Seasonality, interest rates temper sales in the Fraser Valley
SURREY, BC – 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/cond

Get all of last months stats HERE.

Strong sales push Metro Vancouver home prices past the rate hike in July

Home prices across all home types in Metro Vancouver rose again in July, as strong sales figures continue to push up against low levels of housing inventory in the region.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,455 in July 2023, a 28.9 per cent increase from the 1,904 sales recorded in July 2022. This was 15.6 per cent below the 10-year seasonal average (2,909).

“While sales remain about 15 per cent below the ten-year average, they are also up about 30 per cent year-over-year, which is not insignificant,” Andrew Lis, REBGV’s director of economics and data analytics said. “Looking under the hood of these figures, it’s easy to see why sales are posting such a large year-over-year percentage increase. Last July marked the point when the Bank of Canada announced their ‘super-sized’ increase to the policy rate of one full per cent, catching buyers and sellers off guard, and putting a chill on market activity at that time.”

There were 4,649 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2023. This represents a 17 per cent increase compared to the 3,975 homes listed in July 2022. This was 5.2 per cent below the 10-year seasonal average (4,902).

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,301, a four per cent decrease compared to July 2022 (10,734). This was 14.4 per cent below the 10-year seasonal average (12,039).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for July 2023 is 24.9 per cent. By property type, the ratio is 16.5 per cent for detached homes, 32 per cent for townhomes, and 30.6 per cent for apartments.

Analysis of the historical data suggests 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.

“What’s interesting to see in the current market environment is that, while the Bank of Canada rate hike this July was only a quarter of a per cent, mortgage rates are now at the highest levels we’ve seen in Canada in over ten years,” Lis said. “Yet despite borrowing costs being even higher than last July, sales activity surpassed the levels we saw last year, which I think says a lot about the strength of demand in our market and buyers’ ability to adapt to and qualify for higher borrowing costs.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,210,700. This represents a 0.5 per cent increase over July 2022 and a 0.6 per cent increase compared to June 2023.

Sales of detached homes in July 2023 reached 681, a 28.7 per cent increase from the 529 detached sales in July 2022. The benchmark price for a detached home is $2,012,900. This represents a 0.6 per cent increase from July 2022 and a 1.1 per cent increase compared to June 2023.

Sales of apartment homes reached 1,281 in July 2023, a 20.7 per cent increase compared to the 1,061 sales in July 2022. The benchmark price of an apartment home is $771,600. This represents a 2.6 per cent increase from July 2022 and a 0.6 per cent increase compared to June 2023.

Attached home sales in July 2023 totalled 466, a 53.3 per cent increase compared to the 304 sales in July 2022. The benchmark price of an attached home is $1,104,600. This represents a 1.2 per cent increase from July 2022 and a 0.5 per cent increase compared to June 2023.

Download the July 2023 stats package HERE.

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

Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver increased in June as home buyer demand butted up against a limited inventory of homes for sale in the region.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales2 in the
region totalled 2,988 in June 2023, a 21.1 per cent increase from the 2,467 sales recorded in June
2022. This was 8.6 per cent below the 10-year seasonal average (3,269).

“The market continues to outperform expectations across all segments, but the apartment
segment showed the most relative strength in June,” Andrew Lis, REBGV’s director of
economics and data analytics said. “The benchmark price of apartment homes is almost cresting
the peak reached in 2022, while sales of apartments are now above the region’s ten-year seasonal
average. This uniquely positions the apartment segment relative to the attached and detached
segments where sales remained below the ten-year seasonal averages.”

There were 5,348 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in June 2023. This represents a 1.3 per
cent increase compared to the 5,278 homes listed in June 2022. This was 3.1 per cent below the
10-year seasonal average (5,518).

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
9,990, a 7.9 per cent decrease compared to June 2022 (10,842) This was 17.4 per cent below the
10-year seasonal average (12,091).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for
June 2023 is 31.4 per cent. By property type, the ratio is 20.9 per cent for detached homes, 38.5
per cent for townhomes, and 39.4 per cent for apartments.
Analysis of the historical data suggests 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.

“Despite elevated borrowing costs, there continues to be too little resale inventory available
relative to the pool of buyers in Metro Vancouver. This is the fundamental reason we continue to
see prices increase month over month across all segments,” Lis said. “With the benchmark price
for apartments now standing at $767,000, we repeat our call to the provincial government to
adjust the $525,000 threshold exempting first-time home buyers from the Property Transfer Tax
to better reflect the price of entry-level homes in our region. This is a simple policy adjustment
that could help more first-time buyers afford a home right now.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,203,000. This represents a 2.4 per cent decrease over June 2022 and a
1.3 per cent increase compared to May 2023.

Sales of detached homes in June 2023 reached 848, a 28.3 per cent increase from the 661
detached sales recorded in June 2022. The benchmark price for a detached home is $1,991,300.
This represents a 3.2 per cent decrease from June 2022 and a 1.9 per cent increase compared to
May 2023.

Sales of apartment homes reached 1,573 in June 2023, an 18.6 per cent increase compared to the
1,326 sales in June 2022. The benchmark price of an apartment home is $767,000. This
represents a 0.5 per cent increase from June 2022 and a 0.8 per cent increase compared to May
2023.

Attached home sales in June 2023 totalled 547, a 17.6 per cent increase compared to the 465
sales in June 2022. The benchmark price of an attached home is $1,098,900. This represents a one per cent decrease from June 2022 and a 1.5 per cent increase compared to May 2023.

For more stats, click HERE

SURREY, BC – 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 compared
to April 2023 and decreased 6.3 per cent compared to May 2022.

Get all of the May stats HERE:

While the year started slower than usual, Metro Vancouver’s housing market is showing signs of heating up as summer arrives, with prices increasing for the sixth consecutive month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,411 in May 2023, which is a 15.7 per cent increase from the 2,947 sales recorded in May 2022, and a 1.4 per cent decline from the 10-year seasonal average (3,458).

“Back in January, few people would have predicted prices to be up as much as they are – ourselves included,” Andrew Lis, REBGV’s director of economics and data analytics said. “Our forecast projected prices to be up modestly in 2023 by about two per cent at year-end. Instead, Metro Vancouver home prices are already up about six per cent or more across all home types at the midway point of the year.”

There were 5,661 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2023. This represents an 11.5 per cent decrease compared to the 6,397 homes listed in May 2022, and was 4.3 per cent below the 10-year seasonal average (5,917).

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,293, a 10.5 per cent decrease compared to May 2022 (10,382), and 20.6 per cent below the 10-year seasonal average (11,705).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for May 2023 is 38.4 per cent. By property type, the ratio is 28.5 per cent for detached homes, 45 per cent for townhomes, and 45.5 per cent for apartments.

Analysis of the historical data suggests 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.

“You don’t have to squint to see the reason prices continue to increase. The fundamental issue remains that there are more buyers relative to the number of willing sellers in the market. This is keeping the amount of resale homes available in short supply,” Lis said. “And in a surprising twist, MLS® sales in May snapped back closer to historical averages than we’ve seen in the recent past, despite mortgage rates being where they are now, and new listing activity having been slower than usual this spring. If mortgage rates weren’t holding back market activity so much right now, I think our market would look a lot like the heydays of 2021/22, or even 2016/17.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,188,000. This represents a 5.6 per cent decrease over May 2022 and a 1.3 per cent increase compared to April 2023.

Sales of detached homes in May 2023 reached 1,043, a 30.7 per cent increase from the 798 detached sales recorded in May 2022. The benchmark price for a detached home is $1,953,600. This represents a 6.7 per cent decrease from May 2022 and a 1.8 per cent increase compared to April 2023.

Sales of apartment homes reached 1,730 in May 2023, a 7.9 per cent increase compared to the 1,604 sales in May 2022. The benchmark price of an apartment home is $760,800. This represents a two per cent decrease from May 2022 and a 1.1 per cent increase compared to April 2023.

Attached home sales in May 2023 totalled 608, a 16.7 per cent increase compared to the 521 sales in May 2022. The benchmark price of an attached home is $1,083,000. This represents a 4.7 per cent decrease from May 2022 and a 0.2 per cent increase compared to April 2023.

Download the May 2023 stats package.

SURREY, BC – 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.”
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.

Get the complete Fraser Valley April stats HERE.

Prices continue rising across Metro Vancouver as home buyer confidence returns

With listing activity remaining below historical norms, home sales in Metro Vancouver have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,741 in April 2023, a 16.5 per cent decrease from the 3,281 sales recorded in April 2022, and 15.6 per cent below the 10-year seasonal average (3,249).

“The fact we are seeing prices rising and sales rebounding this spring tells us home buyers are returning with confidence after a challenging year for our market, with mortgage rates roughly doubling,” Lis said. “The latest MLS HPI® data show home prices have increased about five per cent year-to-date, which already outpaces our forecast of one to two per cent by year-end. The year is far from over, however, and it remains to be seen if these price increases will be sustained into 2024.”

There were 4,307 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2023. This represents a 29.7 per cent decrease compared to the 6,128 homes listed in April 2022, and was 22 per cent below the 10-year seasonal average (5,525).

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,790, a 4.2 per cent decrease compared to April 2022 (9,176), and 20.9 per cent below the 10-year seasonal average (11,117).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2023 is 32.7 per cent. By property type, the ratio is 24.4 per cent for detached homes, 40.1 per cent for townhomes, and 37.4 per cent for apartments.

Analysis of the historical data suggests 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.

“When we released our market forecast in January, we were one of the only organizations taking the contrarian view that prices were likely to appreciate in 2023,” Lis said. “And what we’re seeing unfold so far this year is consistent with our prediction that near record-low inventory levels would create competitive conditions where almost any resurgence in demand would translate to price escalation, despite the elevated borrowing cost environment. At the crux of it, the issue remains a matter of far too little resale supply available relative to the pool of active buyers in our market.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,170,700. This represents a 7.4 per cent decrease over April 2022 and a 2.4 per cent increase compared to March 2023.

Sales of detached homes in April 2023 reached 808, a 16.3 per cent decrease from the 965 detached sales recorded in April 2022. The benchmark price for detached properties is $1,915,800. This represents an 8.8 per cent decrease from April 2022 and a 2.9 per cent increase compared to March 2023.

Sales of apartment homes reached 1,413 in April 2023, a 16.5 per cent decrease compared to the 1,693 sales in April 2022. The benchmark price of an apartment property is $752,300. This represents a 3.1 per cent decrease from April 2022 and a two per cent increase compared to March 2023.

Attached home sales in April 2023 totalled 500, a 13.5 per cent decrease compared to the 578 sales in April 2022. The benchmark price of an attached unit is $1,078,400. This represents a 6.1 per cent decrease from April 2022 and a 2.1 per cent increase compared to March 2023.

Download the April 2023 stats package HERE.