The Fraser Valley real estate market saw an injection of supply in May as new listings surged by more than 40 percent over April.

At 3,533, new listings were just below May 2022 levels (3,631) but slightly higher (2.7 percent) than the ten-year average for the region. A welcome trend toward 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 percent 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 percent increase over last month and a 25.8 percent 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 percent compared to April 2023 and decreased 12.7 percent compared to May 2022.
• Townhomes: At $826,200, the Benchmark price for an FVREB townhome increased 1.4 percent compared to April 2023 and decreased 9.8 percent compared to May 2022.
• Apartments: At $542,300, the Benchmark price for an FVREB apartment/condo increased by 2 percent compared to April 2023 and decreased by 6.3 percent compared to May 2022.

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 percent 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 percent compared to March, and down by 31.6 percent compared to last year. The month ended with a total active inventory of 4,632, a 2.2 percent increase over March, and 14 percent 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 percent to $992,000 and single-family detached homes up by nearly four percent, 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 by 3.8 percent compared to March 2023 and decreased by 17.8 percent compared to April 2022.
• Townhomes: At $808,000, the Benchmark price for an FVREB townhome increased 1.7 percent compared to March 2023 and decreased 13.3 percent compared to April 2022.
• Apartments: At $530,200, the Benchmark price for an FVREB apartment/condo increased 1.6 percent compared to March 2023 and decreased 9.8 percent compared to April 2022.