The Board received 2,186 new listings in October, a decrease of 3.8 percent compared to September, and on par with October 2021. The month ended with a total active inventory of 5,642, a decrease of 2.8 percent from last month but up 63.7 percent compared to October 2021.

With a sales-to-active listings ratio of 16 percent, the overall market was again balanced for the fifth straight month after a prolonged sellers’ market earlier in the year. (The market is considered balanced when the sales-to-active listings ratio is between 12 percent and 20 percent.)

“These trends suggest that the market is looking to re-establish equilibrium in the wake of last year’s intense activity and in the face of continued interest rate pressures,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “With sales continuing to lag and new inventory slow to come on stream, we’re seeing a holding pattern regarding whether to buy or list a property and expect this to continue through to year-end.”

Prices continued to soften, with month-over-month Benchmark prices down slightly across all property categories. For detached homes, prices are on par with October 2021 levels, while townhomes and apartments are up 7.7 percent and 11.5 percent, respectively, over 2021.

“With interest rates at their highest levels since 2006, it’s understandable that buyers and sellers are hesitant,” said Board CEO Baldev Gill. “Accordingly, they look to Fraser Valley REALTORS® for area knowledge and market expertise and analysis before making such a significant investment decision.”

Fraser Valley housing market signals further settling as sales continue to stall in response to interest rate rises

SURREY, BC — Robust active listings and relative steady sales activity continued to bring balance to the Fraser Valley real estate market in August. The past several months of rising inventory combined with a slowing trend in sales has also seen benchmark prices return to levels not seen since last year.

In August, the Fraser Valley Real Estate Board (FVREB) processed 1,017 sales on its Multiple Listing Service® (MLS®), an increase of 2.4 per cent compared to last month and a 51.3 per cent decrease compared to this time last year.

The Board received 2,045 new listings in August, a decrease of 14.3 per cent compared to July, and only 2.9 per cent less than August 2021. The month ended with a total active inventory of 5,871, a decrease of 8.5 per cent from last month but up by 44 percent compared to August 2021. Once again August saw a balanced market in the Fraser Valley with an overall sales-to-active ratio of 17 per cent (the market is considered balanced when the sales-to-active ratio is between 12 per cent and 20 per cent).

“For the past three months we’ve seen the local market return to a more balanced state,” said Board President, Sandra Benz. “With the Fraser Valley continuing to settle after months of record sales and prices, we expect to see more activity this coming fall as buyers look to capitalize on the region’s reputation for providing greater value for the real estate dollar.”

Benchmark prices continued to fall across all property categories, bringing them in relative line with prices from December 2021 and eating into year-over year gains.

“With possible further hikes in interest rates this fall, homebuyers need to augment their decisions with critical advice and guidance,” said Baldev Gill, Board CEO. “Along with other professionals such as mortgage brokers and lawyers, Fraser Valley REALTORS® are a vital part of the team advising buyers and sellers on market realities and identifying potential opportunities that align with their objectives.”

Across the Fraser Valley in August, the average number of days to sell a single-family detached home increased to 33 and for townhomes to 26 days. Apartments took, on average, 25 days to sell.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,513,500, the Benchmark price for an FVREB single-family detached home decreased 5.1 per cent compared to July 2022 and increased 9.8 per cent compared to August 2021.
• Townhomes: At $841,900, the Benchmark price for an FVREB townhome decreased 3.9 per cent compared to July 2022 and increased 16.1 per cent compared to August 2021.
• Apartments: At $542,000 the Benchmark price for an FVREB apartment/condo decreased 2.1 per cent compared to July 2022 and increased 18.4 per cent compared to August 2021.

For the third consecutive month, new listings in the Fraser Valley continued to climb in March giving buyers more to choose from, helping to increase overall active inventory to levels not seen since last July.

Property sales remain robust, as Benchmark prices, the price of a ‘typical’ home, continued to increase month-over-month.

In March, the FVREB processed 2,580 residential and commercial sales on its Multiple Listing Service® (MLS®), a decrease of 22.5 percent compared to March 2021 and 41.4 percent more than were processed in February.

Sandra Benz, President of the Board, said of this month’s statistics, “Sales were strong again in March as more new listings continued to come on stream. We’re hopeful this will contribute to a slowing in price growth, which is good news for the home-buying public. Other encouraging signs, such as less open house traffic and fewer multiple offers, may help us get to a more balanced market, however until the fundamental issue of lack of supply is addressed, we won’t see that happen anytime soon.”

Sandra Benz, President of the Board, said of this month’s statistics, “Sales were strong again in March as more new listings continued to come on stream. We’re hopeful this will contribute to a slowing in price growth, which is good news for the home-buying public. Other encouraging signs, such as less open house traffic and fewer multiple offers, may help us get to a more balanced market, however until the fundamental issue of lack of supply is addressed, we won’t see that happen anytime soon.”

Baldev Gill, Chief Executive Officer of the Board, added, “We may not see the impact of recent interest rate hikes on the market trends until later in 2022. With fixed rates nearly double what they were a year ago, new homebuyers will likely be more impacted than other segments of the home-buying public, as mortgage stress test conditions become more stringent. We hope to see equal efforts from the government to address inventory issues to help make housing more affordable.”

Across Fraser Valley, in March, the average number of days to sell a single-family detached home was 12 and for a townhome was 14 days. Apartments took, on average, 11 days to sell.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,726,900, the Benchmark price for an FVREB single-family detached home increased 3.4 percent compared to February 2022 and increased 39.5 percent compared to March 2021.

Townhomes: At $886,400, the Benchmark price for an FVREB townhome increased 5.4 percent compared to February 2022 and increased 41.9 percent compared to March 2021.

Apartments: At $643,000, the Benchmark price for an FVREB apartment/condo increased 4.6 percent compared to February 2022 and increased 38.2 percent compared to March 2021.

Buyers of Fraser Valley real estate had significantly more inventory to choose from last month due to a record-breaking volume of new listings received for the month of February.

 The Fraser Valley Real Estate Board (FVREB) received 3,742 new listings in February, an increase of 75.3 percent compared to January, and an increase of 14.6 percent compared to February of last year. The previous highest February for new listings was 3,283 in 2016.

 The FVREB processed a total of 1,824 sales of all property types on its Multiple Listing Service® (MLS®) in February 2022, a decrease of 35.2 percent compared to February 2021, and 39.2 percent higher compared to January 2022. Sales remain strong at 18 percent above the 10-year average.

 By month-end, February’s total active listings available for purchase were 3,790, a decrease of 8.0 percent compared to the same month last year, however, 62.5 percent higher than what was available at the end of January. It’s the highest month-over-month increase in active listings in the Fraser Valley in 20 years.

“Although the market is still far from balanced, it is encouraging to see new listings increase again for the second month in a row,” said Fraser Valley Real Estate Board President, Larry Anderson.

“We’re hopeful that this trend will be sustained leading into the spring season as more sellers come on stream to help soften the market and provide opportunities for the many buyers who’ve been sidelined over the past year and a half.”

“Buyers are looking for value for their real estate dollar and the Fraser Valley market still delivers compared to other regions throughout the Lower Mainland,” said Baldev Gill CEO of the Fraser Valley Real Estate Board.

“That said, supply fundamentals continue to be the number one issue facing real estate markets in all regions across the province. Until there is a concerted effort to address inventory, buyers will continue to face challenging market conditions.”

In the Fraser Valley region, the average number of days to sell an apartment in February was 12 days, and 11 days for townhomes. Single-family detached homes averaged 13 days before selling. The one-year comparison is 35, 21, and 21 respectively.

 MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,670,800, the Benchmark price for an FVREB single-family detached home increased 6.5 percent compared to last month and increased 43.6 percent compared to February 2021.

Townhomes: At $840,900, the Benchmark price for an FVREB townhome increased 5.6 percent compared to last month and increased 40.1 percent compared to February 2021.

Apartments: At $614,800 the Benchmark price for an FVREB apartment/condo increased 7.1 percent compared to last month and increased 36.3 percent compared to February 2021.

On the heels of the busiest year in history for Fraser Valley real estate, January activity saw the beginnings of a market rebalancing. Overall property sales — still the third highest ever for January — cooled compared to December while the volume of new listings improved significantly.

The Fraser Valley Real Estate Board processed a total of 1,310 sales of all property types on its Multiple Listing Service®(MLS®) in January 2022, a decrease of 23.7 percent compared to January 2021, and 27.5 percent lower compared to December 2021.

The Board received 2,135 new listings in January, an increase of 67.1 percent compared to December 2021, and a decrease of 23.3 percent compared to January of last year. Total active listings for the month were 2,332, down 44.6 percent compared to January 2021, however an increase of 19.2 percent compared to December 2021.

Larry Anderson, President of the Board, said, "In January, REALTORS® saw the return of home sellers. Yes, sales in our region remain elevated, but a positive, early trend for 2022 is we experienced a significant increase in requests from sellers to list.

"It's early days yet, but if this trend continues into spring, we could see an easing of the supply-demand dynamic in our region. We have a long way to go to replenish our housing stock and bring much-needed balance to the market, but this is a step in the right direction."

Baldev Gill, Chief Executive Officer of the Board, said, "For almost two years, Fraser Valley REALTORS® have worked hard to help their clients navigate safely during the longest, most intense seller's market in our Board's history. This protracted pandemic market has resulted in considerable upward pressure on home prices

"We anticipate the seasonal influx of new inventory, such as we're already seeing, could provide a welcome, albeit far from fully adequate, easing of price growth moving into 2022."

In January 2022, the average number of days to sell a single-family detached home in the Fraser Valley was 25, compared to 35 days in January 2021; 12 days on average to sell a townhome, and 17 days for apartments, compared to 28 and 37 days respectively, in January of last year.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,569,300, the Benchmark price for an FVREB single-family detached home increased 4.6 percent compared to December 2021 and increased 41.8 percent compared to January 2021.

Townhomes: At $796,500, the Benchmark price for an FVREB townhome increased 4.0 percent compared to December 2021 and increased 37.2 percent compared to January 2021.

Apartments: At $574,300, the Benchmark price for an FVREB apartment/condo increased 4.6 percent compared to December 2021 and increased 30.6 percent compared to January 2021.

Fueled by the consumer response to the COVID‐19 pandemic along with historically low-interest rates, total property sales in the Fraser Valley in 2021 shattered the previous annual record last set in 2016.

The FVREB processed 27,692 sales of its Multiple Listing Service® (MLS®) in 2021, an increase of 39.0 percent compared to 19,926 sales in 2020; and 15.5 percent higher than 2016’s 23,974 sales.

Larry Anderson, President of the Board, said, “No one could have predicted how the pandemic would impact the real estate market. Our region's relative affordability, combined with a newfound ability to work from home and the value for housing dollars in the Fraser Valley attracted buyers in numbers as we’ve never seen.

Whether helping sellers list or helping buyers complete a sale, our Board averaged over 5,200 transactions every month. And even though our volume of new listings was also high, it just couldn’t keep up with the demand. “

Year-over-year, sales of detached homes soared by 31.8 percent in 2021 compared to 2020; townhome sales increased by 33.7 percent, and sales of apartments increased by 68.9 percent. Anderson added, “With the rapid escalation of prices in 2021, many buyers made decisions based on economic factors, resulting in an explosion of condo sales in our region. “

In 2021, the FVREB received 35,629 new listings – the second-highest on record (second only to 2008 at 35,651); and 12.4 percent more than in 2020.

Baldev Gill, Chief Executive Officer of the Board, said, “Fraser Valley REALTORS® played an instrumental role in helping people navigate their real estate buying and selling needs, through uncharted territory. It's the professionalism and expertise of our members who have done a remarkable job serving the interests and needs of buyers and sellers throughout a most challenging and unusual year. “

In the month of December, the Board's MLS® processed 1,808 sales, second only to December 2020’s record-setting 2,086 sales. New listings in December were 1,278. By month's end, active inventory finished at 1,957 units, 60 percent below the 10-year average, and the lowest in 41 years.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,500,000, the Benchmark price for an FVREB single-family detached home increased 3.6 percent compared to November 2021 and increased 39.0 percent compared to December 2020.

Townhomes: At $765,800, the Benchmark price for an FVREB townhome increased 3.5 percent compared to November 2021 and increased 32.9 percent compared to December 2020.

Apartments: At $549,200, the Benchmark price for an FVREB apartment/condo increased 3.5 percent compared to November 2021 and increased 25.3 percent compared to December 2020.

Robust demand for Fraser Valley real estate continued in November, with the Fraser Valley Real Estate Board (FVREB) recording the region’s second-highest volume of sales of all property types for the month – second only to November 2020.

In November, the FVREB processed 1,972 sales of all property types on its Multiple Listing Service® (MLS®), a decrease of 9.2 percent compared to the 2,173 sales in November of last year, and a 1.8 percent increase month-over-month compared to the 1,938 sales in October.

The Board received 2,096 new listings in November, a 4.2 percent decrease compared to October’s intake and a decrease of 5.5 percent compared to the 2,217 new listings received during the same month last year. The 10-year average for November new listings is 1,948, so last month finished slightly above normal levels.

Larry Anderson, President of the Board, said, “Lack of supply continues to be the biggest factor impacting the market. To see sales increase from October to November, even slightly, is unusual. Typically, as the weather changes and the holiday season approaches, we see sales start to decline, but not this year.

“This is not an easy market. Buyers and sellers alike are relying on the experience and skill of their REALTOR® to help them navigate a lack of supply, multiple offer situations, and very fast turnaround times.”

November finished with 3,048 active listings, a decrease of 11.6 percent compared to October and a decrease of 47.9 percent year-over-year, and an 11.6 percent decrease compared to last month. In a typical November market, inventory levels in the Fraser Valley would be more than double.

Baldev Gill, Chief Executive Officer of the Board, said, “We’re seeing a number of factors at play, including historically low-interest rates fueling purchases, with buyers aware that rates are likely to increase next year.

“Our province has seen a strong economic recovery in most sectors through this pandemic, and this strength bolsters home purchasing decisions.”

For the Fraser Valley region, the average number of days to sell an apartment in November was 24 days, and 16 days for townhomes. Single-family detached homes remained on market for an average of 24 days before selling.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,448,000 the Benchmark price for a single-family detached home in the Fraser Valley increased 3.7 percent compared to October and, increased 36.4 percent compared to November 2020.

Townhomes: At $740,100, the Benchmark price for a townhome in the Fraser Valley increased 2.7 percent compared to October and increased 29.8 percent compared to November 2020.

Apartments: At $530,400, the Benchmark price for apartments/condos in the Fraser Valley increased by 3.2 percent compared to October and increased 21.7 percent compared to November 2020.

Demand for Fraser Valley real estate remained solid in October with overall sales the third-highest on record.

The Board processed a total of 1,938 property sales on its Multiple Listing Service® (MLS®) in October, an increase of 3.9 percent compared to September and a decrease of 18.2 percent compared to the same month last year.

Larry Anderson, President of the Board, said, “What we’re seeing is a combination of above‐average sales with below‐average new listings which is placing strong upward pressure on home prices, for all residential categories, month‐over‐month.

“It is a very challenging time, particularly for buyers. I empathize with clients who have been trying to buy a home for more than a year without success after multiple attempts. Now, more than ever is the time when buyers and sellers alike must rely on their REALTOR® to guide and advise them in considering all available options, including a change in the community or even property type.”

After rebounding slightly in September, new listings decreased in October. The Board received 2,188 new listings, a decrease of 29.0 percent compared to last year, and a decrease of 6.6 percent compared to September 2021. The month ended with a total active inventory of 3,447, which is a 9.6 percent decrease compared to September, and a 49.8 percent decrease compared to October 2020.

Baldev Gill, Chief Executive Officer of the Board, said, “Fraser Valley is a top destination currently in BC for buyers looking for relatively affordable family‐sized homes. Townhomes and single‐family homes are selling on average within two to four weeks in our region, with buyers keenly watching the market for new listings.”

Across the Fraser Valley, in October, the average number of days to sell a single‐family detached home was 28 and a townhome was 18 days. Apartments took, on average, 27 days to sell.

MLS® HPI Benchmark Price Activity

Single Family Detached:  At $1,396,700, the Benchmark price for an FVREB single‐family detached home increased 2.5 percent compared to September 2021 and increased 33.4 percent compared to October 2020.

Townhomes:  At $720,500 the Benchmark price for an FVREB townhome increased 1.9 percent compared to September 2021 and increased 26.6 percent compared to October 2020.

Apartments:  At $514,200 the Benchmark price for an FVREB apartment/condo increased 1.9 percent compared to September 2021 and increased 18.3 percent compared to October 2020.

The Board processed a total of 1,866 property sales on its Multiple Listing Service® (MLS®) in September, a decrease of 10.6 percent compared to August and a 16.4 percent decrease compared to the same month last year. 

Larry Anderson, President of the Board, said, “While we’ve seen a solid increase in new listings compared to August, market conditions continue to be challenging for buyers. Considering the demand across the region, the increase is simply not enough to bolster the inventory required to create a greater balance in the market.

“Demand for residential homes of all types is strong in the Fraser Valley with more sellers returning to the table in September, which is expected at this time of year.”

In September, the Board received 2,342 new listings, a decrease of 33.4 percent compared to last year, and an increase of 11.2 percent compared to August 2021. The month ended with a total active inventory of 3,812, which is a 6.5 percent decrease compared to August, and a 48.3 percent decrease compared to September 2020.

Baldev Gill, Chief Executive Officer of the Board, added, “The pandemic continues to have an impact on current conditions and while the market remains steady, we are sensitive to ongoing health and safety concerns. Our members follow stringent protocols as mandated by the Public Health Officer, and we will continue to lead by example for the benefit of our members and their clients.”

Across Fraser Valley, in September, the average number of days to sell a single-family detached home was 26 and a townhome was 19 days. Apartments took, on average, 26 days to sell.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,362,220, the Benchmark price for an FVREB single-family detached home increased 1.9 percent compared to August 2021 and increased 31.9 percent compared to September 2020.

Townhomes: At $707,300, the Benchmark price for an FVREB townhome increased 1.4 percent compared to August 2021 and increased 24.7 percent compared to September 2020.

Apartments: At $504,500, the Benchmark price for an FVREB apartment/condo increased 1.2 percent compared to August 2021 and increased 15.5 percent compared to September 2020.

Demand for Fraser Valley real estate remained elevated in August reaching the second-highest sales ever for the month against a backdrop of decreasing supply.

The Board processed a total of 2,087 property sales on its Multiple Listing Service® (MLS®) in August, an increase of 4.0 percent compared to July and a 2.4 percent increase compared to the same month last year. Sales remained unusually high for the month; second only to August of 2005.

Larry Anderson, President of the Board, said, “Homebuyers are facing one of the worst supply shortages in Fraser Valley history. Our sales are over 30 percent above normal, while our housing stock is at levels last seen in the early 80s.

“To put our supply and demand situation in perspective, for every 100 townhomes on the market in August, Fraser Valley REALTORS® sold 94. The single-family detached and condo markets also remained in strong seller’s market territory. Persistent demand and lack of supply continues to put upward pressure on home prices.”

In August, the Board received 2,107 new listings, a decrease of 36.3 percent compared to last year, and a decrease of 13.3 percent compared to July 2021. The month ended with total active inventory sitting at 4,077, a 16.8 percent decrease compared to July, and 44.9 percent fewer than August 2020.

Baldev Gill, Chief Executive Officer of the Board, added, “To improve affordability, the BC government introduced the foreign buyers’ tax in 2016 and the federal government introduced the mortgage stress test two years later. And yet, in the last five years, the price of a typical detached home in the Fraser Valley has increased by 50 percent.

“Those measures did not address the core issue, which is insufficient supply to meet the rise in our population growth. All levels of government must work together to correct the structural housing shortage.”

Across Fraser Valley, in August, the average number of days to sell a single-family detached home was 29 and a townhome was 19 days. Apartments took, on average, 29 days to sell.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,336,800, the Benchmark price for an FVREB single-family detached home increased 1.3 percent compared to July 2021 and increased 31.1 percent compared to August 2020.

Townhomes: At $697,500, the Benchmark price for an FVREB townhome increased 1.3 percent compared to July 2021 and increased 23.7 percent compared to August 2020.

Apartments: At $498,800, the Benchmark price for an FVREB apartment/condo increased 1.0 percent compared to July 2021 and increased 14.1 percent compared to August 2020.