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/

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/

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/

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/

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