Homelife Benchmark Realty Corp.

Cell 604-773-3940

Cell 778-869-7653

Email: Info@HudsonHomeTeam.com

RSS

Hello June!

Delayed spring activity boosts supply of property listings in the Fraser Valley

 

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.

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.

 


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 compared to April 2023 and decreased 6.3 per cent compared to May 2022.

*The MLS® HPI measures the change in home prices in Canada and in May 2023, current and historical data underwent an annual update to ensure a more precise picture of home price trends. 

Read

The Emotions of Selling pt.1

Setting Emotions Aside When Selling

 
 
A while back, one of our clients was preparing to list his home through our team. We really appreciated all the sweat, blood and passion he had added to the home over the years. It was inspiring to see, His tour emanated strong sentimental memories.  

When it came time to stage and market the home, he was a touch peeved by the removal of personal memories and mementos. We see that at times. 

This is one of the top reasons we insist our home sellers not be present for any showings or Open Houses. 

People don't see the blood, sweat, tears or love you've put into your home. They don't see how perfect some of the upgrades are. They see a colour scheme that may not be to their liking. They see the mistakes made while painting. They see all the flaws but little of the perfection you have added to your home. 
Hopefully, with staging and arranging, we have done a good job of allowing them to see it as Home.

While you want to get a fair deal for your home, there is no dollar amount that can be put on the years of memories it holds for you. 
Our goal is to give you all the information you need to make the right decision for you, your family and your future. 

Where would you want to live when you're ready to move? 

 

Read
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), 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 GVR, 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 GVR, the FVREB or the CADREB.