Home sales fall for fifth straight month in the Fraser Valley
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 9th 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.”
Read the full report on the FVREB website!
The following data is a comparison between November 2023 and November 2022 numbers, and is current as of December 2023. For last month’s report, check out our previous infographic!
Or follow this link for all our FVREB Infographics!
These infographics cover current trends in Fraser Valley neighbourhoods that are within the FVREB. Click on the images for a larger view!
Fraser Valley real estate market weakens as sales and prices continue to edge downward
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.”
Read the full report on the FVREB website!
The following data is a comparison between October 2023 and October 2022 numbers, and is current as of November 2023. For last month’s report, check out our previous infographic!
Or follow this link for all our FVREB Infographics!
These infographics cover current trends in Fraser Valley neighbourhoods that are within the FVREB. Click on the images for a larger view!
Fraser Valley market balanced, as demand softens and prices edge lower
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.”
Read the full report on the FVREB website!
The following data is a comparison between September 2023 and September 2022 numbers, and is current as of October 2023. For last month’s report, check out our previous infographic!
Or follow this link for all our FVREB Infographics!
These infographics cover current trends in Fraser Valley neighbourhoods that are within the FVREB. Click on the images for a larger view!
Fraser Valley real estate sales dip in August; prices hold steady
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.
Read the full report on the FVREB website!
The following data is a comparison between August 2023 and August 2022 numbers, and is current as of September 2023. For last month’s report, check out our previous infographic!
Or follow this link for all our FVREB Infographics!
These infographics cover current trends in Fraser Valley neighbourhoods that are within the FVREB. Click on the images for a larger view!
Seasonality, interest rates temper sales in the Fraser Valley
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.
Read the full report on the FVREB website!
The following data is a comparison between July 2023 and July 2022 numbers, and is current as of August 2023. For last month’s report, check out our previous infographic!
Or follow this link for all our FVREB Infographics!
These infographics cover current trends in Fraser Valley neighbourhoods that are within the FVREB. Click on the images for a larger view!
Low supply continues to impact home pricing in the Fraser Valley: Sales increasing despite rate hikes
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.”
Read the full report on the FVREB website!
The following data is a comparison between June 2023 and June 2022 numbers, and is current as of July 2023. For last month’s report, check out our previous infographic!
Or follow this link for all our FVREB Infographics!
These infographics cover current trends in Fraser Valley neighbourhoods that are within the FVREB. Click on the images for a larger view!
Delayed spring activity boosts supply of property listings in the Fraser Valley
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.
Read the full report on the FVREB website!
The following data is a comparison between May 2023 and May 2022 numbers, and is current as of June 2023. For last month’s report, check out our previous infographic!
Or follow this link for all our FVREB Infographics!
These infographics cover current trends in Fraser Valley neighbourhoods that are within the FVREB. Click on the images for a larger view!
Spring sales hold steady in Fraser Valley real estate market
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.”
Read the full report on the FVREB website!
The following data is a comparison between April 2023 and April 2022 numbers, and is current as of May 2023. For last month’s report, check out our previous infographic!
Or follow this link for all our FVREB Infographics!
These infographics cover current trends in Fraser Valley neighbourhoods that are within the FVREB. Click on the images for a larger view!
Momentum continues to build in the Fraser Valley real estate market
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.”
Read the full report on the FVREB website!
The following data is a comparison between March 2023 and March 2022 numbers, and is current as of April 2023. For last month’s report, check out our previous infographic!
Or follow this link for all our FVREB Infographics!
These infographics cover current trends in Fraser Valley neighbourhoods that are within the FVREB. Click on the images for a larger view!
Signs of stability in Fraser Valley create opportunities for home buyers and sellers
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.
Read the full report on the FVREB website!
The following data is a comparison between February 2023 and February 2022 numbers, and is current as of March 2023. For last month’s report, check out our previous infographic!
Or follow this link for all our FVREB Infographics!
These infographics cover current trends in Fraser Valley neighbourhoods that are within the FVREB. Click on the images for a larger view!
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