Market Stats

Market Stats - March 2025: Tariffs, economic uncertainty stall spring market in the Fraser Valley

Wed, 16 Apr 2025 00:00:00 GMT

SURREY, BC – March home sales in the Fraser Valley remained nearly 50 per cent below the 10-year average — making for the slowest start to the spring market in more than 15 years.

The Fraser Valley Real Estate Board recorded 1,036 sales in March, up 13 per cent from February, but still 26 per cent below sales recorded this time last year.

Following a decline on the Board’s Multiple Listing Service® (MLS®) in February, new listings increased 22 per cent in March to 3,800. Overall inventory is at a decade-high level, with 9,219 active listings, 49 per cent above March 2024 and 59 per cent above the 10-year seasonal average.

“If not for the economic uncertainty driven largely by U.S. tariffs, we’d likely be seeing a typical strong spring market in the Fraser Valley,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “Instead, we’re seeing a disconnect as sellers remain hesitant to lower their prices beyond a certain threshold, while buyers, facing tighter financing conditions, are either unable or unwilling to meet it. The resulting inertia is keeping sales low.”

The overall sales-to-active listings ratio continues to signal a buyer’s market in the Fraser Valley, with a ratio of 11 per cent. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.

“Currently, uncertainty is impacting all corners of the real estate and development sector,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board, “and as a result, we are seeing markedly lower seasonal activity. As we navigate these challenges, your local REALTOR® — with firsthand market insight and access to the latest data — is a valuable resource to help guide you through the critical timing decisions for buying or selling.”

Across the Fraser Valley in March, the average number of days to sell a single-family detached home was 31, while for a condo it was slightly higher at 33 days. Townhomes took, on average, 27 days to sell.

The composite Benchmark price in the Fraser Valley increased just under half a per cent in March, up 0.4 per cent to $974,400.

To read the full statistics package, click here.

Market Stats - February 2025: Buyers gaining upper hand in Fraser Valley real estate market

Fri, 14 Mar 2025 00:00:00 GMT

SURREY, BC – For the first time in four months, home sales in the Fraser Valley have increased as buyers capitalize on more selection and weakening prices.

The Fraser Valley Real Estate Board recorded 920 sales in February, up 13 per cent from January, but 26 per cent below sales recorded in February 2024.

Despite a nine per cent drop in newly listed homes on the Board’s Multiple Listing Service® (MLS®), new listings remained 14 per cent above the 10-year seasonal average, at 3,121. Overall inventory remains high, at 8,070 active listings, 45 per cent above February 2024 and 55 per cent above the 10-year seasonal average.

The overall sales-to-active listings ratio continues to signal a buyer’s market in the Fraser Valley, with a ratio of 11 per cent. The market is considered to be balanced with the ratio is between 12 per cent and 20 per cent.

“The combination of inventory accumulation and softening prices is providing buyers with increased leverage, especially in the single-family detached category,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Should this pattern persist, we could see a further shift toward a buyer’s market, particularly given the ongoing economic uncertainties and impending tariffs. With ample selection, buyers have flexibility and time on their side to explore their options before making a decision.”

Homes across the Fraser Valley sold in fewer days in February compared to January. The average number of days to sell a single-family detached home was 39, while for a condo it was 36. Townhomes took, on average, 32 days to sell.

The composite Benchmark price in the Fraser Valley dipped less than a quarter of a per cent in February, down 0.2 per cent to $962,500.

To read the full statistics package, click here.

Market Stats - January 2025: Fraser Valley’s decade-high inventory could open doors for buyers

Fri, 14 Feb 2025 00:00:00 GMT

SURREY, BC – Growing inventory and stable prices could lead to opportunities for buyers in the Fraser Valley market this winter despite uncertain economic conditions.

Newly listed homes jumped 167 per cent from December to January, with 3,432 listed on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®). At 7,251 active listings, inventory is at a 10-year seasonal high, 54 per cent above the 10-year average.

While sales remained slow in January, with 818 properties sold (down 18% from December), the combination of stable prices and abundant selection presents potential opportunities for buyers to get back into the market.

The sales-to-active listings ratio appears to bear this out. At 11 per cent, the overall ratio is signaling a buyer’s market, with detached homes firmly in buyer’s market territory. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.

It took longer to sell homes in January compared to December. Across the Fraser Valley, the average number of days to sell a single-family detached home was 52, while for a condo it was 42. Townhomes took, on average, 38 days to sell.

“The market appears to be in a holding pattern at the moment,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “There is no doubt that economic uncertainty is playing a role, especially the spectre of a trade war, which could lead to even more rate cuts by the Bank of Canada. The confluence of these conditions could provide unique buying opportunities, but we urge buyers and sellers to work with a REALTOR® to ensure they align with financial objectives.”

Benchmark prices in the Fraser Valley held relatively steady in January, with the composite Benchmark price down 0.03 per cent to $964,800.

To read the full statistics package, click here.

Market Stats - December 2024: New listings at 10-year high in 2024, but affordability still the elephant in the room in Fraser Valley

Tue, 14 Jan 2025 00:00:00 GMT

SURREY, BC – Bank of Canada interest rate cuts that began mid-year were not enough to ease the affordability crisis for many home buyers in the Fraser Valley in 2024, leading to a decline in annual sales.

The Fraser Valley Real Estate Board reported new listings of 35,698 for the year ended December 31, 2024, a 10-year high and nine per cent above the 10-year average. However, annual sales recorded on the Multiple Listing Service® (MLS®) were the lowest seen in ten years at 14,570, a decline of one per cent over 2023 and 24 per cent below the 10-year average. The City of Surrey accounted for the majority of 2024 sales at 51 per cent, with Langley and Abbotsford accounting for 24 per cent and 15 per cent respectively.

“2024 marked another subdued year for Fraser Valley home sales on the heels of a ten-year low in 2023,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Slight declines in home prices across some areas of the region provided negligible relief for buyers looking to get into the market. At the same time, the modest price adjustments did not discourage sellers from listing.”

The composite Benchmark home price in the Fraser Valley closed the year at $965,000, down two per cent year-over-year, and down four per cent from its 2024 peak in March.

December 2024

The Board recorded 994 sales on its MLS® in December, a decline of 13 per cent from November, but 19 per cent above sales from December 2023.

New listings declined 46 per cent from November to December, from 2,367 to 1,288, contributing to a 23 per cent decline in overall inventory in December. With a sales-to-active listings ratio of 16 per cent in December, the overall market closed out the year in balance. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“While the Fraser Valley saw overall balanced market conditions for most of 2024, the low levels of buying and selling activity reflected a challenging year for many as would-be buyers waited for affordability to improve,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Interest rate cuts by the Bank of Canada along with recent government policies aimed at boosting overall housing supply and improving affordability, should help to increase market conditions in 2025.”

It took longer to sell townhomes and condos in December compared to November. Townhomes spent 36 days on the market, up from 33 days in November, while condos spent 38 days on the market, up from 36 days in the previous month. Single-family homes spent 43 days on the market — no change from November.

The composite Benchmark home price in the Fraser Valley continued to slide for the ninth straight month, down 0.5 per cent compared to November.

To read the full statistics package, click here.

Market Stats - November 2024: Fraser Valley home sales returning to seasonal norms in November after October surge

Fri, 13 Dec 2024 00:00:00 GMT

SURREY, BC – Following a healthy boost in sales in October, Fraser Valley home sales dropped in November as slower seasonal buying trends set in amid balanced market conditions.

The Fraser Valley Real Estate Board recorded 1,136 sales in November, down 15 per cent from October, but 28 per cent above November 2023 sales.

“Buying and selling activity is typically quiet at this time of year,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “But it’s worth noting that November 2024 sales are higher than they’ve been compared to the past two Novembers — a sign that overall activity is picking up in the Fraser Valley and with it, growing buyer confidence.”

A decline in new listings chipped away at overall inventory in November, with active listings declining eight per cent to 8,125. Overall inventory, however, remains at a 10-year seasonal high and 30 per cent above November 2023 levels. New listings dropped 26 per cent in November to 2,367, but remain above the 10-year seasonal average and above levels from November 2023. The Fraser Valley remains in a balanced market with a sales-to-active ratio of 14 per cent. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.

“With seasonality expected to slow sales activity towards year-end, we are optimistic that the new mortgage lending guidelines, which come into effect on December 15, will slowly start to work their way into the market,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Longer amortization periods and lower minimum down payments should help more buyers who want to get into the market in 2025.”

Across the Fraser Valley in November, the average number of days to sell a single-family detached home was 43, while for a condo it was 36. Townhomes took, on average, 33 days to sell.

Benchmark prices in the Fraser Valley dipped for the eighth straight month in November, with the composite Benchmark price down 0.2 per cent to $969,500.

To read the full statistics package, click here.

Market Stats - October 2024: Rising home sales a sign of market shift in the Fraser Valley?

Thu, 14 Nov 2024 00:00:00 GMT

SURREY, BC – Home sales in the Fraser Valley increased for the first time in five months following a sizable interest rate cut by the Bank of Canada in October.

The Fraser Valley Real Estate Board recorded 1,330 sales in October, up 35 per cent from September, and 37 per cent year-over-year.

“After waiting it out on the sidelines for a number of months, buyers seem to be finally responding to the series of successive rate cuts by the Bank of Canada,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Whether this is an indication of further sales trends, remains to be seen, especially as the feds eye a possible additional cut before year-end.”

New listings declined in October, down 5 per cent to 3,194, but increased 26 per cent year-over-year. Overall inventory dipped in October to 8,799, down three per cent from September, but up 34 per cent over last year. Rising sales and steady inventory levels have the Fraser Valley in a balanced market with a sales-to-active ratio of 15 per cent. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.

“October’s healthy sales boost is a welcome development for buyers and sellers alike,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “The coming weeks and months will shed more light on whether buyer optimism has returned now that the cycle of interest rate cuts is in full swing.”

Across the Fraser Valley in October, the average number of days to sell a single-family detached home was 34, while for a condo it was 32. Townhomes took, on average, 29 days to sell.

Benchmark prices in the Fraser Valley dipped for the seventh straight month in October, with the composite Benchmark price down 0.7 per cent to $971,700.

To read the full statistics package, click here.

Market Stats - September 2024: Sluggish sales and rising inventories see Fraser Valley moving toward a buyer’s market

Thu, 10 Oct 2024 00:00:00 GMT

SURREY, BC – With active inventories hitting levels not seen in 10 years and sales 30 per cent below the 10-year average, Fraser Valley real estate is building towards a buyer’s market if sales continue to lag.

The Fraser Valley Real Estate Board recorded 982 sales in September, down by eight per cent over August and by more than 10 per cent over September 2023. Again, seasonally adjusted sales were the second slowest in a decade in the Fraser Valley.

“With three rate cuts already and more expected before the end of the year, buyers are watching the market closely to time their purchasing decisions,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “The current conditions should favour buyers, particularly in the detached market, however until we start to see some movement in asking prices, properties will continue to sit on the market for extended periods as both buyers and sellers await the next rate announcement.”

New listings rose in September, up 21 per cent to 3,352, an increase of 17 per cent year-over-year. Overall inventory increased five per cent from August to September to 9,045, up 39 per cent over last year. The combination of declining sales and rising inventories has helped to create balanced, and in some cases, buyers’, market conditions in the Fraser Valley.

“We know the demand is there among Fraser Valley buyers,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “After months on the sidelines, buyers want to get into the market but many also need to sell before they can buy. When you factor in affordability challenges and the anticipation of more interest rate cuts, we are seeing persistent weakness in the market. In conditions like these, we encourage buyers and sellers alike to talk to their REALTOR® to assess the risks and opportunities before making a decision.”

Across the Fraser Valley in September, the average number of days to sell a single-family detached home was 35, while for a condo it was 37. Townhomes took, on average, 30 days to sell.

Benchmark prices in the Fraser Valley dipped again in September, with the composite Benchmark price down 1.4 per cent to $978,800.

To read the full statistics package, click here.

Market Stats - August 2024: Two rate cuts not enough to ignite summer home sales in the Fraser Valley

Mon, 16 Sep 2024 00:00:00 GMT

SURREY, BC – The Fraser Valley residential resale market slowed again in August, as homebuyers continue to face affordability challenges.

The Fraser Valley Real Estate Board recorded 1,067 sales in August, down by 13 per cent over last month and by 30 per cent over the 10-year seasonal average. August sales were the second slowest seasonally adjusted sales in a decade.

Inventory levels in the Fraser Valley dipped slightly in August with active listings at 8,626, down one per cent from July, but 37 per cent higher than August 2023.

“Despite two policy rate cuts by the Bank of Canada, buyers are still feeling the squeeze of overall affordability challenges in BC,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “With prices for single-family homes, townhouses and condos holding relatively flat year-over-year, many continue to face challenges buying their first home or moving up in the market, as reflected in seasonally slow August sales.”

New listings dropped nearly 20 per cent in August, to 2,778. With a sales-to-active listings ratio of 12 per cent, overall market conditions are just shy of a buyer’s market. The market is considered balanced when the ratio is between 12 per cent and 20 per cent. The last time the Fraser Valley dipped into buyer’s market territory was spring 2020.

“Buyers continue to wait on the sidelines in anticipation of more cuts to the Bank of Canada’s policy rate,” said FVREB CEO Baldev Gill. “However, we encourage anyone looking to get into the market to speak with their REALTOR® and lending professional to fully understand where interest rates may be heading in the coming months to determine the optimal long-term strategy.”

Across the Fraser Valley in August, the average number of days to sell a single-family detached home was 33, while for a condo it was 32. Townhomes took, on average, 28 days to sell.

Benchmark prices in the Fraser Valley dipped again in August, with the composite Benchmark price at $992,800.

To read the full statistics package, click here.

Market Stats - July 2024: Cool summer market persists in Fraser Valley with second slowest July sales in a decade

Tue, 13 Aug 2024 00:00:00 GMT

SURREY, BC – Sluggish seasonally-adjusted sales and a continued rise in inventory has the Fraser Valley market slowly shifting to favour buyers.

The Fraser Valley Real Estate Board recorded 1,230 sales in July, down by seven per cent over last month and down by 26 per cent over the 10-year seasonal average.

Inventory levels in the Fraser Valley reached a 10-year seasonally adjusted high in July with active listings at 8,731, up 5 per cent over June and 41 per cent higher than July 2023.

“Amidst an overall balanced market, some REALTORS® are experiencing pockets within the Fraser Valley that favour buyers, where prices have come down,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “This is evident in the amount of time buyers have to view a property before considering making an offer. Properties that are well-priced are selling quickly, suggesting motivated buyers are active in the market despite the slowdown.”

New listings were flat in July, down by less than half a per cent from June, to 3,412. With a sales-to-active listings ratio of 14 per cent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“Despite back-to-back policy rate cuts by the Bank of Canada, many first-time homebuyers are still facing challenging market conditions — high interest rates, the mortgage stress test and the need for a substantial down payment,” said FVREB CEO, Baldev Gill. “While we wait for the rate cuts to take effect, we encourage anyone looking to buy or sell to speak with a professional REALTOR®, who has the knowledge and expertise to navigate the current market.”

Across the Fraser Valley in July, the average number of days to sell a single-family detached home was 31, while for a condo it was 28. Townhomes took, on average, 25 days to sell.

Benchmark prices in the Fraser Valley dipped slightly in July, with the composite Benchmark price below $1 million for the first time since January 2024. The composite Benchmark price in the Fraser Valley is $999,100.

To read the full statistics package, click here.

Market Stats - June 2024: Fraser Valley home sales fall despite Bank of Canada rate cut

Fri, 12 Jul 2024 00:00:00 GMT

SURREY, BC – The policy rate cut of 25 basis points by the Bank of Canada on June 5 was not enough to rally home sales in the Fraser Valley last month.

The Fraser Valley Real Estate Board recorded 1,317 sales in June, down by 13 per cent over last month and by more than 30 per cent over both last year and the 10-year seasonal average.

While sales remain soft, inventory continued to build for the sixth straight month to 8,350 active listings. Active listings increased 41 per cent over June 2023 and are the highest they’ve been in five years.

“With seasonally slow sales in June and a steady increase in inventory, we’d expect to see affordability improve,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “However, prices in the Fraser Valley remained relatively flat. That said, despite slow sales, properties that are well-priced are finding buyers, and are subsequently selling within three to four weeks.”

New listings dropped in June, down nine per cent from May, to 3,418. With a sales-to-active listings ratio of 16 per cent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“The June rate cut hasn’t been enough to get buyers off the sidelines,” said FVREB CEO, Baldev Gill. “Current market conditions are such that buyers and sellers are advised to have thoughtful conversations with their REALTOR® and lending professional, rather than relying on media reports about where interest rates may be heading in the future.”

Across the Fraser Valley in June, the average number of days to sell a single-family detached home was 22, while a townhome was 20. Condos took on average, 30 days to sell.

Benchmark prices in the Fraser Valley remained relatively flat in June, with the composite Benchmark price down 0.5 percent from May and down 3.2 per cent from June 2023.

To read the full statistics package, click here.

Market Stats - May 2024: Spring inventory continues to build in the Fraser Valley to levels not seen in nearly five years

Thu, 13 Jun 2024 00:00:00 GMT

SURREY, BC – Slower seasonal sales helped build inventory to its highest level since September 2019 in the Fraser Valley in May, creating more balanced market conditions for home buyers and sellers. The increase in supply over the past several months has further contributed to a softening of price growth, which is good news for buyers.

Active listings increased eight per cent from April to May to 7,904 — up 42 per cent over May 2023 and 19 per cent above the 10-year average.

Sales, however, remained seasonally slow, with 1,517 transactions on the Fraser Valley Real Estate Board’s Multiple Listings Service ® (MLS®) in May, up 3 per cent from April, but down 11 per cent compared to May 2023. May sales were 21 per cent below the 10-year average.

“We are seeing an influx of inventory this spring, primarily due to slower than usual spring sales,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Growing inventory levels are helping to create a healthy balance in the market, giving buyers more options, especially as prices continue to flatten.”

New listings softened in May, down five per cent from April, to 3,760. With a sales-to-active listings ratio of 19 per cent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“While the consensus seems to indicate rate cuts in the latter half of the year, there is considerably less agreement about either magnitude or timing,” said FVREB CEO Baldev Gill. “We strongly encourage buyers to have comprehensive discussions with their REALTORS® about market conditions and how they will
impact mortgage rates in the coming year.”

The average number of days townhomes and single-family detached homes are spending on the market increased slightly in May. Detached homes are spending 25 days on the market, up from 23 in April. Townhomes are spending 20 days on the market, up one day from April, and condos remain steady at 23 days on the market.

Benchmark prices in the Fraser Valley remained flat in May, with the composite Benchmark price down 0.2 percent from April and down 0.8 per cent from May 2023.

To read the full statistics package, click here.

Market Stats - April 2024: Modest increase in April home sales in the Fraser Valley takes lead from cooler spring weather

Mon, 13 May 2024 00:00:00 GMT

SURREY, BC – Supply of available homes in the Fraser Valley market continued to build last month, however buyers remained relatively hesitant, leading to a cooler resale market in April.

The Fraser Valley Real Estate Board recorded 1,471 transactions on its Multiple Listings Service® (MLS®) in April, up 5 per cent from March, but off by 5 per cent compared to April 2023.

While sales were the third lowest recorded for an April in the last decade, inventory continues to build, reaching levels not seen since September 2020. Active listings were 7,313, up by 18 per cent over last month and 17 per cent above the 10-year average.

“We are seeing a relatively calm and balanced market right now,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Which means buyers have time to shop around and purchase a home without the pressure of a few years ago, and while prices are holding fairly steady across all property types.”

New listings helped bolster overall inventory, increasing 33 per cent in April, to 3,976. With a sales-to-active listings ratio of 20 per cent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“There is a lot of caution in the market right now,” said FVREB CEO Baldev Gill. “Buyers are hesitant to purchase a home until the Bank of Canada lowers its rate — however we encourage anyone looking to get into the market to talk to their REALTOR® and their financial professional about what rates are available today.”

The average number of days homes are spending on the market continues to decline, with single-family detached homes spending 23 days on the market, down from 27 days in March, apartments spending 23 days on the market, down from 26 days in March and townhomes moving more quickly at 19 days, down from 20 days on the market in March.

Overall Benchmark prices edged up again in April, by 0.5 per cent from March and up 1.5 per cent over April 2023.

To read the full statistics package, click here.

Market Stats - March 2024: March home sales growth off last month’s pace, but supply still building in the Fraser Valley

Tue, 09 Apr 2024 00:00:00 GMT

SURREY, BC –Home buyers in the Fraser Valley have more choice heading into the spring market with inventory levels for March at the highest they’ve been in the past five years.

However, March sales were slower than anticipated with 1,395 transactions recorded on the Fraser Valley Real Estate Board’s Multiple Listings Service® (MLS®), a 13 per cent increase over February, but still 31 per cent below the 10-year average. Sales were the second lowest recorded for a March in a decade. Active listings were 6,197, up by 11 per cent over last month and by 37 per cent over March 2023.

“With inventory building, buyers now have more opportunities in both the detached and attached markets compared to one year ago,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “However, despite increased options, some buyers may still be waiting on the sidelines for the financing landscape to further settle before they feel comfortable getting back into the market.”

New listings increased 7 per cent in March, to 2,986 but remain 12 per cent below the 10-year average. With a sales-to-active listings ratio of 23 per cent, overall market conditions remain in seller’s market territory. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“Despite slower than anticipated sales in March, sellers who draw on the knowledge and expertise of a professional REALTOR® to help price their property appropriately, are, in some cases, getting multiple offers and are seeing their property move quickly,” said FVREB CEO Baldev Gill. “That’s why we always encourage buyers and sellers to work with their local REALTOR® who understands the changing market conditions and can protect their interests.”

The average number of days homes are spending on the market continues to decline, with single-family detached homes spending 27 days on the market, down from 35 days in February, apartments spending 26 days on the market, down from 29 days in February and townhomes moving more quickly at 20 days, down from 28 days on the market in February.

Overall Benchmark prices edged up again in March, by 1.4 per cent from February and up 4.6 per cent over March 2023.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,517,100, the Benchmark price for an FVREB single-family detached home increased 2.1 per cent compared to February 2024 and increased 8.8 per cent compared to March 2023.
Townhomes: At $846,900, the Benchmark price for an FVREB townhome increased 1.9 per cent compared to February 2024 and increased 7.2 per cent compared to March 2023.
Apartments: At $555,000, the Benchmark price for an FVREB apartment/condo increased 1.6 per cent compared to February 2024 and increased 6.9 per cent compared to March 2023.

To read the full statistics package, click here.

Market Stats - February 2024: Sales, listings continue to pick up heading into spring

Tue, 12 Mar 2024 00:00:00 GMT

SURREY, BC – Home sales in the Fraser Valley posted a second consecutive bump in February as new listings continue to rise and trend slightly above the 10-year seasonal average.

The Fraser Valley Real Estate Board recorded 1,235 transactions on its Multiple Listing Service® (MLS®) in February, a 32 per cent increase over January but still 21 per cent below the 10-year average for sales in the region. New listings increased to 2,797 in February, up 18 per cent from January and 4 per cent above
the 10-year average.

“There is somewhat of a buzz in the market right now,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We are seeing new listings come onto the market and REALTORS® continue to see more traffic at open houses, however buyers are still exercising caution. We aren’t out of the woods just yet, but
the signs are pointing to a further increase in activity as we head into spring.”

Active listings in February were 5,561, up by 14 per cent over last month and up by 26 per cent over February 2023. With a sales-to-active listings ratio of 22 per cent, overall market conditions are edging into a seller’s market. The market is considered balanced when the ratio is between 12 per cent and 20 per
cent.

“All indications suggest we will see the Bank of Canada’s overnight rate begin to decrease mid-year, which is encouraging for buyers and sellers,” said FVREB CEO Baldev Gill. “With that confidence and the spring market on the horizon, we recommend anyone looking to buy or sell to seek the knowledge and guidance
of a professional REALTOR® who can provide detailed analysis and intimate knowledge of the local market.”

The average number of days homes are spending on the market is dropping, with single-family detached homes spending 35 days on the market, down from 44 days in January, apartments spending 29 days on the market, down from 41 days in January and townhomes moving more quickly at 28 days, down from 33
days on the market in January.

After six months of decreases, overall Benchmark prices posted a slight bump in February, edging up 0.9 per cent from January and up 4.8 per cent over February 2023.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,485,600, the Benchmark price for an FVREB single-family detached home increased 1.3 per cent compared to January 2024 and increased 8.4 per cent compared to February 2023.
Townhomes: At $831,000, the Benchmark price for an FVREB townhome increased 0.7 per cent compared to January 2024 and increased 6.7 per cent compared to February 2023.
Apartments: At $546,100, the Benchmark price for an FVREB apartment/condo increased 1.2 per cent compared to January 2024 and increased 7.2 per cent compared to February 2023.

To read the full statistics package, click here.

Market Stats - January 2024: Signs of stability in Fraser Valley housing market

Wed, 28 Feb 2024 00:00:00 GMT

SURREY, BC – The Fraser Valley real estate market showed signs of recovery in January as home sales rose after six consecutive months of decline, and new listings more than doubled.

The Fraser Valley Real Estate Board recorded 938 transactions on its Multiple Listing Service® (MLS®) in January, a 12 per cent increase over December and below the 10-year average for sales in the region.

At 2,368, new listings increased 151 per cent in January, rebounding strongly from the seasonal lull seen in December. This is the largest month-over-month percentage increase in new listings in five years.

“With January sales on the rise, we are seeing hopeful signs that optimism is returning to the market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “Anticipating that we may be at the end of the Bank of Canada rate hike cycle, it appears that more buyers are considering re-entering the market as we are starting to see more traffic at open houses.”

Active listings in January were 4,877, up by 4 per cent over last month and up by 18 per cent over January 2023. The sales-to-active listings ratio was 19 per cent, representing balanced conditions in the overall market. Detached houses are in balanced market territory at 19 per cent, while both townhomes and apartments remain in seller’s market territory at 34 and 27 per cent respectively. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“Current balanced market conditions present opportunities for both buyers and sellers,” said FVREB CEO, Baldev Gill. “In today’s market, buyers and sellers have time to get preapprovals, put together offers and take the time needed to work through the purchase or sale of a home with the help of a knowledgeable and professional REALTOR®.”

The average number of days homes are spending on the market has been increasing since October, with single family detached homes spending 44 days on the market, apartments spending 41 days on the market and townhomes moving more quickly at 33 days.

Overall Benchmark prices continued to edge downward for the sixth month in a row, losing less than half a per cent from December, and down six per cent from the 12-month peak in July.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,466,100, the Benchmark price for an FVREB single-family detached home decreased 0.4 per cent compared to December 2023 and increased 8.6 per cent compared to January 2023.
Townhomes: At $825,600, the Benchmark price for an FVREB townhome decreased 0.1 per cent compared to December 2023 and increased 6.9 per cent compared to January 2023.
Apartments: At $539,700, the Benchmark price for an FVREB apartment/condo increased 0.4 per cent compared to December 2023 and increased 6.5 per cent compared to January 2023.

To read the full statistics package, click here.

Market Stats - December 2023: Fraser Valley closes out 2023 with lowest annual sales recorded in 10 years

Mon, 15 Jan 2024 00:00:00 GMT

SURREY, BC – High interest rates kept a lid on sales and listings in the Fraser Valley in 2023, while holding year-over-year price growth to low single digits.

The Fraser Valley region ended the year with 14,713 sales recorded on its Multiple Listing Service® (MLS®), a decline of four per cent over 2022 and 23 per cent below the 10-year average. New listings in the Fraser Valley were also at a 10-year low, at 29,610, eight per cent below the 10-year average.

The composite Benchmark home price in the Fraser Valley closed the year at $988,900, down six per cent from its 2023 peak in July, but up on the year by five per cent.

“Back-to-back mid-year interest rate hikes slowed the market despite strong sales and new listings in the spring,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “This left the market in overall balance for the latter half of the year, albeit at low levels of activity. We anticipate 2024 will bring increased
optimism on behalf of buyers and sellers as the Bank of Canada is expected to lower interest rates before mid-year.”

December 2023

For the month of December, the Board recorded 837 sales on its MLS®, a drop of six per cent from November, but 17 per cent higher than December 2022.

At 942, new listings dropped by 54 per cent in December, but increased 17 per cent compared to December of 2022. Total active listings for December stood at 4,670, a decrease of 25 per cent month-over-month, but 19 per cent higher year-over-year.

With a sales-to-active listings ratio of 18 per cent for December, the overall market closed out the year in balance. Detached houses closed out 2023 with a ratio of 16 per cent, while both townhomes and apartments remained in seller’s market territory at 29 and 26 per cent respectively. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“2023 saw buyers and sellers adjust to new rate realities, and the impact of those high rates were reflected in the low number of sales in the Fraser Valley,” said FVREB CEO Baldev Gill. “However, as rates start to ease, we expect market activity will pick up. This will create opportunities for buyers and sellers who are
advised to consult with a professional REALTOR® before jumping into the market.”

On average, properties spent approximately 41 days on the market, with single family detached homes spending 40 days on the market. Townhomes and apartments moved more quickly at 32 and 33 days respectively.

Overall Benchmark prices continued to slide for the fifth month in a row, losing 1.5 per cent compared to November.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,471,500, the Benchmark price for an FVREB single-family detached home decreased 1.2 per cent compared to November 2023 and increased 7.1 per cent compared to December 2022.
Townhomes: At $826,400, the Benchmark price for an FVREB townhome decreased 1.3 per cent compared to November 2023 and increased 5.3 per cent compared to December 2022.
Apartments: At $537,600, the Benchmark price for an FVREB apartment/condo decreased 1.4 per cent compared to November 2023 and increased 6.9 per cent compared to December 2022.

To read the full statistics package, click here.

Market Stats - November 2023: Home sales fall for fifth straight month in the Fraser Valley

Wed, 06 Dec 2023 00:00:00 GMT

SURREY, BC – The Fraser Valley real estate market continues to cool heading into the holiday season as buyers and sellers maintain the holding pattern seen over the latter half of this year.

The Fraser Valley Real Estate Board recorded 891 transactions on its Multiple Listing Service® (MLS®) in November, a drop of 8 per cent from the previous month, representing the 9^th slowest November in a decade.

At 2,030 new listings also fell again, decreasing by 20 per cent from October and by 43 per cent since peaking in May at 3,533.

“As we head into the holiday season, buyers and sellers are busy with other priorities and will most likely continue to wait on the sidelines,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We anticipate this holding pattern, defined by slow sales and declining new listings, will continue through the winter months until we see some downward movement in interest rates.”

Active listings in November were 6,254, down by 5 per cent over last month and up by 17 per cent over November 2022. The sales-to-active listings ratio was 14 per cent, creating balanced conditions in the overall market. Detached houses are in balanced market territory at 12 per cent, while both townhomes and apartments remain in seller’s market territory. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“With seasonality and high interest rates continuing to dampen sales activity, we expect to see sales slow further into early 2024,” said FVREB CEO Baldev Gill. “However, even a slow market can present opportunities, and buyers would be well-advised to work with a knowledgeable, professional REALTOR® who can provide expert advice and guidance.”

On average, properties spent approximately one month on the market, with single family detached homes spending 36 days on the market, and townhomes and apartments moving more quickly at 29 days.

Overall Benchmark prices continued to slide for the fourth month in a row, losing 1.1 per cent compared to October.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,489,100, the Benchmark price for an FVREB single-family detached home decreased 0.94 per cent compared to October 2023 and increased 6.22 per cent compared to November 2022.
Townhomes: At $837,200, the Benchmark price for an FVREB townhome decreased 0.95 per cent compared to October 2023 and increased 5.08 per cent compared to November 2022.
Apartments: At $545,300, the Benchmark price for an FVREB apartment/condo decreased 0.02 per cent compared to October 2023 and increased 5.60 per cent compared to November 2022.

To read the full statistics package, click here.

Market Stats - October 2023: Fraser Valley Real Estate Market Weakens as Sales and Prices Continue to Edge Downward

Fri, 03 Nov 2023 00:00:00 GMT

SURREY, BC – Property sales and new listings in the Fraser Valley fell again in October as consumers continued to put home buying and selling decisions on hold in the face of elevated interest rates.

The Fraser Valley Real Estate Board recorded 970 transactions on its Multiple Listing Service® (MLS®) in October, a drop of 12 per cent from the previous month and the fourth consecutive decrease since the 12-month high of 1,935 sales recorded in June.

At 2,535, new listings also fell again, decreasing by 11 per cent from September and by 28 per cent since peaking in May at 3,533.

“What we’re seeing in the Fraser Valley and indeed across the province is the impact of sustained high interest rates on the overall market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “This has been the case since the latter half of the year so far, and we anticipate the trend will continue until we start to see some downward movement in the policy rate.”

Active listings in October were 6,580, up by less than 1 per cent over last month and up by 17 per cent over October 2022. The sales-to-active listings ratio was 15 per cent, creating balanced conditions in the overall market, with detached houses dipping into buyers’ market territory at 12 per cent. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“As the market continues to adjust to the new rate realities, pricing and financing strategies become critical,” said FVREB CEO, Baldev Gill. “A knowledgeable professional REALTOR®, armed with the latest comparative market data and neighbourhood insights, can be the key to determining optimal market timing.”

Overall benchmark prices continued to slide for the third month in a row, losing 1.4 per cent compared to September. See below for price changes by housing category.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,503,300, the Benchmark price for an FVREB single-family detached home decreased 1.5 per cent compared to September 2023 and increased 4.8 per cent compared to October 2022.
Townhomes: At $845,300, the Benchmark price for an FVREB townhome decreased 0.4 per cent compared to September 2023 and increased 4.7 per cent compared to October 2022.
Apartments: At $545,400, the Benchmark price for an FVREB apartment/condo decreased 0.1 per cent compared to September 2023 and increased 3.7 per cent compared to October 2022.

Find the October 2023 Statistics Package here.

Source: FVREB - https://www.fvreb.bc.ca/stats/

Market Stats - September 2023: Fraser Valley market balanced, as demand softens and prices edge lower

Wed, 11 Oct 2023 00:00:00 GMT

SURREY, BC – Continued slowing sales and a healthy rise in new listings in September has brought the Fraser Valley housing market into balance. Three months of declining sales has seen Benchmark prices dip for a second straight month.

The Fraser Valley Real Estate Board recorded 1,100 sales on its Multiple Listing Service® (MLS®) in September 2023, a decrease of 13.6 per cent compared to August. Sales were up 22.6 per cent compared to September 2022.

New listings rose to 2,860 in September, an increase of 9.1 per cent over last month, and 25.8 per cent above this time last year. Active listings have been rising since last December and grew again in September by 3.8 per cent to 6,532, 3.5 per cent below the ten-year average.

“With inventory levels continuing on a slow and steady rise, together with slow sales, what we are seeing is a more balanced market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “If this trend continues, increased new listings will help to maintain a balanced market, giving buyers greater choice.”

The market for detached homes softened again in September, with a sales-to-active listings ratio of 14 per cent, down from 16 per cent in August. Demand for townhomes and apartments remained stronger (31 per cent and 25 per cent, respectively). The overall sales-to-active listing ratio is at 17 per cent, representing a balanced market. The market is considered balanced when the sales-to-active-listings ratio is between 12 per cent and 20 per cent.

Benchmark prices in the Fraser Valley dipped compared to last month with losses of less than one per cent across all property types.

“With interest rate uncertainty still in play, September sales were slower than the trends for this time of year,” said FVREB CEO, Baldev Gill. “Market activity and prices can vary from neighbourhood to neighbourhood, so consulting your REALTOR® will be a vital step for buyers and sellers who need expert guidance and advice to navigate local market conditions.”

On average properties spent a minimum of three weeks on the market before selling, with townhomes and apartments moving faster (23 and 24 days, respectively) than detached homes (29 days).

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,526,000, the Benchmark price for an FVREB single-family detached home decreased 0.6 per cent compared to August 2023 and increased 4.6 per cent compared to September 2022.
Townhomes: At $848,600, the Benchmark price for an FVREB townhome increased 0.3 per cent compared to August 2023 and increased 3.5 per cent compared to September 2022.
Apartments: At $545,900, the Benchmark price for an FVREB apartment/condo decreased 1.4 per cent compared to August 2023 and increased 3.4 per cent compared to September 2022.

Find the September 2023 Statistics Package here.

Source: FVREB - https://www.fvreb.bc.ca/stats/

Market Stats - August 2023: Fraser Valley real estate sales dip in August; prices hold steady

Wed, 06 Sep 2023 00:00:00 GMT

SURREY, BC – A combination of seasonal trends and cautious anticipation of the next rate announcement saw the Fraser Valley real estate market slow in August as sales fell slightly for the second month, after reaching a 15-month high in June.

The Fraser Valley Real Estate Board recorded 1,273 sales on its Multiple Listing Service (MLS®) in August 2023, a decrease of 6.9 per cent compared to July. Sales were up 25.2 per cent compared to August 2022.

New listings dropped to 2,622 in August, a decrease of 8.2 per cent over last month, but 28.2 per cent above this time last year. Active listings have been rising since last December and grew again in August by 1.5 per cent to 6,291, just 7 per cent off the ten-year average.

“Many buyers are in “watchful waiting” mode as they hold off on decisions in anticipation of potential further rate changes,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “With prices relatively stable and active inventory on the rise, we hope to see more new listings come on stream over the next couple of months, especially if rates hold steady.”

With a sales-to-active-listings ratio of 16 per cent, the market for detached homes was balanced between supply and demand. Demand for townhomes and apartments remained stronger (38 per cent and 32 per cent, respectively). The market is considered balanced when the sales-to-active-listings ratio is between 12 per cent and 20 per cent.

Benchmark prices in the Fraser Valley, remained relatively unchanged compared to last month with gains of less than one per cent across all property types. See below for details.

“We expect to see market activity pick up heading into the fall months,” said FVREB CEO, Baldev Gill. “That said, with the uncertainty surrounding interest rates as well as the potential impact of provincial housing strategy initiatives, buyers and sellers would be well-advised to consult with a professional REALTOR® to assess any risks and opportunities before making a decision.”

On average properties spent between two and four weeks on the market before selling, with townhomes and apartments moving faster (16 and 20 days, respectively) than detached homes (25 days).

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,534,500, the Benchmark price for an FVREB single-family detached home decreased 0.6 per cent compared to July 2023 and increased 1.6 per cent compared to August 2022.
Townhomes: At $846,200, the Benchmark price for an FVREB townhome decreased 0.5 per cent compared to July 2023 and increased 0.9 per cent compared to August 2022.
Apartments: At $553,500, the Benchmark price for an FVREB apartment/condo decreased 0.4 per cent compared to July 2023 and increased 2.5 per cent compared to August 2022.

Find the August 2023 Statistics Package here.

Source: FVREB - https://www.fvreb.bc.ca/stats/

Market Stats - July 2023: Seasonality, interest rates temper sales in the Fraser Valley

Thu, 03 Aug 2023 00:00:00 GMT

SURREY, BC – After five months of successive increases, real estate sales in the Fraser Valley dropped in response to a combination of continued rising interest rates and the summer sales cycle.

The Fraser Valley Real Estate Board processed 1,368 sales in July on its Multiple Listing Service® (MLS®), a decrease of 29.3 per cent below June, but still 37.8 per cent above July 2022.

July new listings, at 2,855, were also down by 16.6 per cent compared to last month but 19.7 per cent higher than July 2022 levels, and virtually on par with the ten-year average. Active listings continued to climb, increasing by 4.3 per cent over June, bringing the total inventory available for sale in the region to 6,199.

“Summer is typically a slower period for the real estate sector and the higher interest rates are contributing to the market slowdown,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We’re seeing less traffic and fewer multiple offers as buyers and sellers put a pause on decisions and we expect this trend to continue until the fall cycle.”

The market for detached homes softened in July with a sales-to-active listings ratio of 17 per cent while demand for townhomes and apartments remained firm at 45 per cent and 36 per cent respectively. The market is considered balanced when the sales-to-active-listing ratio is between 12 per cent and 20 per cent.

Prices across all categories saw negligible increases compared to last month (see below).

“With rates at their highest levels in over 20 years and inflation still elevated, buyers and sellers are taking time to reevaluate their objectives,” said FVREB CEO Baldev Gill. “As housing options begin to take center stage on the Provincial agenda, consumers will want to consult a professional REALTOR® for a detailed picture of the market in their communities and to stay up to date on upcoming changes that may impact their decisions.”

On average, properties spent two to three weeks on the market before selling, with detached homes spending 22 days on the market, and townhomes and apartments moving slightly more quickly at 16 and 18 days, respectively.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,543,300 the Benchmark price for an FVREB single-family detached home increased 1.1 per cent compared to June 2023 and decreased 3.1 per cent compared to July 2022.
Townhomes: At $850,300, the Benchmark price for an FVREB townhome increased 0.6 per cent compared to June 2023 and decreased 2.7 per cent compared to July 2022.
Apartments: At $555,500, the Benchmark price for an FVREB apartment/condo increased 0.6 per cent compared to June 2023 and increased 0.8 per cent compared to July 2022.

Find the July 2023 Statistics Package here.

Source: FVREB - https://www.fvreb.bc.ca/stats/

Market Stats - June 2023: Low supply continues to impact home pricing in the Fraser Valley: Sales increasing despite rate hikes

Mon, 10 Jul 2023 00:00:00 GMT

SURREY, BC – The Fraser Valley real estate market saw strong sales activity in June with levels on par with the 10-year average for the month, amid on-going challenges with supply.

In June, the Fraser Valley Real Estate Board (FVREB) processed 1,935 sales on its Multiple Listing Service® (MLS®), an increase of 51.1 per cent compared to June 2022 and a 13.1 per cent increase compared to May.

“As seen in recent months, prices continue to trend upward, with lack of supply and high demand for housing,“ said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “What we’re seeing is sales increasing, with buyers entering the market despite current financial implications of anticipated rate hikes.”

The Board received 3,424 new listings in June, an increase of 2.8 per cent compared to last year, and a decrease of 3.1 per cent compared to May 2023. The month ended with a total active inventory of 5,944, a 6.9 per cent increase compared to May, and 8.2 per cent less than June of last year.

“A number of factors are at play in the Fraser Valley market, from low supply to unprecedented interest rates – the highest in more than 20 years,” said Board CEO, Baldev Gill. “For those seeking to enter the market, whether buying or selling, only a professional REALTOR® can provide the expert guidance and advice to fully evaluate each clients’ needs, and to protect their interests.”

Across Fraser Valley in June, the average number of days to sell a single-family detached home was 21 and a townhome was 16 days. Apartments took, on average, 22 days to sell.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,526,200, the Benchmark price for an FVREB single-family detached home increased 2.3 per cent compared to May 2023 and decreased 7.4 per cent compared to June 2022.
Townhomes: At $845,400, the Benchmark price for an FVREB townhome increased 2.3 per cent compared to May 2023 and decreased 5.2 per cent compared to June 2022.
Apartments: At $552,200, the Benchmark price for an FVREB apartment/condo increased 1.8 per cent compared to May 2023 and decreased 2.5 per cent compared to June 2022.

Find the June 2023 Statistics Package here.

Source: FVREB - https://www.fvreb.bc.ca/stats/

Market Stats - May 2023: Delayed spring activity boosts supply of property listings in the Fraser Valley

Wed, 07 Jun 2023 00:00:00 GMT

SURREY, BC – The Fraser Valley real estate market saw an injection of supply in May as new listings surged by more than 40 per cent over April.

At 3,533, new listings were just below May 2022 levels (3,631) but slightly higher (2.7 per cent) than the ten-year average for the region. A welcome trend towards alleviating housing supply issues.

“Typically we would see an influx of inventory earlier in the spring sales cycle,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “The series of interest rate hikes during the latter half of 2022 had many sellers and buyers in a holding pattern for most of the year. What we’re seeing now is a recovery and adjustment to the new financing landscape.”

Active listings grew to 5,558, a 20 per cent increase over April, the highest month-over-month jump in more than a year.

The strong supply trend was met with healthy demand. In May, the Board processed 1,711 sales on its Multiple Listing Service®, a 10.1 per cent increase over last month and a 25.8 per cent jump over May of last year.

Prices continued to edge upward across all categories as buyer confidence grew, with the composite Benchmark price topping the one-million mark at $1.01 million, a level not seen since September 2022.

“It’s encouraging to see more typically cyclical activity this spring,” said FVREB CEO, Baldev Gill. “Inventory has been trending upwards since December 2022, providing more choice, which in turn will hopefully spur on even more listings. That said, with inflation tracking at elevated levels the potential for further rate hikes is very real. Buyers and sellers would be well-advised to work with real estate professionals to factor this into their decisions.”

Across the Fraser Valley in May, properties continued to move more quickly with each passing month: detached homes took, on average, 23 days to sell and apartments, 23. Townhomes moved more quickly, selling, on average, 18 days after listing.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,491,700, the Benchmark price for an FVREB single-family detached home increased 2.5 per cent compared to April 2023 and decreased 12.7 per cent compared to May 2022.
Townhomes: At $826,200, the Benchmark price for an FVREB townhome increased 1.4 per cent compared to April 2023 and decreased 9.8 per cent compared to May 2022.
Apartments: At $542,300, the Benchmark price for an FVREB apartment/condo increased 2 per cent comparedto April 2023 and decreased 6.3 per cent compared to May 2022.

Find the May 2023 Statistics Package here.

Source: FVREB - https://www.fvreb.bc.ca/stats/

Market Stats - April 2023: Spring sales hold steady in Fraser Valley real estate market

Tue, 09 May 2023 00:00:00 GMT

SURREY, BC – Despite persistent inventory shortfalls, housing sales in the Fraser Valley remained steady in April as buyers took advantage of the continued pause in interest rate hikes.

In April, the Fraser Valley Real Estate Board (FVREB) processed 1,554 sales on its Multiple Listing Service® (MLS®), virtually unchanged compared to March and a slight decrease of 5.1 per cent compared to April 2022.

“Buyers are continuing to find opportunities in the Fraser Valley, even in the face of lower inventories,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “With prices remaining strong, we expect to see inventories increase over the coming months as sellers seek to capitalize on price growth after sitting out for so long.”

The Board received 2,478 new listings in April, off by 3.2 per cent compared to March, and down by 31.6 per cent compared to last year. The month ended with a total active inventory of 4,632, a 2.2 per cent increase over March, and 14 per cent less than April 2022.

“Our members are starting to see a rise in multiple offers on properties as the spring market kicks in,” said Board CEO, Baldev Gill. “With the heightened activity, many homeowners are asking: is now the right time to buy or sell? There is no simple – or single – answer to this question, but a wise first step would be to consult with a professional REALTOR® to determine the best path to meet your personal objectives.”

Low inventories helped nudge prices upward with the composite Benchmark price up by 2.8 per cent to $992,000 and single-family detached homes up by nearly four per cent, month-over-month.

Across Fraser Valley in April, the average number of days to sell a single-family detached home was 25 days and a townhome was 23 days. Apartments took, on average, 26 days to sell.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,442,900, the Benchmark price for an FVREB single-family detached home increased 3.8 per cent compared to March 2023 and decreased 17.8 per cent compared to April 2022.
Townhomes: At $808,000, the Benchmark price for an FVREB townhome increased 1.7 per cent compared to March 2023 and decreased 13.3 per cent compared to April 2022.
Apartments: At $530,200, the Benchmark price for an FVREB apartment/condo increased 1.6 per cent compared to March 2023 and decreased 9.8 per cent compared to April 2022.

Find the April 2023 Statistics Package here.

Source: FVREB - https://www.fvreb.bc.ca/stats/

Market Stats - March 2023: Momentum continues to build in the Fraser Valley real estate market

Mon, 17 Apr 2023 00:00:00 GMT

SURREY, BC – March 2023 saw the second consecutive month of growth in sales in the Fraser Valley, and although still below seasonal norms, the trend is an encouraging sign that the region continues to head towards increased market stability.

At 1,550, property sales posted on the FVREB’s Multiple Listings Service (MLS®) were 72.6 per cent higher than sales recorded last month. Although 39.9 per cent lower than a year ago and nearly 25 per cent below the ten-year average, it marks the first time since August that monthly sales exceeded the 1,000 level.

“After months of uncertainty made it difficult for buyers and sellers to re-enter the housing market, we may well be seeing a turning point,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “The pause in rate hikes has helped to restore a much-needed sense of predictability, which is building consumer confidence. As a result, we’re starting to see more traffic at open houses along with more multiple offer situations.”

As in all regions across the province and the country, low supply is still an issue and a primary factor driving price growth.

New listings, at 2,559, were 32 per cent higher than in February, but still 44.1 per cent below last year, while active listings were up by 2.8 per cent over last month and 3.5 per cent below last year. However, both are well off the ten-year average and among the lowest March listings recorded in a decade. As a result, the aggregate sales-to-active listings ratio grew to 34 per cent, shifting the market into sellers territory, with demand for townhomes even more pronounced, at a 62 per cent ratio. (The market is considered balanced when the sales-to active listings ratio is between 12 per cent and 20 per cent.)

Benchmark prices continued to edge upward with roughly two per cent month-over-month growth across all categories. The composite Benchmark price was $965,100 in March.

“While market demand continues to trend up, we still face an uphill battle on the supply side, which is keeping prices elevated,” said FVREB CEO, Baldev Gill. “The province will require sustained inventory growth of at least 25 per cent over each of the next five years in order to normalize inventories. Until then, we strongly advise buyers and sellers to consult with a REALTOR® to plan the best strategy.”

Properties spent slightly fewer days on the market compared to last month with detached homes posting 30 days on the market and apartments 29. Townhomes moved faster, at 26 days.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,390,600 the Benchmark price for an FVREB single-family detached home increased 1.9 per cent compared to February 2023 and decreased 21.7 per cent compared to March 2022.
Townhomes: At $794,400, the Benchmark price for an FVREB townhome increased 2.3 per cent compared to February 2023 and decreased 14.5 per cent compared to March 2022.
Apartments: At $521,800 the Benchmark price for an FVREB apartment/condo increased 2.3 per cent compared to February 2023 and decreased 11 per cent compared to March 2022.

Find the March 2023 Statistics Package here.

Source: FVREB - https://www.fvreb.bc.ca/stats/

Market Stats - February 2023: Signs of stability in Fraser Valley create opportunities for home buyers and sellers

Wed, 08 Mar 2023 00:00:00 GMT

SURREY, BC – House prices in the Fraser Valley posted a slight but positive bump in February after nearly a year of month-over-month decreases. Similarly, sales, though still trending lower than normal, also recorded their first monthly gain since October

The Fraser Valley Real Estate Board (FVREB) processed 898 sales on its Multiple Listing Service® in February, an increase of 43.5 per cent over January but still only half as many as were recorded a year ago.

February new listings were also up, by 5.7 per cent over last month to 1,938 but 48.2 per cent lower than this time last year. Active listings grew by 7.0 per cent over January and by 16.3 per cent over February 2022.

The composite Benchmark price in February was $946,700 and though relatively flat compared to January with a negligible gain of 0.5 per cent, it reverses the price slide the market has been experiencing since April 2022. Further, while well below the record prices posted at that time, it is still more than 36 per cent higher than pre-pandemic February 2020.

“In recent months, the level of uncertainty regarding rates and prices has negatively impacted inventory and that’s kept a lot of clients on the sidelines,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “Together with a growing consensus suggesting that a pause on rate hikes is imminent, the positive signals from the market give families something to build on and plan for. As that starts to happen we expect to see sales pick up slowly but steadily heading into spring.”

With a sales-to-active listings ratio of 20 per cent, the overall market was once again in balance, however the ratio for townhomes was higher at 36 per cent, indicating a seller’s market for this category. The market is considered in balance when the ratio is between 12 per cent and 20 per cent.

“All indications suggest that the market is on track to re-establish a level of stability, which is encouraging for both demand and supply sides,” said Baldev Gill, Chief Executive Officer of the Board. “With solid opportunities for properties that are appropriately priced, investing in the expertise of a professional REALTOR® should be the first decision buyers and sellers make to ensure the best local strategies before jumping back into the market.”

Properties spent between 7 and 12 fewer days on the market compared to last month, another sign that the market may be picking up. Across Fraser Valley in February, the average number of days to sell a single-family detached home was 36 and a townhome was 33 days. Apartments took, on average, 32 days to sell.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,364,300, the Benchmark price for an FVREB single-family detached home increased 0.5 per cent compared to January 2023 and decreased 21.5 per cent compared to February 2022.
Townhomes: At $776,200, the Benchmark price for an FVREB townhome increased 0.4 per cent compared to January 2023 and decreased 13.8 per cent compared to February 2022.
Apartments: At $510,100, the Benchmark price for an FVREB apartment/condo increased 1.3 per cent compared to January 2023 and decreased 10.5 per cent compared to February 2022.

Find the February 2023 Statistics Package here.

Source: FVREB - https://www.fvreb.bc.ca/stats/

Market Stats - January 2023: Fraser Valley real estate sales record slowest annual start in ten years; January new listings lowest in over thirty years

Thu, 02 Feb 2023 00:00:00 GMT

SURREY, BC – The downward trend in Fraser Valley real estate sales continued in January as further interest rate hikes kept buyers sidelined.

With 626 transactions processed on the MLS®, sales were off by 12.6 per cent compared to last month and down by 52.2 per cent compared to this time last year. The last time January sales were this low was in 2013 at 617 sales.

“Buyers are understandably cautious, which explains the slow start to the year,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “That said, the pent-up demand that has been building since the last quarter of 2022 will likely give rise to a sales uptick, especially if rate hikes subside, which we expect will be the case.”

Although new listings saw an increase of 128.3 per cent over last month to 1,833, they are at the lowest level of new supply for January since 1984. Active listings rose slightly up 5 per cent to 4,118 over December 2022 and up by 76.6 per cent compared to this time last year.

“We also expect inventory to start increasing over the coming months as sellers act on decisions that have been on hold, waiting for rates to peak” added Benz. “As we start to see greater selection across all property categories, we should see demand pick up.”

At $942,200, the composite Benchmark home price continued to edge downward, slipping by 1.4 per cent from December and off by 15.1 per cent compared to January 2022.

“After a market slowdown for the past several months, the Board is expecting a return to seasonal activity leading into spring,” said FVREB CEO Baldev Gill. “With rates still elevated, however, buyers and sellers would be well-advised to seek out the guidance of a professional REALTOR® to determine the best strategy and timing to take advantage of the anticipated market upswing.”

Across Fraser Valley in January, the average number of days to sell a single-family detached home was 48, and a townhome was 40 days. Apartments took, on average, 41 days to sell.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,357,800, the Benchmark price for an FVREB single-family detached home decreased 1.4 per cent compared to December 2022 and decreased 17.6 per cent compared to January 2022.
Townhomes: At $773,100, the Benchmark price for an FVREB townhome decreased 1.8 per cent compared to December 2022 and decreased 8.8 per cent compared to January 2022.
Apartments: At $503,700, the Benchmark price for an FVREB apartment/condo decreased 0.2 per cent compared to December 2022 and decreased 5.9 per cent compared to January 2022.

Find the January 2023 Statistics Package here.

Source: FVREB - https://www.fvreb.bc.ca/stats/

Market Stats - December 2022: Fraser Valley real estate market 2022 – highs, lows, and a return to balance

Mon, 09 Jan 2023 00:00:00 GMT

SURREY, BC – In a year that saw prices peak early on, feeding off the momentum of record-breaking sales in 2021, the Fraser Valley real estate market came back down to earth by the close of 2022, due largely to interest rate increases designed to stave off inflation.

The Fraser Valley Real Estate Board (FVREB) processed 716 sales on its Multiple Listing Service® (MLS®) in December 2022, down 14.7 per cent from the previous month and down by 60.4 per cent compared to the same month last year, making it the lowest December sales recorded in the last 10 years.

The Board received 803 new listings in December, a decrease of 52.8 per cent compared to November, and 37.2per cent fewer than December of last year. Total active listings for December stood at 3,923, down by 26.4 per cent compared to November, but nearly double (100.5%) compared to December 2021.

The year closed out with a total of 15,273 sales, just over half of 2021’s record-setting 27,692 and the ninth-lowest annual tally of the past decade. New listings were down 8.9 per cent at 32,442 compared to 2021.

With a sales-to-active listings ratio of 18 per cent, the overall market closed out the year in balance (the market is considered balanced when the sales-to-active listings ratio is between 12 per cent and 20 per cent.).

“As the market has adjusted to rate hikes, we’re starting to see a resumption of interest among the public,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “For some time, buyers and sellers alike have delayed decisions in somewhat of a watch-and-wait mode. This has dampened sales as well as supply since fewer new listings come onto the market. We expect activity to pick up in the coming months as this pent up supply and demand starts to emerge.”

Benz added that, under more stable market conditions, there will be strong opportunities for well-priced, wellpositioned properties across all categories.

Home prices peaked in March of this year, with the Benchmark price for a detached house hitting a record $1,776,700 before closing out the year at $1,377,200. The composite Benchmark price (all property types combined) finished the year under one million at $955,700.

“If the real estate market has shown us anything this year, it’s that we must be prepared to adjust and adapt to uncertainty,” said Board CEO Baldev Gill. “Market reaction to the many variables at play – be they interest rates, regulatory changes or supply chain issues, for example – is tough to predict at the best of times. It requires detailed analysis and intimate knowledge, often down to the street level, to fully evaluate. Only a professional REALTOR® can provide the kind of intelligence required to ensure a decision to buy or sell is made with clients’ best interests in mind.”

Across the Fraser Valley in December, the average number of days to sell a single-family detached home was 42 and a townhome 39 days. Apartments took, on average, 33 days to sell. A year ago, properties were moving, on average, two to three times more quickly.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,377,200, the Benchmark price for an FVREB single-family detached home decreased 2.0 per cent compared to November 2022 and decreased 11.3 per cent compared to December 2021.
Townhomes: At $787,300, the Benchmark price for an FVREB townhome decreased 1.5 per cent compared to November 2022 and decreased 1.6 per cent compared to December 2021
Apartments: At $504,800, the Benchmark price for an FVREB apartment/condo decreased 2.6 per cent compared to November 2022 and decreased 0.4 per cent compared to December 2021.

Find the December 2022 Statistics Package here.

Source: FVREB - https://www.fvreb.bc.ca/stats/

Market Stats - November 2022: New listings lag as Fraser Valley real estate market sees third month of declining sales

Thu, 08 Dec 2022 00:00:00 GMT

SURREY, BC – With sales down almost seven per cent from October, and new listings off by more than 20 per cent, the Fraser Valley housing market continues its slowing trend heading into the holiday season. Despite the market slowdown, opportunities are available, as evidenced by brisk turnover time frames.

In November, the Fraser Valley Real Estate Board (FVREB) processed 839 sales on its Multiple Listing Service® (MLS®), a 6.9 per cent decrease compared to October and a decrease of 57.5 per cent compared to November 2021.

“The trends we’ve seen over the past several months will likely continue through to year-end,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “While rate hikes have effectively put many buyers and sellers in a holding pattern, we’re still seeing relatively quick turnover for all housing categories, indicating robust opportunities for properties that are strategically priced.”

The Board received 1,703 new listings in November, a decrease of 22.1 per cent compared to October 2022 and a decrease of 18.8 per cent compared to last year. The month ended with a total active inventory of 5,330, a 5.5 per cent decrease compared to October, and 74.9 per cent more than November of last year.

“The market continues to tighten in response to rising interest rates,” said Board CEO Baldev Gill. “As a result, individuals are facing additional levels of uncertainty regarding the decision to buy or sell a home, underscoring the importance of seeking advice and guidance from a local REALTOR® to mitigate the risks involved.”

Across Fraser Valley in November, the average number of days to sell a single-family detached home was 34 days and a townhome was 28 days. Apartments took, on average, 27 days to sell.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,404,900, the Benchmark price for an FVREB single-family detached home decreased 2.2 per cent compared to October 2022 and decreased 6.3 per cent compared to November 2021.
Townhomes: At $799,400, the Benchmark price for an FVREB townhome decreased 1.3 per cent compared to October 2022 and increased 3.3 per cent compared to November 2021.
Apartments: At $518,400, the Benchmark price for an FVREB apartment/condo decreased 1.8 per cent compared to October 2022 and increased 5.2 per cent compared to November 2021.

Find the November 2022 Statistics Package here.

Source: FVREB - https://www.fvreb.bc.ca/stats/

Market Stats - October 2022: Housing prices remain soft, sales flat, throughout the Fraser Valley

Tue, 08 Nov 2022 00:00:00 GMT

SURREY, BC – Fraser Valley housing market sales for October remained relatively unchanged from last month as prices dipped slightly across all categories.

In October, the Fraser Valley Real Estate Board (FVREB) processed 901 sales on its Multiple Listing Service® (MLS®), an increase of 0.4 per cent compared to last month and a 53.5 per cent decrease compared to this time last year.

The Board received 2,186 new listings in October, a decrease of 3.8 per cent compared to September, and on par with October 2021. The month ended with a total active inventory of 5,642, a decrease of 2.8 per cent from last month but up 63.7 per cent compared to October 2021.

With a sales-to-active listings ratio of 16 per cent, the overall market was again balanced for the fifth straight month after a prolonged sellers’ market earlier in the year. (The market is considered balanced when the sales-to-active listings ratio is between 12 per cent and 20 per cent.)

“These trends suggest that the market is looking to re-establish equilibrium in the wake of last year’s intense activity and in the face of continued interest rate pressures,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “With sales continuing to lag and new inventory slow to come onstream, we’re seeing a holding pattern regarding whether to buy or list a property and expect this to continue through to year-end.”

Prices continued to soften, with month-over-month Benchmark prices down slightly across all property categories. For detached homes, prices are on par with October 2021 levels, while townhomes and apartments are up 7.7 per cent and 11.5 per cent, respectively, over 2021.

“With interest rates at their highest levels since 2006, it’s understandable that buyers and sellers are hesitant,” said Board CEO Baldev Gill. “Accordingly, they look to Fraser Valley REALTORS® for area knowledge and market expertise and analysis before making such a significant investment decision.”

The average number of days spent on the market before selling was relatively unchanged for detached homes and apartments compared to last month (34 days and 31 days, respectively). Townhomes moved more quickly at 27 days (compared to 32 days in September).

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,436,400, the Benchmark price for an FVREB single-family detached home decreased 1.8 per cent compared to September 2022 and decreased 0.8 per cent compared to October 2021.
Townhomes: At $809,800, the Benchmark price for an FVREB townhome decreased 1.5 per cent compared to September 2022 and increased 7.7 per cent compared to October 2021.
Apartments: At $527,900 the Benchmark price for an FVREB apartment/condo decreased 0.5 per cent compared to September 2022 and increased 11.5 per cent compared to October 2021.

Find the October 2022 Statistics Package here.

Source: FVREB - https://www.fvreb.bc.ca/stats/

Market Stats - September 2022: Fraser Valley real estate market continues to stabilize heading into fall season

Wed, 05 Oct 2022 00:00:00 GMT

SURREY, BC – Continued slowing sales and a slight rise in inventory in September combined to bring greater stability to the Fraser Valley housing market.

In September, the Fraser Valley Real Estate Board (FVREB) processed 897 sales on its Multiple Listing Service® (MLS®), a decrease of 11.8 per cent compared to last month and a 51.9 per cent decrease compared to this time last year.

The Board received 2,273 new listings in September, an increase of 11.1 per cent compared to August, and only 2.9 per cent less than September 2021. The month ended with a total active inventory of 5,805, a decrease of 1.1 per cent from last month but up by 52.3 per cent compared to September 2021. Once again, September saw a balanced market in the Fraser Valley with an overall sales-to-active ratio of 15 per cent (the market is considered balanced when the sales-to-active ratio is between 12 per cent and 20 per cent).

“There’s no question that interest rates continue to be a primary factor in the market trends over the past six months or so,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “The sales slowdown we’re seeing reflects a level of caution exercised by buyers, who are likely waiting for the market to settle further before jumping in. In the meantime, we anticipate prices may continue to decline across all categories.”

Weaker demand in the face of interest rate hikes, continued to bring downward pressure on Benchmark prices across all property categories. Prices have been falling steadily since late spring and, in the case of detached homes, are at October 2021 levels.

“It’s encouraging to see inventories start to rise in the region, however slight,” said Board CEO Baldev Gill. “Adequate supply is a key underpinning of a vibrant and equitable housing market – not just in the Fraser Valley, but throughout the province. As we meet with candidates during the upcoming municipal elections and later on this month with MPs in Ottawa, FVREB Realtors will continue to press for swift action on this fundamental issue.”

Across the Fraser Valley in September, the average number of days spent on the market before selling continued to increase: 34 days for a single-family detached, 32 for townhomes, and 30 for apartments.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,462,000, the Benchmark price for an FVREB single-family detached home decreased 3.4 per cent compared to August 2022 and increased 4.1 per cent compared to September 2021.
Townhomes: At $822,400, the Benchmark price for an FVREB townhome decreased 2.3 per cent compared to August 2022 and increased 11.6 per cent compared to September 2021.
Apartments: At $530,400 the Benchmark price for an FVREB apartment/condo decreased 2.1 per cent compared to August 2022 and increased 14.5 per cent compared to September 2021.

Find the September 2022 Statistics Package here.

Source: FVREB - https://www.fvreb.bc.ca/stats/

Market Stats - August 2022: Fraser Valley housing market signals further settling as sales continue to stall in response to interest rate rises

Fri, 09 Sep 2022 00:00:00 GMT

SURREY, BC – Robust active listings and relative steady sales activity continued to bring balance to the Fraser Valley real estate market in August. The past several months of rising inventory combined with a slowing trend in sales has also seen benchmark prices return to levels not seen since last year.

In August, the Fraser Valley Real Estate Board (FVREB) processed 1,017 sales on its Multiple Listing Service® (MLS®), an increase of 2.4 per cent compared to last month and a 51.3 per cent decrease compared to this time last year.

The Board received 2,045 new listings in August, a decrease of 14.3 per cent compared to July, and only 2.9 per cent less than August 2021. The month ended with a total active inventory of 5,871, a decrease of 8.5 per cent from last month but up by 44 percent compared to August 2021. Once again August saw a balanced market in the Fraser Valley with an overall sales-to-active ratio of 17 per cent (the market is considered balanced when the sales-to-active ratio is between 12 per cent and 20 per cent).

“For the past three months we’ve seen the local market return to a more balanced state,” said Board President, Sandra Benz. “With the Fraser Valley continuing to settle after months of record sales and prices, we expect to see more activity this coming fall as buyers look to capitalize on the region’s reputation for providing greater value for the real estate dollar.”

Benchmark prices continued to fall across all property categories, bringing them in relative line with prices from December 2021 and eating into year-over year gains.

“With possible further hikes in interest rates this fall, homebuyers need to augment their decisions with critical advice and guidance,” said Baldev Gill, Board CEO. “Along with other professionals such as mortgage brokers and lawyers, Fraser Valley REALTORS® are a vital part of the team advising buyers and sellers on market realities and identifying potential opportunities that align with their objectives.”

Across the Fraser Valley in August, the average number of days to sell a single-family detached home increased to 33 and for townhomes to 26 days. Apartments took, on average, 25 days to sell.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,513,500, the Benchmark price for an FVREB single-family detached home decreased 5.1 per cent compared to July 2022 and increased 9.8 per cent compared to August 2021.
Townhomes: At $841,900, the Benchmark price for an FVREB townhome decreased 3.9 per cent compared to July 2022 and increased 16.1 per cent compared to August 2021.
Apartments: At $542,000 the Benchmark price for an FVREB apartment/condo decreased 2.1 per cent compared to July 2022 and increased 18.4 per cent compared to August 2021.

Find the August 2022 Statistics Package here.

Source: FVREB - https://www.fvreb.bc.ca/stats/

Market Stats - July 2022: Sales slide for fourth straight month as rising interest rates put brakes on Fraser Valley real estate market

Fri, 05 Aug 2022 00:00:00 GMT

SURREY, BC – The Fraser Valley real estate market saw sales fall again in July in the face of continued interest rate hikes, as the government struggles to bring inflation under control.

In July, the Fraser Valley Real Estate Board (FVREB) processed 993 sales on its Multiple Listing Service® (MLS®), a decrease of 22.5 per cent from the previous month and a 50.5 per cent drop compared to July 2021, when the province was still in acute pandemic mode. July new listings totaled 2,385, a 28.4 per cent decrease compared to June and a decrease of 1.9 per cent compared to July 2021.

Active listings, at 6,413, remained relatively unchanged from June and were up 30.9 per cent over last July – bringing the sector into balance for townhomes and detached homes (sales-to-active ratios: 18 per cent and 12 per cent, respectively); and favouring sellers slightly for apartments (28 per cent). The market is considered balanced when the sales-to-active ratio is between 12 per cent and 20 per cent.

The weaker demand resulted in prices dropping for the fourth consecutive month, most notably for detached homes which ended the month with a benchmark price of $1,594,400, down 3.5 per cent from last month and by 10.2 per cent since peaking at $1,776,700 in March. Residential combined properties benchmark prices are still up year-over-year by 18.1 per cent.

“It is important to keep in mind that real estate is and always will be an asset with considerable upside over the long-term,” said Fraser Valley Real Estate Board President, Sandra Benz. “As prices come down from the highs of recent months, there are opportunities for buyers who have been waiting to re-enter the market and shop for the right property.”

Across the Fraser Valley in July, the average number of days to sell a single-family detached home was 24 and a townhome was 19 days. Apartments took, on average, 21 days to sell.

“With rising interest rates and uncertainty in the market, it is even more important to seek out the guidance of a professional REALTOR®,” said Board CEO, Baldev Gill. “Their ability to tap into the latest data and market intelligence — down to the neighbourhood level — allows buyers and sellers to make informed decisions about one of the largest transactions they’ll ever make.”

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,594,400, the Benchmark price for an FVREB single-family detached home decreased 3.5 per cent compared to June 2022 and increased 17.8 per cent compared to July 2021.
Townhomes: : At $876,500, the Benchmark price for an FVREB townhome decreased 2.0 per cent compared to June 2022 and increased 22.7 per cent compared to July 2021
Apartments: At $553,400, the Benchmark price for an FVREB apartment/condo decreased 2.7 per cent compared to June 2022 and increased 21.9 per cent compared to July 2021.

Find the July 2022 Statistics Package here.

Source: FVREB - https://www.fvreb.bc.ca/stats/

Market Stats - June 2022: Fraser Valley housing market continues to cool amid slower sales, softer prices

Fri, 08 Jul 2022 00:00:00 GMT

SURREY, BC –Overall sales in the Fraser Valley fell for the third straight month as prices for all property types continued to soften, bringing greater balance to the region’s real estate market.

In June, the Board processed 1,281 sales on its Multiple Listing Service® (MLS®), a decrease of 5.8 per cent compared to May and a 43 per cent decrease compared to June of last year.

Sandra Benz, President of the Board, said, “In just two months our market overall has shifted into balance mainly due to a softening of demand for single-family detached homes.

“The condo and townhome markets, although they have moderated, they continue to favour sellers as the sales-to-active listings ratios continue to trend higher, however with fewer multiple offer situations compared to previous months, it’s likely that we will see further softening in these property types as we return to pre-COVID work-life routines.”

In June, the Board received 3,332 new listings, an increase of 7.2 per cent compared to last year, and a decrease of 8.2 per cent compared to last month. The month ended with a total active inventory of 6,474, a 4.7 per cent increase compared to May, and 18.3 per cent more than June 2021.

Baldev Gill, Chief Executive Officer of the Board, added, “With five-year fixed rates at their highest levels in a decade and residential prices, though softening month-over-month, are still more than 20 per cent higher than a year ago, we expect to see sales continue to decline over the near term.

“The combination of higher rates and low inventory will present a barrier to first-time buyers and could result in even slower sales over the coming months and erase price gains from the past 10 months or so.”

Across Fraser Valley, in June, the average number of days to sell a single-family detached home was 21 and a townhome was 19 days. Apartments took, on average, 17 days to sell.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,653,000, the Benchmark price for an FVREB single-family detached home decreased 3.5 per cent compared to May 2022 and increased 21.9 per cent compared to June 2021.
Townhomes: At $894,300, the Benchmark price for an FVREB townhome decreased 2.7 per cent compared to May 2022 and increased 26.6 per cent compared to June 2021.
Apartments: At $568,700, the Benchmark price for an FVREB apartment/condo decreased 2.2 per cent compared to May 2022 and increased 25.9 per cent compared to June 2021.

Find the June 2022 Statistics Package here.

Source: FVREB - https://www.fvreb.bc.ca/stats/

Market Stats - May 2022: Home prices soften as Fraser Valley housing market cools amid lower sales and higher inventory

Tue, 07 Jun 2022 00:00:00 GMT

SURREY, BC – As property sales continue to fall in the Fraser Valley and active listings continue to grow, the region is edging towards more balanced levels not seen since the pre-pandemic period.

Sales of all property types in May were 1,360, down 16.9 per cent from April’s 1,637; and down 53.9 per cent compared to May of 2021.

At the same time, active listings (the number of properties available for sale at a given moment during the month, in this case at the end of May) have more than tripled since December 2021. At the end of May, actives sat at 6,183, up 5.4 per cent year-over-year, and an increase of 14.8 per cent compared to April 2022.

The sales-to-active-listings ratio measures whether the market is balanced (12% to 20%) or favours either buyers (less than 12%) or sellers (greater than 20%). In May, the ratio for Fraser Valley all property types combined was 22 per cent, comparable to pre-pandemic conditions in early 2020. By comparison, during the pandemic, the ratio peaked at 92 per cent, indicating a strong seller’s market.

“Since March, we’ve seen sales come down with an accompanying increase in inventory, subsequently restoring much-needed balance and cooling our heated market,” said Fraser Valley Real Estate Board President, Sandra Benz. “While still early, it suggests that as we gradually settle into a post-pandemic state of work and life, the big pandemic-era drivers – working from home and record low interest rates – may have run their course.”

In May, MLS® HPI Benchmark prices for all three main property types decreased month-over-month for the first time since September 2019.

“The softening of prices will be welcome news for homebuyers, especially in the face of rising mortgage rates,” said Fraser Valley Real Estate Board CEO, Baldev Gill. “The volatility we’ve witnessed over the past couple of years not only underscores the power of external events to affect the market but, in light of recent trends, the ability of the market itself, to adapt and trigger corrective mechanisms.”

MLS® HPI Benchmark Price Activity*

Single Family Detached: At $1,712,500, the Benchmark price for an FVREB single-family detached home decreased 2.4 per cent compared to April 2022 and increased 26.2 per cent compared to May 2021.
Townhomes: At $918,900, the Benchmark price for an FVREB townhome decreased 1.4 per cent compared to April 2022 and increased 31.3 per cent compared to May 2021.
Apartments: At $581,400 the Benchmark price for an FVREB apartment/condo decreased 1.1 per cent compared to April 2022 and increased 30.0 per cent compared to May 2021.

*The MLS® HPI measures the change in home prices in Canada and in May 2022, current and historical data underwent an annual update to ensure a more precise picture of home price trends.

Find the May 2022 Statistics Package here.

Source: FVREB - https://www.fvreb.bc.ca/stats/

Market Stats - April 2022: Fraser Valley sales dip below 10-year average for first time in nearly two years

Wed, 04 May 2022 00:00:00 GMT

SURREY, BC – Property sales in the Fraser Valley decreased by over 35 per cent in April 2022 compared to the previous month, and while the figure is still the sixth-highest April on record for the past ten years, it marks the first time monthly sales have fallen below the ten-year average since June 2020.

In April, the Fraser Valley Real Estate Board (FVREB) processed 1,637 sales on its Multiple Listing Service® (MLS®), a decrease of 45.7 per cent compared to April 2021 and a 36.6 per cent decrease compared to March.

“We would typically see a flurry of activity around this time of the year,” said, FVREB President, Sandra Benz, “however that’s not been the case so far. While it’s still too early to say whether this trend will endure, the slowing of sales combined with an increase in active listings is helping to restore a semblance of balance to the market, which is encouraging for homebuyers.”

Last month, the Board received 3,622 new listings, a decrease of 27.8 per cent compared to April 2021, and a decrease of 20.9 per cent compared to March 2022. The total month-end active inventory in April was 5,387, 14.6 per cent higher than in March.

“In an effort to stem inflation worries, the government has moved quickly to implement interest rate hikes,” added FVREB CEO Baldev Gill. “In fact, we’re already back to rate levels we haven’t seen since 2019. This will put an added burden on homebuyers, particularly on first-timers, who will have to meet more stringent stress test conditions. Ultimately, this will likely result in a decrease in demand, which may slow price growth, however it will do little to resolve the underlying issue of low inventory.”

Across Fraser Valley, in April, the average number of days to sell a single-family detached home was 16 and a townhome was 13 days. Apartments took, on average, 13 days to sell.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,731,000, the Benchmark price for an FVREB single-family detached home increased 0.2 per cent compared to March 2022 and increased 33.8 per cent compared to April 2021.
Townhomes: At $902,500, the Benchmark price for an FVREB townhome increased 1.8 per cent compared to March 2022 and increased 38.3 per cent compared to April 2021.
Apartments: At $649,500 the Benchmark price for an FVREB apartment/condo increased 1.0 per cent compared to March 2022 and increased 35.6 per cent compared to April 2021.

Find the April 2022 Statistics Package here.

Source: FVREB - https://www.fvreb.bc.ca/stats/

Market Stats - March 2022: Continued growth in new listings a hopeful sign for home buyers in the Fraser Valley

Wed, 20 Apr 2022 00:00:00 GMT

SURREY, BC – For the third consecutive month, new listings in the Fraser Valley continued to climb in March giving buyers more to choose from, helping to increase overall active inventory to levels not seen since last July.

Property sales remain robust, as Benchmark prices, the price of a ‘typical’ home, continued to increase month-over-month.

In March, the FVREB processed 2,580 residential and commercial sales on its Multiple Listing Service® (MLS®), a decrease of 22.5 per cent compared to March 2021 and 41.4 per cent more than were processed in February.

Sandra Benz, President of the Board, said of this month’s statistics, “Sales were strong again in March as more new listings continued to come on stream. We’re hopeful this will contribute to a slowing in price growth, which is good news for the home-buying public. Other encouraging signs, such as less open house traffic and fewer multiple offers, may help us get to a more balanced market, however until the fundamental issue of lack of supply is addressed, we won’t see that happen anytime soon.”

The Board received 4,580 new listings in March, a decrease of 10.0 per cent compared to March of last year, and 22.4 per cent more than were processed in February. Total active inventory for March was 4,699, a decrease of 6.2 per cent compared to last year’s 5,012 active listings, however 24.0 per cent higher than last month.

Baldev Gill, Chief Executive Officer of the Board, added, “We may not see the impact of recent interest rate hikes on the market trends until later in 2022. With fixed rates nearly double what they were a year ago, new homebuyers will likely be more impacted than other segments of the home-buying public, as mortgage stress test conditions become more stringent. We hope to see equal efforts from government to address inventory issues to help make housing more affordable.”

Across Fraser Valley, in March, the average number of days to sell a single-family detached home was 12 and a townhome was 14 days. Apartments took, on average, 11 days to sell.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,726,900, the Benchmark price for an FVREB single-family detached home increased 3.4 per cent compared to February 2022 and increased 39.5 per cent compared to March 2021.
Townhomes: At $886,400, the Benchmark price for an FVREB townhome increased 5.4 per cent compared to February 2022 and increased 41.9 per cent compared to March 2021.
Apartments: At $643,000, the Benchmark price for an FVREB apartment/condo increased 4.6 per cent compared to February 2022 and increased 38.2 per cent compared to March 2021.

Find the March 2022 Statistics Package here.

Source: FVREB - https://www.fvreb.bc.ca/stats/

Market Stats - February 2022: FVREB posts record volume of new listings in February

Wed, 09 Mar 2022 00:00:00 GMT

SURREY, BC – Buyers of Fraser Valley real estate had significantly more inventory to choose from last month due to a record-breaking volume of new listings received for the month of February.

The Fraser Valley Real Estate Board (FVREB) received 3,742 new listings in February, an increase of 75.3 percent compared to January, and an increase of 14.6 percent compared to February of last year. The previous highest February for new listings was 3,283 in 2016.

The FVREB processed a total of 1,824 sales of all property types on its Multiple Listing Service® (MLS®) in February 2022, a decrease of 35.2 percent compared to February 2021, and 39.2 percent higher compared to January 2022. Sales remain strong at 18 percent above the 10-year average.

By month-end, February’s total active listings available for purchase were 3,790, a decrease of 8.0 percent compared to the same month last year, however, 62.5 percent higher than what was available at the end of January. It’s the highest month-over-month increase in active listings in the Fraser Valley in 20 years.

“Although the market is still far from balanced, it is encouraging to see new listings increase again for the second month in a row,” said Fraser Valley Real Estate Board President, Larry Anderson. “We’re hopeful that this trend will be sustained leading into the spring season as more sellers come on stream to help soften the market and provide opportunities for the many buyers who’ve been sidelined over the past year and a half.”

“Buyers are looking for value for their real estate dollar and the Fraser Valley market still delivers compared to other regions throughout the Lower Mainland,” said Baldev Gill CEO of the Fraser Valley Real Estate Board. “That said, supply fundamentals continue to be the number one issue facing real estate markets in all regions across the province. Until there is a concerted effort to address inventory, buyers will continue to face challenging market conditions.”

In the Fraser Valley region, the average number of days to sell an apartment in February was 12 days, and 11 days for townhomes. Single-family detached homes averaged 13 days before selling. The one-year comparison is 35, 21, and 21 respectively.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,670,800, the Benchmark price for an FVREB single-family detached home increased 6.5 percent compared to last month and increased 43.6 percent compared to February 2021.
Townhomes: At $840,900, the Benchmark price for an FVREB townhome increased 5.6 percent compared to last month and increased 40.1 percent compared to February 2021.
Apartments: At $614,800 the Benchmark price for an FVREB apartment/condo increased 7.1 percent compared to last month and increased 36.3 percent compared to February 2021.

Find the February 2022 Statistics Package here.

Source: FVREB - https://www.fvreb.bc.ca/stats/