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!
Fraser Valley real estate sales record slowest annual start in ten years; January new listings lowest in over thirty years
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.
Read the full report on the FVREB website!
The following data is a comparison between January 2023 and January 2022 numbers, and is current as of February 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 2022 – highs, lows, and a return to balance
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 37.2 per 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.
Read the full report on the FVREB website!
The following data is a comparison between December 2022 and December 2021 numbers, and is current as of January 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!
New listings lag as Fraser Valley real estate market sees third month of declining sales
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.”
Read the full report on the FVREB website!
The following data is a comparison between November 2022 and November 2021 numbers, and is current as of December 2022. 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!
Housing prices remain soft, sales flat, throughout the Fraser Valley
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.
Read the full report on the FVREB website!
The following data is a comparison between October 2022 and October 2021 numbers, and is current as of November 2022. 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 continues to stabilize heading into fall season
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.”
Read the full report on the FVREB website!
The following data is a comparison between September 2022 and September 2021 numbers, and is current as of October 2022. 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 housing market signals further settling as sales continue to stall in response to interest rate rises
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.”
Read the full report on the FVREB website!
The following data is a comparison between August 2022 and August 2021 numbers, and is current as of September 2022. 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!
Sales slide for fourth straight month as rising interest rates put brakes on Fraser Valley real estate market
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.
Read the full report on the FVREB website!
The following data is a comparison between July 2022 and July 2021 numbers, and is current as of August 2022. 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!
I make myself available at all times. My web site is here to help you 24 hours a day. You can search listings at your own convenience, browse reports, and read up on real estate info on your own terms. When you are ready to see a listing in person, or just have a simple question, please don't hesitate to contact me!
Office: 604-530-0231 Cell: 778 238 3463 E-mail: jake@jakefrisson.com
Office Location: Royal LePage Wolstencroft 135 - 19664 64 Avenue Langley, BC
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.
