Rob Blair

Cell 604-617-1208 | robblair@remax.net

RSS

 
facebook
 
twitter
 
instagram
 
linkedin
 
instagram
 
 
 

Continued growth in new listings a hopeful sign for home buyers in the Fraser Valley


SURREY, BC – For the third consecutive month, new listings in the Fraser Valley continued to climb in March giving buyers more to choose from, helping to increase overall active inventory to levels not seen since last July.


Property sales remain robust, as Benchmark prices, the price of a ‘typical’ home, continued to increase month-over-month.


In March, the FVREB processed 2,580 residential and commercial sales on its Multiple Listing Service® (MLS®), a decrease of 22.5 per cent compared to March 2021 and 41.4 per cent more than were processed in February.

 


Sandra Benz, President of the Board, said of this month’s statistics, “Sales were strong again in March as more new listings continued to come on stream. We’re hopeful this will contribute to a slowing in price growth, which is good news for the home-buying public. Other encouraging signs, such as less open house traffic and fewer multiple offers, may help us get to a more balanced market, however until the fundamental issue of lack of supply is addressed, we won’t see that happen anytime soon.”


 


Baldev Gill, Chief Executive Officer of the Board, added, “We may not see the impact of recent interest rate hikes on the market trends until later in 2022. With fixed rates nearly double what they were a year ago, new homebuyers will likely be more impacted than other segments of the home-buying public, as mortgage stress test conditions become more stringent. We hope to see equal efforts from government to address inventory issues to help make housing more affordable.”


 


Across Fraser Valley, in March, the average number of days to sell a single-family detached home was 12 and a townhome was 14 days. Apartments took, on average, 11 days to sell.


MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,726,900, the Benchmark price for an FVREB single-family detached home increased 3.4 per cent compared to February 2022 and increased 39.5 per cent compared to March 2021.
  • Townhomes: At $886,400, the Benchmark price for an FVREB townhome increased 5.4 per cent compared to February 2022 and increased 41.9 per cent compared to March 2021.
  • Apartments: At $643,000, the Benchmark price for an FVREB apartment/condo increased 4.6 per cent compared to February 2022 and increased 38.2 per cent compared to March 2021.
Read
Categories:   Abbotsford East, Abbotsford Real Estate | Abbotsford West, Abbotsford Real Estate | Aberdeen, Abbotsford Real Estate | Albion, Maple Ridge Real Estate | Aldergrove Langley, Langley Real Estate | Beach Grove, Tsawwassen Real Estate | Brentwood Park, Burnaby North Real Estate | Brookswood Langley, Langley Real Estate | Campbell Valley, Langley Real Estate | Cape Horn, Coquitlam Real Estate | Central Abbotsford, Abbotsford Real Estate | Clayton, Cloverdale Real Estate | Cloverdale BC, Cloverdale Real Estate | Coal Harbour, Vancouver West Real Estate | Crescent Bch Ocean Pk., South Surrey White Rock Real Estate | Downtown VW, Vancouver West Real Estate | East Newton, Surrey Real Estate | False Creek, Vancouver West Real Estate | Fleetwood Tynehead, Surrey Real Estate | Fort Langley, Langley Real Estate | Fraserview NW, New Westminster Real Estate | Grandview Surrey, South Surrey White Rock Real Estate | Guildford, North Surrey Real Estate | King George Corridor, South Surrey White Rock Real Estate | Kitsilano, Vancouver West Real Estate | Langley City, Langley Real Estate | Murrayville, Langley Real Estate | Otter District, Langley Real Estate | Pacific Douglas, South Surrey White Rock Real Estate | Salmon River, Langley Real Estate | Sperling-Duthie, Burnaby North Real Estate | Sullivan Station, Surrey Real Estate | Sunnyside Park Surrey, South Surrey White Rock Real Estate | Tobiano, Kamloops Real Estate | Uptown NW, New Westminster Real Estate | Vedder S Watson-Promontory, Sardis Real Estate | Walnut Grove, Langley Real Estate | West Newton, Surrey Real Estate | Whalley, North Surrey Real Estate | White Rock, South Surrey White Rock Real Estate | Willoughby Heights, Langley Real Estate
Categories
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.