Homelife Benchmark Realty Corp.

Cell 604-773-3940

Cell 778-869-7653

Email: Info@HudsonHomeTeam.com

FVREB Market Data: February 2023

 March 2, 2023

Signs of stability in Fraser Valley create opportunities for home buyers and sellers

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 percent over January but still only half as many as were recorded a year ago.

February new listings were also up, by 5.7 percent over last month to 1,938 but 48.2 percent lower than this time last year. Active listings grew by 7.0 percent over January and by 16.3 percent 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 percent, 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 percent 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 percent, the overall market was once again in balance, however, the ratio for townhomes was higher at 36 percent, indicating a seller’s market for this category. The market is considered in balance when the ratio is between 12 percent and 20 percent.

“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 percent compared to January 2023 and decreased 21.5 percent compared to February 2022.

  • Townhomes: At $776,200, the Benchmark price for an FVREB townhome increased 0.4 percent compared to January 2023 and decreased 13.8 percent compared to February 2022.

  • Apartments: At $510,100, the Benchmark price for an FVREB apartment/condo increased 1.3 percent compared to January 2023 and decreased 10.5 percent compared to February 2022.


FVREB Stats Jan 23

Fraser Valley Market Report Infographics

Tuesday, November 7, 2023 4:27:24 PM UTC
INFOGRAPHICS: October 2023 FVREB Fraser Valley, South Surrey, Etc. Market Reports
Real Estate Landing Pages to Promote Neighbourhoods

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!

 

Download Printable Version – FVREB October 2023 Market Report 1

Download Printable Version – FVREB October 2023 Market Report 2

Download Printable Version – FVREB October 2023 Market Report 3

Download Printable Version – FVREB October 2023 Market Report 4

 

 

 

 

 

 


Custom real estate infographics published by myRealPage.com

Read Full Article...
INFOGRAPHICS: September 2023 FVREB Fraser Valley, South Surrey, Etc. Market Reports
Real Estate Landing Pages to Promote Neighbourhoods

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!

 

Download Printable Version – FVREB September 2023 Market Report 1

Download Printable Version – FVREB September 2023 Market Report 2

Download Printable Version – FVREB September 2023 Market Report 3

Download Printable Version – FVREB Septembert 2023 Market Report 4

 

 

 

 

 

 


Custom real estate infographics published by myRealPage.com

Read Full Article...
INFOGRAPHICS: August 2023 FVREB Fraser Valley, South Surrey, Etc. Market Reports

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!

 

Download Printable Version – FVREB August 2023 Market Report 1

Download Printable Version – FVREB August 2023 Market Report 2

Download Printable Version – FVREB August 2023 Market Report 3

Download Printable Version – FVREB August 2023 Market Report 4

 

 

 

 

 

 


Custom real estate infographics published by myRealPage.com

Read Full Article...
INFOGRAPHICS: July 2023 FVREB Fraser Valley, South Surrey, Etc. Market Reports
interior design shot

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!

 

Download Printable Version – FVREB July 2023 Market Report 1

Download Printable Version – FVREB July 2023 Market Report 2

Download Printable Version – FVREB July 2023 Market Report 3

Download Printable Version – FVREB July 2023 Market Report 4

 

 

 

 

 

 


Custom real estate infographics published by myRealPage.com

Read Full Article...
INFOGRAPHICS: June 2023 FVREB Fraser Valley, South Surrey, Etc. Market Reports
interior design shot

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!

 

Download Printable Version – FVREB June 2023 Market Report 1

Download Printable Version – FVREB June 2023 Market Report 2

Download Printable Version – FVREB June 2023 Market Report 3

Download Printable Version – FVREB June 2023 Market Report 4

 

 

 

 

 

 


Custom real estate infographics published by myRealPage.com

Read Full Article...
INFOGRAPHICS: May 2023 FVREB Fraser Valley, South Surrey, Etc. Market Reports

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!

 

Download Printable Version – FVREB May 2023 Market Report 1

Download Printable Version – FVREB May 2023 Market Report 2

Download Printable Version – FVREB May 2023 Market Report 3

Download Printable Version – FVREB May 2023 Market Report 4

 

 

 

 

 

 


Custom real estate infographics published by myRealPage.com

Read Full Article...
INFOGRAPHICS: April 2023 FVREB Fraser Valley, South Surrey, Etc. Market Reports
interior design shot

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!

 

Download Printable Version – FVREB April 2023 Market Report 1

Download Printable Version – FVREB April 2023 Market Report 2

Download Printable Version – FVREB April 2023 Market Report 3

Download Printable Version – FVREB April 2023 Market Report 4

 

 

 

 

 

 


Custom real estate infographics published by myRealPage.com

Read Full Article...
INFOGRAPHICS: March 2023 FVREB Fraser Valley, South Surrey, Etc. Market Reports

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!

 

Download Printable Version – FVREB March 2023 Market Report 1

Download Printable Version – FVREB March 2023 Market Report 2

Download Printable Version – FVREB March 2023 Market Report 3

Download Printable Version – FVREB March 2023 Market Report 4

 

 

 

 

 

 


Custom real estate infographics published by myRealPage.com

Read Full Article...
INFOGRAPHICS: February 2023 FVREB Fraser Valley, South Surrey, Etc. Market Reports

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!

 

Download Printable Version – FVREB February 2023 Market Report 1

Download Printable Version – FVREB February 2023 Market Report 2

Download Printable Version – FVREB February 2023 Market Report 3

Download Printable Version – FVREB February 2023 Market Report 4

 

 

 

 

 

 


Custom real estate infographics published by myRealPage.com

Read Full Article...
INFOGRAPHICS: January 2023 FVREB Fraser Valley, South Surrey, Etc. Market Reports

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!

 

Download Printable Version – FVREB January 2023 Market Report 1

Download Printable Version – FVREB January 2023 Market Report 2

Download Printable Version – FVREB January 2023 Market Report 3

Download Printable Version – FVREB January 2023 Market Report 4

 

 

 

 

 

 


Custom real estate infographics published by myRealPage.com

Read Full Article...
Reciprocity Logo 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.