FRASER VALLEY HOUSING MARKET AFTER JULY 2023

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