{"id":71335,"date":"2023-06-05T13:14:06","date_gmt":"2023-06-05T17:14:06","guid":{"rendered":"https:\/\/www.schreders.ca\/blog\/?p=71335"},"modified":"2023-06-05T14:52:22","modified_gmt":"2023-06-05T18:52:22","slug":"fraser-valley-real-estate-market-may-2023","status":"publish","type":"post","link":"https:\/\/www.schreders.ca\/blog\/fraser-valley-real-estate-market-may-2023\/","title":{"rendered":"Fraser Valley Real Estate Market May 2023"},"content":{"rendered":"

Delayed spring activity boosts supply of property listings in the Fraser Valley<\/p>\r\n

The Fraser Valley real estate market showed signs of continued strength and robust activity in May. Even with a 20% increase in new listings from April, demand still outpaced supply, as the market experienced a surge in both sales and prices.\u00a0 The highly competitive environment for buyers spread from single family homes to townhomes and condos. This strong demand was driven by a combination of factors, including mortgage rates, increased buyer confidence, and the increasing, but still limited supply of available homes.\u00a0 The next interest rate announcement is scheduled for June 7th and economists are predicting we may see a slight bump in another attempt to curb spending and demand.\u00a0 Could that slow things a touch heading into the summer months, which are generally already slower to begin with? Reach out and let’s go for a coffee or beer to discuss further.<\/p>\r\n\r\n\r\n\r\n\r\n\r\n

See Listed Properties For Sale in Langley BC<\/a><\/p>\r\n\r\n\r\n\r\n

If you are considering selling, buying or just have questions about the market<\/strong>, please give us a call today and let\u2019s chat<\/a>.<\/p>\r\n

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What Does The Fraser Valley Real Estate Board Have To Say?<\/p>\r\n\r\n\r\n\r\n

SURREY, BC \u2013 The Fraser Valley real estate market saw an injection of supply in May as new listings surged by more than 40 per cent over April.<\/p>\r\n

At 3,533, new listings were just below May 2022 levels (3,631) but slightly higher (2.7 per cent) than the ten-year average for the region. A welcome trend towards alleviating housing supply issues.<\/p>\r\n

\u201cTypically we would see an influx of inventory earlier in the spring sales cycle,\u201d said Narinder Bains, Chair of the Fraser Valley Real Estate Board. \u201cThe 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\u2019re seeing now is a recovery and adjustment to the new financing landscape.\u201d<\/p>\r\n

Active listings grew to 5,558, a 20 per cent increase over April, the highest month-over-month jump in more than a year.<\/p>\r\n

The strong supply trend was met with healthy demand. In May, the Board processed 1,711 sales on its Multiple Listing Service\u00ae, a 10.1 per cent increase over last month and a 25.8 per cent jump over May of last year.<\/p>\r\n

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.<\/p>\r\n

\u201cIt\u2019s encouraging to see more typically cyclical activity this spring,\u201d said FVREB CEO, Baldev Gill. \u201cInventory 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.\u201d<\/p>\r\n

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.<\/p>\r\n

MLS\u00ae HPI Benchmark Price Activity*<\/p>\r\n

\u2022 Single Family Detached: At $1,491,700, the Benchmark price for an FVREB single-family detached home increased 2.5 per cent compared to April 2023 and decreased 12.7 per cent compared to May 2022.<\/p>\r\n

\u2022 Townhomes: At $826,200, the Benchmark price for an FVREB townhome increased 1.4 per cent compared to April 2023 and decreased 9.8 per cent compared to May 2022.<\/p>\r\n

\u2022 Apartments: At $542,300, the Benchmark price for an FVREB apartment\/condo increased 2 per cent compared to April 2023 and decreased 6.3 per cent compared to May 2022.<\/p>\r\n\r\n\r\n\r\n

Find the May 2023 Statistics Package HERE.\u00a0<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Delayed spring activity boosts supply of property listings in the Fraser Valley The Fraser Valley real estate market showed signs of continued strength and robust activity …<\/p>\n","protected":false},"author":2,"featured_media":71337,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,27,10,64,116],"tags":[136],"class_list":["post-71335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-post","category-featured","category-langley","category-monthly-market-updates","category-real-estate-news","tag-fvreb"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/71335","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/comments?post=71335"}],"version-history":[{"count":5,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/71335\/revisions"}],"predecessor-version":[{"id":71342,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/71335\/revisions\/71342"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/media\/71337"}],"wp:attachment":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/media?parent=71335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/categories?post=71335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/tags?post=71335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}