Fraser Valley market balanced, as demand softens and prices edge lower SURREY, BC – Continued slowing sales and a healthy rise in new listings in September has brought the Fraser Valley housing market into balance. Three months of declining sales has seen Benchmark prices dip for a second straight month.

The Fraser Valley Real Estate Board recorded 1,100 sales on its Multiple Listing Service® (MLS®) in September 2023, a decrease of 13.6 per cent compared to August. Sales were up 22.6 per cent compared to September 2022. New listings rose to 2,860 in September, an increase of 9.1 per cent over last month, and 25.8 per cent above this time last year. Active listings have been rising since last December and grew again in September by 3.8 per cent to 6,532, 3.5 per cent below the ten-year average.

“With inventory levels continuing on a slow and steady rise, together with slow sales, what we are seeing is a more balanced market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “If this trend continues, increased new listings will help to maintain a balanced market, giving buyers greater choice.” The market for detached homes softened again in September, with a sales-to-active listings ratio of 14 per cent, down from 16 per cent in August. Demand for townhomes and apartments remained stronger (31 per cent and 25 per cent, respectively). The overall sales-to-active listing ratio is at 17 per cent, representing a balanced market. The market is considered balanced when the sales-to-active-listings ratio is between 12 per cent and 20 per cent.

Benchmark prices in the Fraser Valley dipped compared to last month with losses of less than one per cent across all property types. “With interest rate uncertainty still in play, September sales were slower than the trends for this time of year,” said FVREB CEO, Baldev Gill. “Market activity and prices can vary from neighbourhood to neighbourhood, so consulting your REALTOR® will be a vital step for buyers and sellers who need expert guidance and advice to navigate local market conditions.” On average properties spent a minimum of three weeks on the market before selling, with townhomes and apartments moving faster (23 and 24 days, respectively) than detached homes (29 days).

MLS® HPI Benchmark Price Activity • Single Family Detached: At $1,526,000, the Benchmark price for an FVREB single-family detached home decreased 0.6 per cent compared to August 2023 and increased 4.6 per cent compared to September 2022. • Townhomes: At $848,600, the Benchmark price for an FVREB townhome increased 0.3 per cent compared to August 2023 and increased 3.5 per cent compared to September 2022. • Apartments: At $545,900, the Benchmark price for an FVREB apartment/condo decreased 1.4 per cent compared to August 2023 and increased 3.4 per cent compared to September 2022.

For more details CLICK HERE.

VANCOUVER, BC – October 4, 2023 – The month-over-month price gains seen earlier this
year abated in the Metro Vancouver housing market in September due to a seasonal decline in
sales and a modest increase in inventory levels across the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales 
in the region totalled 1,926 in September 2023, a 13.2 per cent increase from the 1,701 sales recorded in September 2022. This was 26.3 per cent below the 10-year seasonal average (2,614).

“A key dynamic that we’ve been watching this year has been the reluctance of some
homeowners to list their homes given that mortgage rates are the highest they’ve been in over ten
years,” Andrew Lis, REBGV’s director of economics and data analytics said. “With fewer
listings coming to the market earlier this year than usual, inventory levels remained very low,
which led prices to increase throughout the spring and summer months.”

There were 5,446 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in September 2023. This represents a
28.4 per cent increase compared to the 4,243 homes listed in September 2022.
This was 5.2 per cent above the 10-year seasonal average (5,179).

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
11,382, a 9.2 per cent increase compared to September 2022 (10,427). This was 6.2 per cent
below the 10-year seasonal average (12,136).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for
September 2023 is 17.7 per cent. By property type, the ratio is 12.6 per cent for detached homes,
21.6 per cent for townhomes, and 21.3 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.

“In contrast to the spring and summer, the September data suggests there may be a renewed
interest on the part of sellers to participate in the market, with new listing activity rising back in
line with long-term historical averages. This upward shift in new listings has allowed overall
inventory levels to recover modestly from the low levels we saw earlier this year,” Lis said.
“When we pair this dynamic with the slowdown in sales that typically occurs in the fall as a
result of seasonal patterns, the outcome is more balanced market conditions overall.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,203,300. This represents a 4.4 per cent increase over September 2022
and a 0.4 per cent decrease compared to August 2023.

Sales of detached homes in September 2023 reached 572, a 7.5 per cent increase from the 532
detached sales recorded in September 2022. The benchmark price for a detached home is
$2,017,100. This represents a 5.8 per cent increase from September 2022 and a 0.1 per cent
decrease compared to August 2023.

Sales of apartment homes reached 988 in September 2023, an 11.3 per cent increase compared to
the 888 sales in September 2022. The benchmark price of an apartment home is $768,500. This
represents a 5.8 per cent increase from September 2022 and a 0.2 per cent decrease compared to
August 2023.

Attached home sales in September 2023 totalled 352, a 28.5 per cent increase compared to the
274 sales in September 2022. The benchmark price of an attached home is $1,098,400. This
represents a 5.3 per cent increase from September 2022 and a 0.5 per cent decrease compared to
August 2023.

For more stats and neighbourhood details CLICK HERE.

SURREY, BC – A combination of seasonal trends and cautious anticipation of the next rate announcement saw the Fraser Valley real estate market slow in August as sales fell slightly for the second month, after reaching a 15-month high in June.

The Fraser Valley Real Estate Board recorded 1,273 sales on its Multiple Listing Service (MLS®) in August 2023, a decrease of 6.9 per cent compared to July. Sales were up 25.2 per cent compared to August 2022. New listings dropped to 2,622 in August, a decrease of 8.2 per cent over last month, but 28.2 per cent above this time last year. Active listings have been rising since last December and grew again in August by 1.5 per cent to 6,291, just 7 per cent off the ten-year average.

“Many buyers are in “watchful waiting” mode as they hold off on decisions in anticipation of potential further rate changes,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “With prices relatively stable and active inventory on the rise, we hope to see more new listings come on stream over the next couple of months, especially if rates hold steady.”

With a sales-to-active-listings ratio of 16 per cent, the market for detached homes was balanced between supply and demand. Demand for townhomes and apartments remained stronger (38 per cent and 32 per cent, respectively). The market is considered balanced when the sales-to-active-listings ratio is between 12 per cent and 20 per cent. Benchmark prices in the Fraser Valley, remained relatively unchanged compared to last month with gains of less than one per cent across all property types.

“We expect to see market activity pick up heading into the fall months,” said FVREB CEO, Baldev Gill. “That said, with the uncertainty surrounding interest rates as well as the potential impact of provincial housing strategy initiatives, buyers and sellers would be well-advised to consult with a professional REALTOR® to assess any risks and opportunities before making a decision.”

On average properties spent between two and four weeks on the market before selling, with townhomes and apartments moving faster (16 and 20 days, respectively) than detached homes (25 days).

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,534,500, the Benchmark price for an FVREB single-family detached home decreased 0.6 per cent compared to July 2023 and increased 1.6 per cent compared to August 2022.

• Townhomes: At $846,200, the Benchmark price for an FVREB townhome decreased 0.5 per cent compared to July 2023 and increased 0.9 per cent compared to August 2022.

• Apartments: At $553,500, the Benchmark price for an FVREB apartment/condo decreased 0.4 per cent compared to July 2023 and increased 2.5 per cent compared to August 2022.

Get more stats HERE.

Seasonal slowdown brings price stability to Metro Vancouver

As summer winds to a close, higher borrowing costs have begun to permeate the Metro Vancouver housing market in predictable ways, with price gains cooling and sales slowing along the typical seasonal pattern.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,296 in August 2023, a 21.4 per cent increase from the 1,892 sales recorded in August 2022. This was 13.8 per cent below the 10-year seasonal average (2,663).

“It’s been an interesting spring and summer market, to say the least” Andrew Lis, REBGV’s director of economics and data analytics said. “Borrowing costs are fluctuating around the highest levels we’ve seen in over ten years, yet Metro Vancouver’s housing market bucked many pundits’ predictions of a major slowdown, instead posting relatively strong sales numbers and year-to-date price gains north of eight per cent, regardless of home type.”

There were 3,943 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2023. This represents an 18.1 per cent increase compared to the 3,340 homes listed in August 2022. This was 5.3 per cent below the 10-year seasonal average (4,164).

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,082, a 0.2 per cent decrease compared to August 2022 (10,099). This was 13.4 per cent below the 10-year seasonal average (11,647).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for August 2023 is 23.9 per cent. By property type, the ratio is 14.2 per cent for detached homes, 30.3 per cent for townhomes, and 31.9 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.

“It’s a bit of a tortoise and hare story this year, with sales starting the year slowly while prices increased due to low inventory levels,” Lis said. “As fall approaches, sales have caught up with the price gains, but both metrics are now slowing to a pace that is more in-line with historical seasonal patterns, and with what one might expect given that borrowing costs are where they are.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,208,400. This represents a 2.5 per cent increase over August 2022 and a 0.2 per cent decrease compared to July 2023.

Sales of detached homes in August 2023 reached 591, a 13.2 per cent increase from the 522 detached sales recorded in August 2022. The benchmark price for a detached home is $2,018,500. This represents a 3.3 per cent increase from August 2022 and a 0.3 per cent increase compared to July 2023.

Sales of apartment homes reached 1,270 in August 2023, a 27.4 per cent increase compared to the 997 sales in August 2022. The benchmark price of an apartment home is $770,000. This represents a 4.4 per cent increase from August 2022 and a 0.2 per cent decrease compared to July 2023.

Attached home sales in August 2023 totalled 422, an 18.9 per cent increase compared to the 355 sales in August 2022. The benchmark price of an attached home is $1,103,900. This represents a 3.9 per cent increase from August 2022 and a 0.1 per cent decrease compared to July 2023.

Download the August 2023 stats package HERE

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