can have a major impact without the need for a full renovation.


3. Bathroom Updates: Small Changes, Big Impact

Bathrooms are another area where small updates can offer a high return. Buyers often pay close attention to the condition of bathrooms, so making sure they look fresh and modern can help your home stand out.

What to upgrade:

  • Vanity & Fixtures: Replace old faucets and outdated vanities with sleek, modern alternatives. Even simple changes like a new showerhead can make a difference.

  • Tiles & Grout: Refresh old or dirty grout and consider replacing worn-out tiles with updated designs.

  • Lighting: Update light fixtures to provide bright, modern lighting in your bathrooms.

Why it pays off:

  • Bathrooms are essential to buyers, and small updates can give the impression of a more move-in ready home. Clean, fresh spaces are also more appealing to buyers and often result in higher offers.

Pro Tip: Spend around 1-2% of your home’s value on bathroom updates for maximum impact.


4. Flooring: The Foundation of Your Home’s Appeal

Buyers notice the condition of your floors, so investing in new flooring can drastically improve the overall look of your home. If your floors are worn, old, or mismatched, it can deter potential buyers.

What to upgrade:

  • Hardwood Floors: If you have hardwood, consider refinishing it for a fresh, updated look.

  • Carpet Replacement: If your home has old or stained carpet, replacing it with neutral-toned carpet or laminate can help make the home feel cleaner and more modern.

  • Tile: Consider upgrading to larger, neutral tiles for bathrooms, kitchens, and entryways to make the space feel more spacious.

Why it pays off:

  • Good flooring gives your home a polished, cohesive look. New flooring can increase the value of your home and help it appeal to a wider range of buyers.

Pro Tip: Choose neutral colors that will appeal to the largest number of buyers. Avoid bold, trendy choices that may not suit all tastes.


5. Fresh Paint: The Most Cost-Effective Upgrade

A fresh coat of paint is one of the most cost-effective ways to transform your home. Neutral colors are often the best choice, as they appeal to a broader range of buyers.

What to upgrade:

  • Interior Walls: Repainting with neutral tones like whites, grays, or soft taupes can make rooms feel brighter and more spacious.

  • Trim and Doors: Freshen up the trim, baseboards, and interior doors to give your home a well-maintained, updated look.

Why it pays off:

  • A well-painted home feels cleaner and more modern, and it allows buyers to focus on the space, rather than noticing chipped paint or scuff marks.

Pro Tip: Touch up or repaint high-traffic areas, such as hallways and entryways, to make the home feel fresh and well-maintained.


6. Open Up Your Space with Smart Organization

Buyers are always looking for storage space and open layouts. Organizing your home and creating a sense of space can help buyers imagine themselves living there.

What to upgrade:

  • Declutter: Clean out closets, cabinets, and storage areas to show buyers how much space is available.

  • Built-In Storage: If possible, add shelves or organizational features that highlight the home’s storage potential.

  • Furniture Arrangement: Create an open and inviting flow by rearranging furniture to maximize space.

Why it pays off:

  • Storage space is a huge selling point. By showing how much room buyers have to organize and store their belongings, you can make your home feel more spacious and functional.

Pro Tip: Buyers tend to overestimate the size of a home based on how well-organized and open it feels.


7. Energy-Efficiency Upgrades: Appeal to Eco-Conscious Buyers

With rising energy costs, many buyers are seeking homes that offer energy-efficient features. These upgrades not only improve your home’s comfort but can also add significant value.

What to upgrade:

  • Insulation: Adding or upgrading insulation can make your home more energy-efficient, especially in attics or basements.

  • Windows: Consider replacing old windows with energy-efficient models to reduce heating and cooling costs.

  • Smart Thermostats: Installing a smart thermostat can appeal to buyers interested in controlling their home’s temperature remotely.

Why it pays off:

  • Energy-efficient homes are increasingly attractive to buyers. Offering lower energy costs and a reduced environmental impact can increase your home’s desirability.

Pro Tip: Small energy-saving improvements, such as LED light bulbs and low-flow faucets, can also add value.


Final Thoughts: Smart Upgrades for Maximum ROI in South Surrey

When selling your home in Ocean Park, South Surrey, focusing on strategic upgrades can significantly increase your property’s appeal to buyers. Whether you’re updating the kitchen, adding fresh paint, or improving curb appeal, focusing on the highest ROI upgrades can help you sell your home faster and for top dollar.

If you’re ready to list your home, I’m here to provide personalized advice on which upgrades will provide the best return on investment and help you navigate the market to achieve the highest sale price.  Call Joel Ross “The Ocean Park Realtor” at 604-808-2001.

Joel Ross, Personal Real Estate Corporation

Remax Colonial Pacific Realty

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Why Live in Ocean Park
Joel Ross, PREC
  1. Natural Beauty & Outdoor Access

    • The neighbourhood offers ocean views, wooded trails, and parks like Kwomais Point Park.

    • Ocean Park Terrace & Community Orchard is a charming green space maintained by the city, ideal for picnics and community gathering.

    • There’s a “1001 Steps” route from 15A Avenue down to the oceanfront.

  2. Small-Town Village Vibe with Modern Amenities

    • There’s a cozy “village centre” (Ocean Park Village) with boutiques, cafes, restaurants, a library, and local services.

    • Despite its peaceful feel, it’s fairly accessible: transit connections, and it's not too far from key routes.

  3. Strong Community Engagement

    • The Ocean Park Community Association is active: heritage projects, beautification, events.

    • Annual neighbourhood celebrations like Ocean Park Day and the Alexandra Festival bring people together.

  4. Excellent Schools

    • Well-regarded local schools: Crescent Park Elementary, Ocean Cliff Elementary, Laronde (French Immersion), and Elgin High School.

    • Good for families looking for stability, education, and community roots.

  5. Heritage & History

    • The Ocean Park Community Hall, built in the 1920s, is a heritage landmark.

  6. Modern Housing Options

    • While there are many large and luxury homes, there’s also new development (e.g., Rockford by Cressey) aimed at downsizers and long-term residents who want to stay in the community.

    • Balanced mix: waterfront estates, single-family homes, and townhomes.

  7. Lifestyle & Community Feel

    • Quiet, family-friendly neighbourhood.

    • Close-knit community — people really value that “village” feeling.

    • Less rain than some other parts of the Lower Mainland, according to climate data.

Joel Ross, Personal Real Estate Corporation

Remax Colonial Pacific Realty

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New property listed in White Rock, South Surrey White Rock

I have listed a new property at 505 1220 Fir Street in White Rock. See details here

Vista Pacifica - RARE TOP FLOOR PENTHOUSE CORNER UNIT... this one is not to be missed! Featuring 2 beds and 2 baths PLUS a SOLARIUM with large updated windows overlooking your private view. Gas fireplace and hardwood floors and a fantastic layout give this home warmth, charm and functionality. Exceptionally bright 1168 sf home featuring 1 rooftop deck and 1 balcony (451sf!) that make it feel like your in your own cozy backyard. Strata fees cover gas and hot water. Building is fully rain-screened and has a proactive and well run strata. One cat or one service dog. Located steps away from gorgeous ocean views, Laura's Coffee, boutique shops, churches, doctor's offices and transportation. Freshly repainted and move-in ready. If you like privacy and quiet, this is the one for you!

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New property listed in Crescent Bch Ocean Pk., South Surrey White Rock

I have listed a new property at 12665 22 Avenue in Surrey. See details here

Location, Location Location! Build your dream home on this 21706 sq ft lot with 87.9' frontage. Quiet street and private location. Zoning: CD – Comprehensive Development. School catchments: Ocean Cliff and Elgin Secondary. Minutes to Crescent Beach and Ocean Park.

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Open House. Open House on Saturday, November 1, 2025 2:00PM - 4:00PM

Please visit our Open House at 6154 130b Street in Surrey. See details here

Open House on Saturday, November 1, 2025 2:00PM - 4:00PM

Welcome to this beautifully renovated rancher located on a quiet cul-de-sac in the highly sought-after Panorama Ridge community. Renovated in 2025, this 3-bedroom, 2-bathroom home offers a bright, modern layout perfect for comfortable living and effortless entertaining. Enjoy the beautiful kitchen with adjoining family room and a cozy fireplace. The spacious living and dining areas flow seamlessly together, while the large primary bedroom features an upgraded ensuite for your added comfort. Situated on a generous lot with a large covered patio (almost 400sf) and private backyard—ideal for relaxing or hosting summer gatherings. This is the ideal move-in ready home just waiting for you! OPEN HOUSE SATURDAY Nov 1 2:00 - 4:00.

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New property listed in Panorama Ridge, Surrey

I have listed a new property at 6154 130b Street in Surrey. See details here

Welcome to this beautifully renovated rancher located on a quiet cul-de-sac in the highly sought-after Panorama Ridge community. Renovated in 2025, this 3-bedroom, 2-bathroom home offers a bright, modern layout perfect for comfortable living and effortless entertaining. Enjoy the beautiful kitchen with adjoining family room and a cozy fireplace. The spacious living and dining areas flow seamlessly together, while the large primary bedroom features an upgraded ensuite for your added comfort. Situated on a generous lot with a large covered patio (almost 400sf) and private backyard—ideal for relaxing or hosting summer gatherings. This is the ideal move-in ready home just waiting for you! OPEN HOUSE SATURDAY Nov 1 2:00 - 4:00.

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Open House. Open House on Saturday, October 25, 2025 2:00PM - 3:15PM

Please visit our Open House at 505 1220 Fir Street in White Rock. See details here

Open House on Saturday, October 25, 2025 2:00PM - 3:15PM

Vista Pacifica - RARE TOP FLOOR PENTHOUSE CORNER UNIT... this one is not to be missed! Featuring 2 beds and 2 baths PLUS a SOLARIUM with large windows overlooking your private view. Gas fireplace and hardwood floors and a fantastic layout give this home warmth, charm and functionality. Exceptionally bright unit with generous 1168 sf and 2 large balconies (450 and 83 sf) that feel like your in your own cozy backyard. Strata fees cover gas and hot water. Building is fully rain-screened and has a proactive and well run strata. One cat or one service dog. Located steps away from gorgeous ocean views, Laura's Coffee, boutique shops, churches, doctor's offices and transportation. Freshly repainted and move-in ready. If you like privacy and quiet, this is the one for you!

Read

New property listed in White Rock, South Surrey White Rock

I have listed a new property at 505 1220 Fir Street in White Rock. See details here

Vista Pacifica - RARE TOP FLOOR PENTHOUSE CORNER UNIT... this one is not to be missed! Featuring 2 beds and 2 baths PLUS a SOLARIUM with large windows overlooking your private view. Gas fireplace and hardwood floors and a fantastic layout give this home warmth, charm and functionality. Exceptionally bright unit with generous 1168 sf and 2 large balconies that feel like your in your own cozy backyard. Strata fees cover gas and hot water. Building is fully rain-screened and has a proactive and well run strata. One cat or one service dog. Located steps away from gorgeous ocean views, Laura's Coffee, boutique shops, churches, doctor's offices and transportation. Freshly repainted and move-in ready. If you like privacy and quiet, this is the one for you!

Read

New property listed in Hazelmere, South Surrey White Rock

I have listed a new property at 17384 8 Avenue in Surrey. See details here

Unlock the potential of this prime 21.59 acre parcel, perfectly located in the path of development. This property offers diverse development opportunities in the future. Currently in the ALR with A1 zoning, this exceptional property serves as a blank canvas for potential rezoning with a mix of commercial along 8th Avenue and Hwy 15 near the US border truck crossing, and residential development facing the gorgeous Campbell River to the south, away from the highway. Priced competitively and conveniently located near amenities. This property is ready to fit into your development pipeline, or be great for farming or building your dream home. Note, neighbouring property beside and behind this property are also for sale for a larger land development opportunity.

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New property listed in White Rock, South Surrey White Rock

I have listed a new property at 707 1526 Finlay Street in White Rock. See details here

Welcome to a true oasis of luxury living at The Altus in White Rock! This almost new 2-bedroom, 2-bathroom home is designed to offer both comfort and elegance, featuring premium finishes and thoughtful details throughout. Enjoy the convenience of in-suite laundry, Bosch appliances, A/C, forced air and radiant floor heating, all set within an expansive space flooded with natural light w floor to ceiling windows. The generous west-facing patio is perfect for relaxing or entertaining while taking in the fresh coastal air. Residents also have access to world-class amenities, including a fully equipped private gym, spacious indoor and outdoor lounges, and a guest suite for visitors. 2 underground parking spaces. This is coastal living at its finest!

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I have sold a property at 1537 131 Street in Ocean Park

I have sold a property at 1537 131 Street in Surrey on Aug 22, 2025. See details here

Welcome to this Ocean Park Village 1,900 sq ft spacious rancher situated on a 7898 sf ft, level corner lot with dual street access. This home features 3 generously sized bedrooms, 2 gas fireplaces, and an abundance of skylights that flood the space with natural light. Enjoy indoor-outdoor living with a covered patio, perfect for entertaining, plus a greenhouse and storage shed for all your gardening needs. Exceptionally private and sunny south-west facing backyard. The attached garage includes a small workshop area—ideal for hobbies or extra storage. Possible RV parking. Just a 5-minute stroll to the charming shops and amenities of Ocean Park Village. A rare opportunity in a sought-after location!

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