The Fraser Valley real estate market closed out 2023 with some notable trends. The year ended with 14,713 sales, marking a four per cent decrease from 2022 and a significant 23 per cent drop from the 10-year average. This decline in sales was attributed to high interest rates, which also contributed to a 10-year low in new listings at 29,610, an eight per cent fall from the 10-year average. Despite these challenges, the composite Benchmark home price in the Fraser Valley increased by five per cent over the year, closing at $988,900. However, this figure was six per cent lower than the peak price in July 2023. comparison table summarizing the key real estate market statistics for the Fraser Valley in December 2023: Statistic December 2023 Change from November 2023 Change from December 2022 Total Sales 837 -6% +17% New Listings 942 -54% +17% Total Active Listings 4,670 -25% +19% Sales-to-Active Listings Ratio 18% – (Balanced Market) – Average Days on Market 41 days – – Benchmark Price – Detached $1,471,500 -1.2% +7.1% Benchmark Price – Townhomes $826,400 -1.3% +5.3% Benchmark Price – Apartments $537,600 -1.4% +6.9% December 2023 saw a continuation of these trends, with 837 sales recorded, a six per cent decrease from November but a 17 per cent increase compared to December 2022. New listings in December dropped dramatically by 54 per cent compared to November, though they were up 17 per cent year-over-year. The total active listings stood at 4,670, decreasing 25 per cent month-over-month but increasing 19 per cent compared to the previous year. The sales-to-active listings ratio for December was 18 per cent, indicating a balanced market. Properties spent an average of 41 days on the market, with single-family detached homes taking around 40 days to sell, and townhomes and apartments moving more quickly at 32 and 33 days, respectively. Regarding price trends, overall Benchmark prices continued to decline for the fifth consecutive month, with a 1.5 per cent drop compared to November. The Benchmark price for single-family detached homes was $1,471,500, a 1.2 per cent decrease from November but a 7.1 per cent increase from December 2022. Townhomes had a Benchmark price of $826,400, down 1.3 per cent from November but up 5.3 per cent year-over-year. Apartments saw a Benchmark price of $537,600, a 1.4 per cent decrease from November, but an increase of 6.9 per cent compared to December 2022​. Real Estate Market Stats based on data from Fraser Valley Real Estate Board December Statistics package. Thanks,Sunny Kaler PRECRE/MAX Blueprint Realty

As the holiday season approaches, the Fraser Valley real estate market maintains its cooling trend, with both buyers and sellers observing a holding pattern that persisted throughout the latter half of the year. Key Highlights: Sales and Listings Overview:The Fraser Valley Real Estate Board recorded 891 transactions on its Multiple Listing Service® (MLS®) in November, marking an 8% decrease from the previous month and signifying the 9th slowest November in a decade.New listings also experienced a notable decline, totaling 2,030 and reflecting a 20% drop from October and a substantial 43% decrease since the peak in May at 3,533.Market Dynamics Heading into the Holidays:Narinder Bains, Chair of the Fraser Valley Real Estate Board, noted the busy priorities of buyers and sellers as they head into the holiday season, likely contributing to the continued holding pattern. Bains anticipates this trend, characterized by slow sales and declining new listings, to persist through the winter months until there is downward movement in interest rates.Active Listings and Market Conditions:Active listings in November totaled 6,254, marking a 5% decrease over the previous month and a 17% increase over November 2022.The sales-to-active listings ratio stood at 14%, indicating balanced conditions in the overall market. Detached houses entered balanced market territory at 12%, while both townhomes and apartments remained in a seller’s market. The market is considered balanced when the ratio is between 12% and 20%.Outlook and Opportunities:Baldev Gill, CEO of the Fraser Valley Real Estate Board, acknowledged the impact of seasonality and high-interest rates on sales activity, expecting further slowdowns into early 2024. Gill emphasized that even in a slow market, opportunities exist, advising buyers to collaborate with knowledgeable, professional REALTORS® for expert advice and guidance.Average Time on Market:Properties, on average, spent approximately one month on the market, with single-family detached homes lingering for 36 days and townhomes and apartments moving more swiftly at 29 days.Benchmark Price Activity (November 2023):Single Family Detached: The Benchmark price for an FVREB single-family detached home stood at $1,489,100, reflecting a 0.94% decrease from October 2023 and a 6.22% increase from November 2022.Townhomes: With a Benchmark price of $837,200, townhomes experienced a 0.95% decrease compared to October 2023 and a 5.08% increase from November 2022.Apartments: The Benchmark price for apartments/condos settled at $545,300, indicating a marginal 0.02% decrease from October 2023 and a noteworthy 5.60% increase from November 2022. Find the Fraser Valley Real Estate Board Statistics Package here.  Thanks, Sunny Kaler – PRECREMAX Blueprint Realty

Fraser Valley Real Estate Market Update – October 2023 In the midst of sustained high-interest rates, the Fraser Valley real estate market witnessed a consecutive decline in property sales and new listings throughout October. Consumers, adopting a cautious approach, deferred home buying and selling decisions in response to the prevailing economic conditions. Key Highlights: Sales and Listings Overview:The Fraser Valley Real Estate Board recorded 970 transactions on its Multiple Listing Service® (MLS®) in October, marking a 12% decrease from the previous month and the fourth consecutive decline since the 12-month high of 1,935 sales in June.New listings also experienced a decline, totaling 2,535, reflecting an 11% drop from September and a substantial 28% decrease since the peak in May at 3,533.Market Impact of Interest Rates:Narinder Bains, Chair of the Fraser Valley Real Estate Board, highlighted the tangible impact of sustained high-interest rates on the overall market. This trend has persisted throughout the latter half of the year, with anticipation that it will continue until a downward movement in the policy rate is observed.Active Listings and Market Conditions:Active listings in October reached 6,580, registering a modest increase of less than 1% over the previous month and a 17% surge compared to October 2022.The sales-to-active listings ratio stood at 15%, indicating balanced conditions in the overall market. However, detached houses dipped into buyers’ market territory at 12%, with the market considered balanced when the ratio is between 12% and 20%.Strategies for Market Adjustment:Baldev Gill, CEO of the Fraser Valley Real Estate Board, emphasized the critical role of pricing and financing strategies in the evolving market. A knowledgeable professional REALTOR®, armed with the latest comparative market data and neighborhood insights, is key to determining optimal market timing.Benchmark Price Activity (October 2023):Single Family Detached: The Benchmark price for an FVREB single-family detached home stood at $1,503,300, reflecting a 1.5% decrease from September 2023 and a 4.8% increase from October 2022.Townhomes: With a Benchmark price of $845,300, townhomes experienced a 0.4% decrease compared to September 2023 and a 4.7% increase from October 2022.Apartments: The Benchmark price for apartments/condos settled at $545,400, indicating a 0.1% decrease from September 2023 and a notable 3.7% increase from October 2022. As the market continues to navigate the challenges posed by interest rate dynamics, stakeholders are advised to stay informed and leverage professional expertise for informed decision-making. The real estate landscape remains dynamic, requiring a strategic approach aligned with prevailing economic realities. Find the Fraser Valley Real Estate Board Statistics Package here.  Thanks, Sunny Kaler – PRECREMAX Blueprint Realty

In the evolving landscape of the Fraser Valley housing market, the month of September witnessed a notable shift towards equilibrium, with a convergence of slowing demand and a substantial uptick in new listings. This follows a three-month trend of declining sales, resulting in a second consecutive month of Benchmark price decreases. Key Highlights: Sales Overview:In September 2023, the Fraser Valley Real Estate Board reported 1,100 sales on its Multiple Listing Service® (MLS®), reflecting a 13.6% decrease compared to August.Despite the monthly dip, there was a substantial year-over-year increase, with sales up by 22.6% compared to September 2022.New Listings and Inventory:New listings experienced a commendable surge, rising by 9.1% to reach 2,860 in September.Active listings, on a consistent upward trajectory since December, grew by 3.8% to 6,532 in September, positioning them 3.5% below the ten-year average.Market Dynamics:Narinder Bains, Chair of the Fraser Valley Real Estate Board, remarked on the emergence of a more balanced market, attributed to the steady rise in inventory and a concurrent slowdown in sales.The sales-to-active listings ratio for detached homes softened, dropping to 14% in September from 16% in August. Conversely, demand for townhomes and apartments remained robust at 31% and 25%, respectively.The overall sales-to-active listing ratio reached 17%, indicative of a balanced market, aligning with the 12% to 20% range considered optimal.Price Stability:Benchmark prices in the Fraser Valley exhibited marginal decreases of less than one percent across all property types compared to the previous month.Outlook and Recommendations:Baldev Gill, CEO of the Fraser Valley Real Estate Board, noted the impact of lingering interest rate uncertainty, resulting in slower September sales compared to typical seasonal trends.Recognizing the localized nature of market conditions, Gill advised buyers and sellers to consult with their REALTOR® for tailored guidance and expertise.MLS® HPI Benchmark Price Activity (September 2023):Single Family Detached: The Benchmark price for an FVREB single-family detached home stood at $1,526,000, reflecting a 0.6% decrease from August 2023 and a 4.6% increase from September 2022.Townhomes: With a Benchmark price of $848,600, townhomes experienced a 0.3% increase compared to August 2023 and a 3.5% increase from September 2022.Apartments: The Benchmark price for apartments/condos settled at $545,900, indicating a 1.4% decrease from August 2023 and a notable 3.4% increase from September 2022. As the Fraser Valley housing market attains equilibrium, stakeholders are advised to stay attuned to the nuanced dynamics within their specific locales. For comprehensive insights and strategic guidance, engaging with a professional REALTOR® remains pivotal in navigating the intricacies of the evolving market. Find the Fraser Valley Real Estate Board Statistics Package here.  Thanks, Sunny Kaler – PRECREMAX Blueprint Realty

In the dynamic landscape of the Fraser Valley real estate market, the month of August witnessed a subtle deceleration in sales, attributing the shift to seasonal patterns and a judicious pause in anticipation of the forthcoming rate announcement. After attaining a 15-month pinnacle in June, sales experienced a modest downturn for the second consecutive month. Key Highlights: Sales Overview:In August 2023, the Fraser Valley Real Estate Board reported a total of 1,273 sales on its Multiple Listing Service (MLS®), marking a 6.9% decline from July.Nevertheless, there was a noteworthy year-over-year surge, with sales up by 25.2% compared to August 2022.New Listings and Inventory:New listings recorded a decrease of 8.2% from the previous month, settling at 2,622 in August.Despite the monthly dip, new listings stood at an impressive 28.2% above the figures recorded during the same period last year.Active listings continued their upward trajectory, growing by 1.5% to reach 6,291 in August, maintaining a proximity of 7% to the ten-year average.Market Dynamics:Chair of the Fraser Valley Real Estate Board, Narinder Bains, noted a prevalent “watchful waiting” trend among buyers, holding off on decisions in anticipation of potential rate changes.The sales-to-active-listings ratio for detached homes reflected a balanced market at 16%, while townhomes and apartments exhibited stronger demand at 38% and 32%, respectively.Price Stability:Benchmark prices in the Fraser Valley demonstrated stability, exhibiting a marginal decrease of less than one percent across all property types compared to the previous month.Outlook and Recommendations:Baldev Gill, CEO of the Fraser Valley Real Estate Board, anticipates increased market activity in the upcoming fall months.Acknowledging the uncertainty surrounding interest rates and provincial housing strategy initiatives, Gill advises buyers and sellers to consult with professional REALTORS® for a comprehensive assessment of risks and opportunities.MLS® HPI Benchmark Price Activity (August 2023):Single Family Detached: The Benchmark price for an FVREB single-family detached home stood at $1,534,500, reflecting a 0.6% decrease from July 2023 and a 1.6% increase from August 2022.Townhomes: With a Benchmark price of $846,200, townhomes experienced a 0.5% decrease compared to July 2023, coupled with a 0.9% increase from August 2022.Apartments: The Benchmark price for apartments/condos settled at $553,500, indicating a 0.4% decrease from July 2023 and a robust 2.5% increase from August 2022. As the market adapts to evolving economic factors, the Fraser Valley real estate sector remains dynamic, with stakeholders closely monitoring trends and poised for potential shifts in the coming months. For a detailed analysis and expert guidance, both buyers and sellers are encouraged to engage with professional REALTORS® to navigate the intricacies of the current landscape.

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. Prices across all categories saw negligible increases compared to last month (see below). “With rates at their highest levels in over 20 years and inflation still elevated, buyers and sellers are taking time to reevaluate their objectives,” said FVREB CEO Baldev Gill. “As housing options begin to take center stage on the Provincial agenda, consumers will want to consult a professional REALTOR® for a detailed picture of the market in their communities and to stay up to date on upcoming changes that may impact their decisions.” On average, properties spent two to three weeks on the market before selling, with detached homes spending 22 days on the market, and townhomes and apartments moving slightly more quickly at 16 and 18 days, respectively. MLS® HPI Benchmark Price Activity Single Family Detached: At $1,543,300 the Benchmark price for an FVREB single-family detached home increased 1.1 per cent compared to June 2023 and decreased 3.1 per cent compared to July 2022.Townhomes: At $850,300, the Benchmark price for an FVREB townhome increased 0.6 per cent compared to June 2023 and decreased 2.7 per cent compared to July 2022.Apartments: At $555,500, the Benchmark price for an FVREB apartment/condo increased 0.6 per cent compared to June 2023 and increased 0.8 per cent compared to July 2022. Find the Fraser Valley Real Estate Board Statistics Package here.  Thanks, Sunny Kaler – PRECREMAX Blueprint Realty

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.” Across Fraser Valley in June, the average number of days to sell a single-family detached home was 21 and a townhome was 16 days. Apartments took, on average, 22 days to sell. MLS® HPI Benchmark Price Activity Single Family Detached: At $1,526,200, the Benchmark price for an FVREB single-family detached home increased 2.3 per cent compared to May 2023 and decreased 7.4 per cent compared to June 2022.Townhomes: At $845,400, the Benchmark price for an FVREB townhome increased 2.3 per cent compared to May 2023 and decreased 5.2 per cent compared to June 2022.Apartments: At $552,200, the Benchmark price for an FVREB apartment/condo increased 1.8 per cent compared to May 2023 and decreased 2.5 per cent compared to June 2022. Find the Fraser Valley Real Estate Board Statistics Package here.  Thanks, Sunny Kaler – PRECREMAX Blueprint Realty

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. “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 comparedto April 2023 and decreased 6.3 per cent compared to May 2022. Find the Fraser Valley Real Estate Board Statistics Package here.  Thanks, Sunny Kaler – PRECREMAX Blueprint Realty

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. 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.” Low inventories helped nudge prices upward with the composite Benchmark price up by 2.8 per cent to $992,000 and single-family detached homes up by nearly four per cent, month-over-month. Across Fraser Valley in April, the average number of days to sell a single-family detached home was 25 days and a townhome was 23 days. Apartments took, on average, 26 days to sell. MLS® HPI Benchmark Price Activity Single Family Detached: At $1,442,900, the Benchmark price for an FVREB single-family detached home increased 3.8 per cent compared to March 2023 and decreased 17.8 per cent compared to April 2022.Townhomes: At $808,000, the Benchmark price for an FVREB townhome increased 1.7 per cent compared to March 2023 and decreased 13.3 per cent compared to April 2022.Apartments: At $530,200, the Benchmark price for an FVREB apartment/condo increased 1.6 per cent compared to March 2023 and decreased 9.8 per cent compared to April 2022. Find the Fraser Valley Real Estate Board Statistics Package here.  Thanks, Sunny Kaler – PRECREMAX Blueprint Realty

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. New listings, at 2,559, were 32 per cent higher than in February, but still 44.1 per cent below last year, while active listings were up by 2.8 per cent over last month and 3.5 per cent below last year. However, both are well off the ten-year average and among the lowest March listings recorded in a decade. As a result, the aggregate sales-to-active listings ratio grew to 34 per cent, shifting the market into sellers territory, with demand for townhomes even more pronounced, at a 62 per cent ratio. (The market is considered balanced when the sales-to active listings ratio is between 12 per cent and 20 per cent.) Benchmark prices continued to edge upward with roughly two per cent month-over-month growth across all categories. The composite Benchmark price was $965,100 in March. “While market demand continues to trend up, we still face an uphill battle on the supply side, which is keeping prices elevated,” said FVREB CEO, Baldev Gill. “The province will require sustained inventory growth of at least 25 per cent over each of the next five years in order to normalize inventories. Until then, we strongly advise buyers and sellers to consult with a REALTOR® to plan the best strategy.” Properties spent slightly fewer days on the market compared to last month with detached homes posting 30 days on the market and apartments 29. Townhomes moved faster, at 26 days. MLS® HPI Benchmark Price Activity Single Family Detached: At $1,390,600 the Benchmark price for an FVREB single-family detached home increased 1.9 per cent compared to February 2023 and decreased 21.7 per cent compared to March 2022.Townhomes: At $794,400, the Benchmark price for an FVREB townhome increased 2.3 per cent compared to February 2023 and decreased 14.5 per cent compared to March 2022.Apartments: At $521,800 the Benchmark price for an FVREB apartment/condo increased 2.3 per cent compared to February 2023 and decreased 11 per cent compared to March 2022. Find the Fraser Valley Real Estate Board August Statistics Package here.  Thanks, Sunny Kaler – PRECREMAX Blueprint Realty

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 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. The composite Benchmark price in February was $946,700 and though relatively flat compared to January with a negligible gain of 0.5 per cent, 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 per cent higher than pre-pandemic February 2020. 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 per cent compared to January 2023 and decreased 21.5 per cent compared to February 2022.Townhomes: At $776,200, the Benchmark price for an FVREB townhome increased 0.4 per cent compared to January 2023 and decreased 13.8 per cent compared to February 2022.Apartments: At $510,100, the Benchmark price for an FVREB apartment/condo increased 1.3 per cent compared to January 2023 and decreased 10.5 per cent compared to February 2022. Find the Fraser Valley Real Estate Board August Statistics Package here.  Thanks, Sunny Kaler – PRECREMAX Blueprint Realty

SURREY, BC – The downward trend in Fraser Valley real estate sales continued in January as further interest ratehikes kept buyers sidelined.With 626 transactions processed on the MLS®, sales were off by 12.6 per cent compared to last month and downby 52.2 per cent compared to this time last year. The last time January sales were this low was in 2013 at 617 sales. Although new listings saw an increase of 128.3 per cent over last month to 1,833, they are at the lowest level ofnew supply for January since 1984. Active listings rose slightly up 5 per cent to 4,118 over December 2022 and upby 76.6 per cent compared to this time last year.“We also expect inventory to start increasing over the coming months as sellers act on decisions that have been onhold, waiting for rates to peak” added Benz. “As we start to see greater selection across all property categories, weshould see demand pick up.”At $942,200, the composite Benchmark home price continued to edge downward, slipping by 1.4 per cent fromDecember and off by 15.1 per cent compared to January 2022.“After a market slowdown for the past several months, the Board is expecting a return to seasonal activity leadinginto spring,” said FVREB CEO Baldev Gill. “With rates still elevated, however, buyers and sellers would be well-advised to seek out the guidance of a professional REALTOR® to determine the best strategy and timing to takeadvantage of the anticipated market upswing.”Across Fraser Valley in January, the average number of days to sell a single-family detached home was 48, and atownhome was 40 days. Apartments took, on average, 41 days to sell.MLS® HPI Benchmark Price Activity• Single Family Detached: At $1,357,800, the Benchmark price for an FVREB single-family detached homedecreased 1.4 per cent compared to December 2022 and decreased 17.6 per cent compared to January 2022.• Townhomes: At $773,100, the Benchmark price for an FVREB townhome decreased 1.8 per cent compared toDecember 2022 and decreased 8.8 per cent compared to January 2022.• Apartments: At $503,700, the Benchmark price for an FVREB apartment/condo decreased 0.2 per centcompared to December 2022 and decreased 5.9 per cent compared to January 2022. Find the Fraser Valley Real Estate Board August Statistics Package here.  Thanks, Sunny Kaler – PRECREMAX Blueprint Realty

SURREY, BC — 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. Across the Fraser Valley in December, the average number of days to sell a single-family detached home was 42 and a townhome 39 days. Apartments took, on average, 33 days to sell. A year ago, properties were moving, on average, two to three times more quickly.  MLS® HPI Benchmark Price Activity Single Family Detached: At $1,377,200, the Benchmark price for an FVREB single-family detached home decreased 2.0 per cent compared to November 2022 and decreased 11.3 per cent compared to December 2021.Townhomes: At $787,300, the Benchmark price for an FVREB townhome decreased 1.5 per cent compared to November 2022 and decreased 1.6 per cent compared to December 2021.Apartments: At $504,800, the Benchmark price for an FVREB apartment/condo decreased 2.6 per cent compared to November 2022 and decreased 0.4 per cent compared to December 2021. Find the Fraser Valley Real Estate Board August Statistics Package here.  Thanks, Sunny Kaler – PRECREMAX Blueprint Realty

SURREY, BC – 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 marketslowdown, 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 November2021. The Board received 1,703 new listings in November, a decrease of 22.1 per cent compared to October 2022 and adecrease of 18.8 per cent compared to last year. The month ended with a total active inventory of 5,330, a 5.5 percent decrease compared to October, and 74.9 per cent more than November of last year.“The market continues to tighten in response to rising interest rates,” said Board CEO Baldev Gill. “As a result,individuals are facing additional levels of uncertainty regarding the decision to buy or sell a home, underscoring theimportance of seeking advice and guidance from a local REALTOR® to mitigate the risks involved.”Across Fraser Valley in November, the average number of days to sell a single-family detached home was 34 daysand a townhome was 28 days. Apartments took, on average, 27 days to sell.MLS® HPI Benchmark Price Activity• Single Family Detached: At $1,404,900, the Benchmark price for an FVREB single-family detached homedecreased 2.2 per cent compared to October 2022 and decreased 6.3 per cent compared to November 2021.• Townhomes: At $799,400, the Benchmark price for an FVREB townhome decreased 1.3 per cent compared toOctober 2022 and increased 3.3 per cent compared to November 2021.• Apartments: At $518,400, the Benchmark price for an FVREB apartment/condo decreased 1.8 per centcompared to October 2022 and increased 5.2 per cent compared to November 2021. Find the Fraser Valley Real Estate Board August Statistics Package here.  Thanks, Sunny Kaler – PRECREMAX Blueprint Realty

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.  With a sales-to-active listings ratio of 16 per cent, the overall market was again balanced for the fifth straight month after a prolonged sellers’ market earlier in the year. (The market is considered balanced when the sales-to-active listings ratio is between 12 per cent and 20 per cent.) MLS® HPI Benchmark Price Activity Single Family Detached: At $1,436,400, the Benchmark price for an FVREB single-family detached home decreased 1.8 per cent compared to September 2022 and decreased 0.8 per cent compared to October 2021.Townhomes: At $809,800, the Benchmark price for an FVREB townhome decreased 1.5 per cent compared to September 2022 and increased 7.7 per cent compared to October 2021.Apartments: At $527,900 the Benchmark price for an FVREB apartment/condo decreased 0.5 per cent compared to September 2022 and increased 11.5 per cent compared to October 2021 Find the Fraser Valley Real Estate Board August Statistics Package here.  Thanks, Sunny Kaler – PRECREMAX Blueprint Realty

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). Across the Fraser Valley in September, the average number of days spent on the market before selling continued to increase: 34 days for a single-family detached, 32 for townhomes, and 30 for apartments. MLS® HPI Benchmark Price Activity Single Family Detached: At $1,462,000, the Benchmark price for an FVREB single-family detached home decreased 3.4 per cent compared to August 2022 and increased 4.1 per cent compared to September 2021.Townhomes: At $822,400, the Benchmark price for an FVREB townhome decreased 2.3 per cent compared to August 2022 and increased 11.6 per cent compared to September 2021.Apartments: At $530,400 the Benchmark price for an FVREB apartment/condo decreased 2.1 per cent compared to August 2022 and increased 14.5 per cent compared to September 2021. Find the Fraser Valley Real Estate Board September Statistics Package here.  Thanks, Sunny Kaler – PRECREMAX Blueprint Realty

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). MLS® HPI Benchmark Price Activity Single Family Detached: At $1,513,500, the Benchmark price for an FVREB single-family detached home decreased 5.1 per cent compared to July 2022 and increased 9.8 per cent compared to August 2021.Townhomes: At $841,900, the Benchmark price for an FVREB townhome decreased 3.9 per cent compared to July 2022 and increased 16.1 per cent compared to August 2021.Apartments: At $542,000 the Benchmark price for an FVREB apartment/condo decreased 2.1 per cent compared to July 2022 and increased 18.4 per cent compared to August 2021. Find the Fraser Valley Real Estate Board August Statistics Package here.  Thanks, Sunny Kaler – PRECREMAX Blueprint Realty

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. Statistics Package 2022-07 – Fraser Valley 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. The weaker demand resulted in prices dropping for the fourth consecutive month, most notably for detached homes which ended the month with a benchmark price of $1,594,400, down 3.5 per cent from last month and by 10.2 per cent since peaking at $1,776,700 in March. Residential combined properties benchmark prices are still up year-over-year by 18.1 per cent. MLS® HPI Benchmark Price Activity Single Family Detached: At $1,594,400, the Benchmark price for an FVREB single-family detached home decreased 3.5 per cent compared to June 2022 and increased 17.8 per cent compared to July 2021.Townhomes: At $876,500, the Benchmark price for an FVREB townhome decreased 2.0 per cent compared to June 2022 and increased 22.7 per cent compared to July 2021.Apartments: At $553,400, the Benchmark price for an FVREB apartment/condo decreased 2.7 per cent compared to June 2022 and increased 21.9 per cent compared to July 2021. Find the Fraser Valley Real Estate Board July Statistics Package here.  Thanks, Sunny Kaler – PRECREMAX Blueprint Realty

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 at6,183, 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 22per cent, comparable to pre-pandemic conditions in early 2020. By comparison, during the pandemic, the ratiopeaked at 92 per cent, indicating a strong seller’s market.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. Find the Fraser Valley Real Estate Board April Statistics Package here.  Thanks, Sunny Kaler – PRECREMAX Blueprint Realty

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. 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 Fraser Valley Real Estate Board April Statistics Package here.  Thanks, Sunny Kaler – PRECREMAX Blueprint Realty