September 2022 Fraser Valley Stats are in!

Posted on October 5, 2022 by Rob Blair

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Fraser Valley real estate market continues to stabilize heading into fall season

SURREY, BC — 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.”

Weaker demand in the face of interest rate hikes, continued to bring downward pressure on Benchmark prices across all property categories. Prices have been falling steadily since late spring and, in the case of detached homes, are at October 2021 levels.

“It’s encouraging to see inventories start to rise in the region, however slight,” said Board CEO Baldev Gill. “Adequate supply is a key underpinning of a vibrant and equitable housing market – not just in the Fraser Valley, but throughout the province. As we meet with candidates during the upcoming municipal elections and later on this month with MPs in Ottawa, FVREB Realtors will continue to press for swift action on this fundamental issue.”

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.

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I have sold a property at TH-5 4182 DAWSON ST in Burnaby

Posted on September 28, 2022 by Rob Blair

Posted in Brentwood Park, Burnaby North Real Estate

I have sold a property at TH-5 4182 DAWSON ST in Burnaby. See details here

Rarely available townhouse in Tandem 3 in the heart of North Burnaby's fast growing Brentwood Park community. Only minutes walk away from Gilmore Skytrain Station, Brentwood Mall, restaurants, and only a short commute away from SFU and downtown Vancouver! The clean and tastefully updated interior boasts two bedrooms, two bathrooms, newer kitchen stainless steel appliances, new washer and dryer, MYSA smart home, storage locker, and two dedicated, secured parking stalls at your back door through your own mud room . Top the list off with high vaulted ceilings, floor to ceiling windows with electric blinds, multiple outdoor patio areas, nice lawn space as well! Amenities include hot tub, sauna, exercise center and a rooftop garden for entertaining. Pet and rental friendly.

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August 2022 Metro Vancouver Stats are in!!

Posted on September 7, 2022 by Rob Blair

METRO VANCOUVER MARKET HIGHLIGHTS

AUGUST 2022

DETACHED

Active Listings:: 4,230
Sales:: 517
Benchmark Price:: $1,954,100
Avg. Days On Market:: 31

TOWNHOUSE

Active Listings:: 1,404
Sales:: 355
Benchmark Price:: $1,069,100
Avg. Days On Market:: 28

APARTMENT

Active Listings:: 4,028
Sales:: 998
Benchmark Price:: $740,100
Avg. Days On Market:: 28

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Metro Vancouver's housing market sees fewer home buyers and sellers in August

August 2021

3,152

Sold

August 2022

1,870

Sold

(-40.7%)

Residential property sales in Metro Vancouver

Metro Vancouver’s housing market is experiencing a quieter summer season marked by reduced sale and listing activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,870 in August 2022, a 40.7 per cent decrease from the 3,152 sales recorded in August 2021, and a 0.9 per cent decrease from the 1,887 homes sold in July 2022.

Last month’s sales were 29.2 per cent below the 10-year August sales average.

"With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer. This shift in market conditions caused prices to edge down over the past four months."

Andrew Lis, REBGV Director, economics and data analytics

There were 3,328 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2022. This represents a 17.5 per cent decrease compared to the 4,032 homes listed in August 2021 and a 16 per cent decrease compared to July 2022 when 3,960 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,662, a 7.3 per cent increase compared to August 2021 (9,005) and a 6.1 per cent decrease compared to July 2022 (10,288).

“Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs,” Lis said. “Preparation is critical in today’s market. Work with your Realtor to assess what today’s home prices, financing options, and other considerations mean for you.”

For all property types, the sales-to-active listings ratio for August 2022 is 19.4 per cent. By property type, the ratio is 12.2 per cent for detached homes, 25.3 per cent for townhomes, and 24.8 per cent for apartments.

Sales-to-active listings ratio - August 2022

Detached homes

12.2%

Townhomes

25.3%

Condominiums

24.8%

Total 19.4%

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,180,500. This represents a 7.4 per cent increase over August 2021 and a 2.2 per cent decrease compared to July 2022.

Sales of detached homes in August 2022 reached 517, a 45.3 per cent decrease from the 945 detached sales recorded in August 2021. The benchmark price for a detached home is $1,954,100. This represents a 7.9 per cent increase from August 2021 and a 2.3 per cent decrease compared to July 2022.

Sales of apartment homes reached 998 in August 2022, a 38.8 per cent decrease compared to the 1,631 sales in August 2021. The benchmark price of an apartment home is $740,100. This represents an 8.7 per cent increase from August 2021 and a two per cent decrease compared to July 2022.

Attached home sales in August 2022 totalled 355, a 38.4 per cent decrease compared to the 576 sales in August 2021. The benchmark price of an attached home is $1,069,100. This represents a 12.7 per cent increase from August 2021 and a 2.5 per cent decrease compared to July 2022.

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Fraser Valley August 2022 stats are in:

Posted on September 2, 2022 by Rob Blair

Fraser Valley housing market signals further settling as sales continue to stall in response to interest rate rises

SURREY, BC — 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.”

Benchmark prices continued to fall across all property categories, bringing them in relative line with prices from December 2021 and eating into year-over year gains.

“With possible further hikes in interest rates this fall, homebuyers need to augment their decisions with critical advice and guidance,” said Baldev Gill, Board CEO. “Along with other professionals such as mortgage brokers and lawyers, Fraser Valley REALTORS® are a vital part of the team advising buyers and sellers on market realities and identifying potential opportunities that align with their objectives.”

Across the Fraser Valley in August, the average number of days to sell a single-family detached home increased to 33 and for townhomes to 26 days. Apartments took, on average, 25 days to sell.

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.

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New property listed in Cloverdale BC, Cloverdale

Posted on September 1, 2022 by Rob Blair

Posted in Cloverdale BC, Cloverdale Real Estate

New property listed in Cloverdale BC, Cloverdale

I have listed a new property at 6119 188 ST in Surrey.

See details here

Loaded with character, this basement entry home with 3 bedrooms up and a 1 bedroom legal, fully above ground, bright suite down, could be exactly what you are looking for. Featuring original hardwood floors, wood burning fireplaces up and down, a large wrap around sundeck, spacious fully fenced corner lot, double driveway,ample parking on street. Fantastic area, just mins walk to schools, parks, pre schools, daycares, transit and shopping.

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New property listed in Abbotsford East, Abbotsford

Posted on August 30, 2022 by Rob Blair

Posted in Abbotsford East, Abbotsford Real Estate

New property listed in Abbotsford East, Abbotsford

I have listed a new property at 34751 DELAIR RD in Abbotsford.

See details here

South facing remodelled basement entry home with beautiful Valley and Mt. Baker views. Featuring living and family rooms, large kitchen with Stainless Steel appliances and a huge Island, 3 bedrooms up with a fourth down for the upper, 3 full bathrooms including the one in a brand new 1 bedroom suite which is in the process of becoming authorized. Looking for a shop? It is here already and at 18' x 44' with 14 foot high ceilings, a car hoist, and 220 power you are good to go! Nice sized 8133 sq.ft. yard with spacious multi level decking and a covered hot tub.

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New property listed in Brentwood Park, Burnaby North

Posted on August 24, 2022 by Rob Blair

Posted in Brentwood Park, Burnaby North Real Estate

I have listed a new property at TH-5 4182 DAWSON ST in Burnaby.

See details here

Rarely available townhouse in Tandem 3 in the heart of North Burnaby's fast growing Brentwood Park community. Only minutes walk away from Gilmore Skytrain Station, Brentwood Mall, restaurants, and only a short commute away from SFU and downtown Vancouver! The clean and tastefully updated interior boasts two bedrooms, two bathrooms, newer kitchen stainless steel appliances, new washer and dryer, MYSA smart home, storage locker, and two dedicated, secured parking stalls at your back door through your own mud room . Top the list off with high vaulted ceilings, floor to ceiling windows with electric blinds, multiple outdoor patio areas, nice lawn space as well! Amenities include hot tub, sauna, exercise center and a rooftop garden for entertaining. Pet and rental friendly.

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Fraser Valley July 2022 Stats are in!

Posted on August 3, 2022 by Rob Blair

Sales slide for fourth straight month as rising interest rates put brakes on Fraser Valley real estate market

SURREY, BC – 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.

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.

“It is important to keep in mind that real estate is and always will be an asset with considerable upside over the long-term,” said Fraser Valley Real Estate Board President, Sandra Benz. “As prices come down from the highs of recent months, there are opportunities for buyers who have been waiting to re-enter the market and shop for the right property."

Across the Fraser Valley in July, the average number of days to sell a single-family detached home was 24 and a townhome was 19 days. Apartments took, on average, 21 days to sell.

“With rising interest rates and uncertainty in the market, it is even more important to seek out the guidance of a professional REALTOR®,” said Board CEO, Baldev Gill. “Their ability to tap into the latest data and market intelligence — down to the neighbourhood level — allows buyers and sellers to make informed decisions about one of the largest transactions they’ll ever make.”

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I have sold a property at 31 5850 177B ST in Surrey

Posted on July 28, 2022 by Rob Blair

Posted in Cloverdale BC, Cloverdale Real Estate

I have sold a property at 31 5850 177B ST in Surrey.

See details here

Quick possession available for this 4 Bedrooms and a den up, 3 Bathrooms, hard to go wrong with this spacious, over 1500 square foot home, in centrally located Dogwood Gardens, close to everything: schools, restaurants, shopping, bakeries, coffee, transit, and more. One parking spot, designated visitor parking throughout the complex, and loads of street parking for visitors. Children and pet friendly, this home is the one for you, with a fully fenced yard backing on to greenspace, the complex also has a playground and outdoor pool for those long lazy summer days.

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June 2022 Stats are here!

Posted on July 11, 2022 by Rob Blair

Fraser Valley housing market continues to cool amid slower sales, softer prices

SURREY, BC – Overall sales in the Fraser Valley fell for the third straight month as prices for all property types continued to soften, bringing greater balance to the region’s real estate market.

In June, the Board processed 1,281 sales on its Multiple Listing Service® (MLS®), a decrease of 5.8 per cent compared to May and a 43 per cent decrease compared to June of last year.

Sandra Benz, President of the Board, said, “In just two months our market overall has shifted into balance mainly due to a softening of demand for single-family detached homes.

“The condo and townhome markets, although they have moderated, they continue to favour sellers as the sales-to-active listings ratios continue to trend higher, however with fewer multiple offer situations compared to previous months, it’s likely that we will see further softening in these property types as we return to pre-COVID work-life routines.”

In June, the Board received 3,332 new listings, an increase of 7.2 per cent compared to last year, and a decrease of 8.2 per cent compared to last month. The month ended with a total active inventory of 6,474, a 4.7 per cent increase compared to May, and 18.3 per cent more than June 2021.

Baldev Gill, Chief Executive Officer of the Board, added, “With five-year fixed rates at their highest levels in a decade and residential prices, though softening month-over-month, are still more than 20 per cent higher than a year ago, we expect to see sales continue to decline over the near term.

“The combination of higher rates and low inventory will present a barrier to first-time buyers and could result in even slower sales over the coming months and erase price gains from the past 10 months or so.”

Across Fraser Valley, in June, the average number of days to sell a single-family detached home was 21 and a townhome was 19 days. Apartments took, on average, 17 days to sell.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,653,000, the Benchmark price for an FVREB single-family detached home decreased 3.5 per cent compared to May 2022 and increased 21.9 per cent compared to June 2021.
Townhomes: At $894,300, the Benchmark price for an FVREB townhome decreased 2.7 per cent compared to May 2022 and increased 26.6 per cent compared to June 2021.
Apartments: At $568,700, the Benchmark price for an FVREB apartment/condo decreased 2.2 per cent compared to May 2022 and increased 25.9 per cent compared to June 2021.

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New property listed in Cloverdale BC, Cloverdale

Posted on July 8, 2022 by Rob Blair

Posted in Cloverdale BC, Cloverdale Real Estate

I have listed a new property at 31 5850 177B ST in Surrey.

See details here

Quick possession available for this 4 Bedrooms and a den up, 3 Bathrooms, hard to go wrong with this spacious, over 1500 square foot home, in centrally located Dogwood Gardens, close to everything: schools, restaurants, shopping, bakeries, coffee, transit, and more. One parking spot, designated visitor parking throughout the complex, and loads of street parking for visitors. Children and pet friendly, this home is the one for you, with a fully fenced yard backing on to greenspace, the complex also has a playground and outdoor pool for those long lazy summer days.

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I have sold a property at 2 5662 208 ST in Langley

Posted on June 22, 2022 by Rob Blair

Posted in Langley City, Langley Real Estate

I have sold a property at 2 5662 208 ST in Langley.

See details here

The Meadows - Upper unit with 2 bedrooms, and a flex room that could be a den, the 3rd bedroom or a dining area. Bright kitchen w/skylight, recent updates including, fridge, stove, built-in microwave, dishwasher, blinds, tile, bathrooms, flooring and hotwater tank (2022). Additional features include the gas fireplace, single garage, plus a 2nd parking spot and storage. Walking distance to shops, transit, park and schools. Spacious Northern exposed sundeck overlooking the beautiful gardens and grounds in this family complex. Pets are welcome too.

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I have sold a property at 13 6965 HASTINGS ST in Burnaby

Posted on June 17, 2022 by Rob Blair

Posted in Sperling-Duthie, Burnaby North Real Estate

I have sold a property at 13 6965 HASTINGS ST in Burnaby.

See details here

Location, location, location! Cassia, located in the vibrant neighborhood of Sperling-Duthie in North Burnaby, with excellent walk-ability to all types of amenities: schools, SFU, shopping, transit, recreation, restaurants , Starbucks, Safeway, Kensington Square & much more. With an amazingly efficient layout, this 1 bed, 1 bath, 585sqft townhome shows incredibly well. Features: fresh paint, new lighting, new laminate floors, stainless appliances, quartz counters, large island w/breakfast bar, plenty of counter/cupboard space, a spacious dining area, insuite storage plus a separate locker. Enjoy the amazing outdoor space with a fully fenced yard & large wrap-around deck; perfect for BBQs. Act Now!

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Open House. Open House on Saturday, June 4, 2022 12:00PM - 2:00PM Hosted by Prab Sahota RE/MAX Colonial Pacific

Posted on June 3, 2022 by Rob Blair

Posted in Cloverdale BC, Cloverdale Real Estate

Open House. Open House on Saturday, June 4, 2022 12:00PM - 2:00PM
Hosted by Prab Sahota RE/MAX Colonial Pacific

Please visit our Open House at 31 5850 177B ST in Surrey.

See details here

Open House on Saturday, June 4, 2022 12:00PM - 2:00PM Hosted by Prab Sahota RE/MAX Colonial Pacific

Dogwood Gardens, 4 Bedrooms and a den up, 3 Bathrooms, hard to wrong with this spacious, over 1550 square foot home, close to everything: schools, restaurants, shopping, bakeries, coffee, transit, and more. One parking spot, designated visitor parking throughout the complex, and loads street parking for visitors. Children and pet friendly, this home is for you, with a fully fenced yard backing on to greenspace,and the complex also has a playground and outdoor pool for those long summer lazy days and basic cable for those warm winter nights cuddled up to the gas fireplace.

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New property listed in Sperling-Duthie, Burnaby North

Posted on June 1, 2022 by Rob Blair

Posted in Sperling-Duthie, Burnaby North Real Estate

New property listed in Sperling-Duthie, Burnaby North

I have listed a new property at 13 6965 HASTINGS ST in Burnaby.

See details here

Location, location, location! Cassia, located in the vibrant neighborhood of Sperling-Duthie in North Burnaby, with excellent walk-ability to all types of amenities: schools, SFU, shopping, transit, recreation, restaurants , Starbucks, Safeway, Kensington Square & much more. With an amazingly efficient layout, this 1 bed, 1 bath, 585sqft townhome shows incredibly well. Features: fresh paint, new lighting, new laminate floors, stainless appliances, quartz counters, large island w/breakfast bar, plenty of counter/cupboard space, a spacious dining area, insuite storage plus a separate locker. Enjoy the amazing outdoor space with a fully fenced yard & large wrap-around deck; perfect for BBQs. Act Now!

Read

New property listed in Cloverdale BC, Cloverdale

Posted on May 28, 2022 by Rob Blair

Posted in Cloverdale BC, Cloverdale Real Estate

I have listed a new property at 31 5850 177B ST in Surrey.

See details here

Dogwood Gardens, 4 Bedrooms and a den up, 3 Bathrooms, hard to wrong with this spacious, over 1550 square foot home, close to everything: schools, restaurants, shopping, bakeries, coffee, transit, and more. One parking spot, designated visitor parking throughout the complex, and loads street parking for visitors. Children and pet friendly, this home is for you, with a fully fenced yard backing on to greenspace,and the complex also has a playground and outdoor pool for those long summer lazy days and basic cable for those warm winter nights cuddled up to the gas fireplace.

Read

New property listed in Langley City, Langley

Posted on May 21, 2022 by Rob Blair

Posted in Langley City, Langley Real Estate

New property listed in Langley City, Langley

I have listed a new property at 2 5662 208 ST in Langley.

See details here

The Meadows - Upper unit with 2 bedrooms, and a flex room that could be a den, the 3rd bedroom or a dining area. Bright kitchen w/skylight, recent updates including, fridge, stove, built-in microwave, dishwasher, blinds, tile, bathrooms, flooring and hotwater tank (2022). Additional features include the gas fireplace, single garage, plus a 2nd parking spot and storage. Walking distance to shops, transit, park and schools. Spacious Northern exposed sundeck overlooking the beautiful gardens and grounds in this family complex. Pets are welcome too.

Read

New property listed in Willoughby Heights, Langley

Posted on May 10, 2022 by Rob Blair

Posted in Willoughby Heights, Langley Real Estate

New property listed in Willoughby Heights, Langley

I have listed a new property at 19676 86 AVE in Langley.

See details here

Park like, gated, 2.35 acre estate property in the Northwest Langley Industrial area. You will find all the bells and whistles here. Situated in the middle of the property you will find this Gorgeous remodelled country custom 6683 square foot 6 bedroom, 7 bathroom, 2 storey with a 1 bedroom legal suite in the walkout basement, a fully fenced backyard, and its on City water! For added privacy the detached shop measuring out at 44' x 32' with 200 amp service. 2 bedroom and 1 full bath coachhome and side suite is set at the front of the property. Loads of options here with this rare holding property, all suites fully renovated over the past 2 years, time to get creative, possible subdivision with a natural divide between the front and the back in the form of Latimer Creek. Quasi retail to the West and Industrial to the East, this could be a gold mine for the right Entrepenuer!

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New property listed in Cloverdale BC, Cloverdale

Posted on May 5, 2022 by Rob Blair

Posted in Cloverdale BC, Cloverdale Real Estate

I have listed a new property at 31 5850 177B ST in Surrey.

See details here

Dogwood Gardens, 4 Bedrooms and a den up, 3 Bathrooms, hard to go wrong with this spacious, over 1500 square foot home, close to everything: schools, restaurants, shopping, bakeries, coffee, transit, and more. One covered parking spot, designated visitor parking throughout the complex, and loads street parking for visitors. Children and pet friendly, this home is for you, with a fully fenced yard backing on to greenspace, and the complex also has a playground and outdoor pool for those long summer lazy days

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April 2022 FVREB Stats are in:

Posted on May 3, 2022 by Rob Blair

Fraser Valley sales dip below 10-year average for first time in nearly two years

SURREY, BC - 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.

“We would typically see a flurry of activity around this time of the year,” said, FVREB President, Sandra Benz, “however that’s not been the case so far. While it’s still too early to say whether this trend will endure, the slowing of sales combined with an increase in active listings is helping to restore a semblance of balance to the market, which is encouraging for homebuyers.”

Last month, the Board received 3,622 new listings, a decrease of 27.8 per cent compared to April 2021, and a decrease of 20.9 per cent compared to March 2022. The total month-end active inventory in April was 5,387, 14.6 per cent higher than in March.

“In an effort to stem inflation worries, the government has moved quickly to implement interest rate hikes,” added FVREB CEO Baldev Gill. “In fact, we’re already back to rate levels we haven’t seen since 2019. This will put an added burden on homebuyers, particularly on first-timers, who will have to meet more stringent stress test conditions. Ultimately, this will likely result in a decrease in demand, which may slow price growth, however it will do little to resolve the underlying issue of low inventory.”

Across Fraser Valley, in April, the average number of days to sell a single-family detached home was 16 and a townhome was 13 days. Apartments took, on average, 13 days to sell.

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.

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Rob Blair

September 2022 Fraser Valley Stats are in!

Fraser Valley real estate market continues to stabilize heading into fall season

I have sold a property at TH-5 4182 DAWSON ST in Burnaby

August 2022 Metro Vancouver Stats are in!!

Metro Vancouver's housing market sees fewer home buyers and sellers in August

Fraser Valley August 2022 stats are in:

Fraser Valley housing market signals further settling as sales continue to stall in response to interest rate rises

New property listed in Cloverdale BC, Cloverdale

New property listed in Abbotsford East, Abbotsford

New property listed in Brentwood Park, Burnaby North

Fraser Valley July 2022 Stats are in!

Sales slide for fourth straight month as rising interest rates put brakes on Fraser Valley real estate market

I have sold a property at 31 5850 177B ST in Surrey

June 2022 Stats are here!

Fraser Valley housing market continues to cool amid slower sales, softer prices

New property listed in Cloverdale BC, Cloverdale

I have sold a property at 2 5662 208 ST in Langley

I have sold a property at 13 6965 HASTINGS ST in Burnaby

Open House. Open House on Saturday, June 4, 2022 12:00PM - 2:00PM Hosted by Prab Sahota RE/MAX Colonial Pacific

New property listed in Sperling-Duthie, Burnaby North

New property listed in Cloverdale BC, Cloverdale

New property listed in Langley City, Langley

New property listed in Willoughby Heights, Langley

New property listed in Cloverdale BC, Cloverdale

April 2022 FVREB Stats are in:

Fraser Valley sales dip below 10-year average for first time in nearly two years

Rob Blair

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