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Fraser Valley June 2023: Low Supply moves Prices Up

SURREY, BC – 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.

For more stats, click HERE

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