Stats Update as we’re into December 2023:

As we head into the holiday season as buyers and sellers maintain the holding pattern seen over the latter half of this year. FVREB processed 891 sales on MLS. A 8.1% decrease compared to last month and a 6.2% increase compared to November of last year.

The Board received 2,030 new listings in November, decreasing by 20% from last month. Active listings in November were 6,254, down by 5% over last month and up by 17% from November 2022. The sales-to-active listings ratio was 14%, creating balanced conditions in the overall market.

For detached homes, benchmark prices are up by 6.2% compared to last year, while townhomes and apartments are up by 5.1% and 5.6%.

Overall Benchmark prices continued to slide for the fourth month in a row, losing 1.1 % compared to October.

The months of inventory for detached homes indicates we are in a buyer’s market, and townhomes and condos indicate a seller’s market heading towards a balanced.

The average number of days spent on the market before selling a single detached home was 36 days, townhomes and apartments moving more quickly at 29 days.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,489,100, the Benchmark price for an FVREB single-family detached home decreased 0.94% compared to October 2023 and increased 6.22% compared to November 2022.
• Townhomes: At $837,200, the Benchmark price for an FVREB townhome decreased 0.95% compared to October 2023 and increased 5.08% compared to November 2022.
• Apartments: At $545,300, the Benchmark price for an FVREB apartment/condo decreased 0.02% compared to October 2023 and increased 5.60% compared to November 2022.

If you have any further questions or would like more information about these Stats, feel free to reach out to us! 

Resource: The Fraser Valley Real Estate Board

Fraser Valley Real Estate Market balanced, as demand softens and prices edge lower.

The Fraser Valley real estate market experienced a balance between supply and demand. This balance has been driven by decreased sales and an increase in new property listings.

In September, there were 1,100 home sales, a 13.6% decrease from the previous month but a substantial 22.6% increase compared to this time last year. New property listings increased by 9.1% compared to the previous month and a 25.8% compared to the previous year.

The number of available properties has steadily grown since December, reaching 6,532 active listings in September.

Demand for detached homes has slightly softened, with a sales-to-listings ratio of 14% in September, down from 16% in August. Yet, townhomes and apartments remain highly sought after, boasting a 31% and 25% sales-to-listings ratio, respectively.

Benchmark prices dipped compared to last month with losses of less than 1% across all property types. Compared to last year, prices are up 4.6% for detached homes, while townhomes are up 3.5% and apartments up by 3.4%.

Month’s of Inventory for Detached homes was 7.3 months, indicating a Buyer’s market, 3.2 months of supply for Townhomes, and 4.0 months for Condos indicating a Seller’s market.

On average, it took minimum of 3 weeks for properties to sell, with Townhomes at 23 days, apartments at 24 days and detached homes at 29 days on the market.

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.

If you have any further questions or would like more information about these Stats, feel free to reach out to us! 

Resource: The Fraser Valley Real Estate Board

The real estate market in the Fraser Valley experienced a decline in sales during July due to rising interest rates and the typical summer sales cycle.

The Fraser Valley Real Estate Board processed 1,368 home sales in July on MLS showing a decrease of 29.3% from June. However, these figures still reflect a 37.8% increase compared to July 2022.

The number of new listings in July reached 2,855, which was a 16.6% drop from the previous month but stood 19.7% higher than July 2022. Active listings continued to rise, growing by 4.3% over June and bringing the total homes available for sale in the region to 6,199.

The market dynamics varied for different types of homes. While the market for detached homes softened with a sales-to-active listings ratio of 17%, demand for townhomes and apartments remained strong at 45% and 36% respectively. A balanced market usually falls within a sales-to-active-listing ratio of 12% to 20%.

Prices across all property categories saw only minor increases compared to the previous month.

With interest rates at their highest point in over two decades and ongoing inflation, both buyers and sellers are taking their time to reconsider their plans.

Properties typically spent around two to three weeks on the market before selling, with detached homes taking 22 days, and townhomes and apartments moving a bit quicker 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/condo increased 0.6 per cent compared to June 2023 and increased 0.8 per cent compared to July 2022.

If you have any further questions or would like more information about these Stats, feel free to reach out to us! 

Resource: The Fraser Valley Real Estate Board

We’re so grateful to have had this opportunity to sponsor the Holmberg Memorial Golf Tournament hosted by Abbotsford Hospice Society. Bringing together our love for the game with our passion for community impact was a true pleasure. A big thanks to everyone who contributed to the success of this event – your dedication made all the difference.

Looking forward to more swings, smiles, and positive impacts ahead! 

#TeeoffwithPrime

Homes sales going strong despite rate hikes!

The Fraser Valley Real Estate Market is experiencing a low supply of available homes, which has caused prices to rise.

In June, the Fraser Valley Real Estate Board processed a total of 1,935 home sales, which is a 51.1% increase compared to June last year and a 13.1% increase compared to the previous month. Prices continue to go up because there are more people looking to buy homes than there are homes available. Buyers are still entering the market despite potential financial implications of expected rate hikes.

Last month, new listings decreased by 3.1% compared to May 2023. A the end of June, total active inventory was at 5,944.

In June, the average number of days to sell a single-family detached home was 21, while townhomes took 16 days and apartments took 22 days on average.

MLS® HPI Benchmark Price Activity:

• Single Family Detached: The Benchmark price for an FVREB single-family detached home reached $1,526,200, reflecting a 2.3% increase compared to May 2023 and a 7.4% decrease compared to June 2022.
• Townhomes: The Benchmark price for an FVREB townhome stood at $845,400, indicating a 2.3% increase compared to May 2023 and a 5.2% decrease compared to June 2022.
• Apartments: The Benchmark price for an FVREB apartment/condo reached $552,200, representing a 1.8% increase compared to May 2023 and a 2.5% decrease compared to June 2022.

If you have any further questions or would like more information about these Stats, feel free to reach out to us! 

Resource: The Fraser Valley Real Estate Board

In May, the real estate market in the Fraser Valley experienced a significant increase in the number of new property listings. The supply of new listings rose by over 40% compared to April!

Although the number of new listings was slightly lower than May 2022, it was higher than the average for the past ten years. This increase in listings is good news for the region as it helps address the housing supply issues that have been present.

Typically, there is a higher influx of new listings earlier in the spring sales cycle. However, due to multiple interest rate hikes in the latter half of 2022, many sellers and buyers were hesitant, resulting in a holding pattern throughout the year. The current increase in listings can be seen as a recovery and adjustment to the new financial landscape.

Active listings also grew by 20% compared to April. This was the largest month-over-month increase in over a year.

Despite the increase in supply, there was still healthy demand in the market. In May, there were 1,711 sales processed, representing a 10.1% increase compared to the previous month and a 25.8% jump compared to May of the previous year.

As a result of growing buyer confidence, property prices continued to rise across all categories. The composite Benchmark price, which represents the typical price of properties in the region, reached $1.01 million. This is the first time it has surpassed the one-million mark since September 2022!

Properties in the Fraser Valley are also selling more quickly. On average, detached homes took 23 days to sell, apartments took 23 days, and townhomes sold within 18 days after being listed.

Overall, Month’s of Inventory in the Fraser Valley indicates that we are in a seller’s market for all of Detached, Townhome, and Condo market.

MLS® HPI Benchmark Price Activity

• Single Family Detached: The Benchmark price for a single-family detached home increased by 2.5% compared to April 2023, but decreased by 12.7% compared to May 2022.
• Townhomes: The Benchmark price for a townhome increased by 1.4% compared to April 2023, but decreased by 9.8% compared to May 2022.
• Apartments: The Benchmark price for an apartment/condo increased by 2% compared to April 2023, but decreased by 6.3% compared to May 2022.

Spring Market Kicks in!

Sales were steady across the Fraser Valley in April as buyers took advantage of the continued pause in interest rate hikes.

Last month the Fraser Valley Real Estate Board (FVREB) processed 1,554 sales on MLS, with a slight decrease of 5.1% compared to this time last year.

Narinder Bains, Chair of the FVREB said “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% compared to March, and down by 31.6% compared to last year. The month ended with a total active inventory of 4,632.

Low inventories helped nudge prices upward with the composite Benchmark price up by 2.8% 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, townhome was 23 days and apartments took 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% compared to March 2023 and decreased 17.8% compared to April 2022.
• Townhomes: At $808,000, the Benchmark price for an FVREB townhome increased 1.7% compared to March 2023 and decreased 13.3% compared to April 2022.
• Apartments: At $530,200, the Benchmark price for an FVREB apartment/condo increased 1.6% compared to March 2023 and decreased 9.8% compared to April 2022.

If you have any further questions or would like more information about these Stats, feel free to reach out to us! 

Resource: The Fraser Valley Real Estate Board

Within the past 2 months, the Fraser Valley Real Estate Market has experienced growth in sales!

FVREB processed 1550 sales on MLS. A 72.6% increase compared to last month..

“After months of uncertainty made it difficult for buyers and sellers to re-enter the housing market, we may well be seeing a turning point,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “The pause in rate hikes has helped to restore a much-needed sense of predictability, which is building consumer confidence. As a result, we’re starting to see more traffic at open houses along with more multiple offer situations.”

However, low supply is still an issue and a primary factor driving price growth.

Benchmark prices continued to edge upward with roughly 2% month-over-month growth across all categories. The composite Benchmark price was $965,100 in March.

New listings, at 2,559, were 32% higher than in February, but still 44.1% below last year, while active listings were up by 2.8% over last month and 3.5% below last year.

Properties spent slightly fewer days on the market compared to last month with detached homes posting 30 days on the market and apartments 29. Townhomes moved faster, at 26 days.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,390,600 the Benchmark price for an FVREB single-family detached home increased 1.9 per cent compared to February 2023 and decreased 21.7 per cent compared to March 2022.
• Townhomes: At $794,400, the Benchmark price for an FVREB townhome increased 2.3 per cent compared to February 2023 and decreased 14.5 per cent compared to March 2022.
• Apartments: At $521,800 the Benchmark price for an FVREB apartment/condo increased 2.3 per cent compared to February 2023 and decreased 11 per cent compared to March 2022.

If you have any further questions or would like more information about these Stats, feel free to reach out to us! 

Resource: The Fraser Valley Real Estate Board

Signs of stability in Fraser Valley create opportunities for home buyers and sellers!

House prices in the Fraser Valley region increased slightly in February, after almost a year of prices decreasing every month. The number of sales also increased in February, but they are still lower than usual. This is the first increase in sales since October!

In February, the Fraser Valley Real Estate Board had 898 sales on its MLS®, which is a 43.5% increase from January.

As mentioned by the President of FVREB, Sandra Benz – the uncertainty about rates and prices in recent months has made some clients hesitant to buy homes. However, now as we can expect a pause on rate hikes, which is good news for families who are looking to buy homes. This positive news should encourage more families to start looking for homes, and we may see sales to pick up gradually in the coming months moving into spring.

The months of inventory for detached homes within the Fraser Valley region suggest once again the market is in balance, whereas for townhomes and condos indicating a seller’s market.

According to current indications, the market seems to be moving towards achieving stability, which is a positive sign for both the supply and demand sides of the economy.

Properties spent between 7 and 12 fewer days on the market compared to last month, another sign that the market may be picking up. Across Fraser Valley in February, the average number of days to sell a single-family detached home was 36 and a townhome was 33 days. Apartments took, on average, 32 days to sell.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,364,300, the Benchmark price for an FVREB single-family detached home increased 0.5 per cent compared to January 2023 and decreased 21.5 per cent compared to February 2022.
• Townhomes: At $776,200, the Benchmark price for an FVREB townhome increased 0.4 per cent compared to January 2023 and decreased 13.8 per cent compared to February 2022.
• Apartments: At $510,100, the Benchmark price for an FVREB apartment/condo increased 1.3 per cent compared to January 2023 and decreased 10.5 per cent compared to February 2022.

If you have any further questions or would like more information about these Stats, feel free to reach out to us! 

Resource: The Fraser Valley Real Estate Board

Watch this short video as Jatinder gives valuable insight on why NOW is the time to buy, giving you a breakdown of mortgage payment scenarios in Feb 2022 vs. Now…

Have more questions about this topic? Feel free to reach out to us, let’s talk numbers! 🤓

Jatinder Khangura
778-552-6099