{"id":71528,"date":"2023-09-13T14:44:08","date_gmt":"2023-09-13T18:44:08","guid":{"rendered":"https:\/\/www.schreders.ca\/blog\/?p=71528"},"modified":"2023-09-13T14:59:38","modified_gmt":"2023-09-13T18:59:38","slug":"fraser-valley-real-estate-market-august-2023","status":"publish","type":"post","link":"https:\/\/www.schreders.ca\/blog\/fraser-valley-real-estate-market-august-2023\/","title":{"rendered":"Fraser Valley Real Estate Market August 2023"},"content":{"rendered":"

Fraser Valley real estate sales dip in August; prices hold steady<\/p>\r\n

Back to school, back to work, back to real estate!\u00a0 The seasonal trend in real estate is for sales and inventory to dip in the summer months and pick up again in September when everyone is back in their regular routine and beaches and pina coladas are a distant memory.\u00a0 This may have been even more evident this year, as buyers sat cautiously on the fence waiting to see what the Bank of Canada\u00a0would do next.\u00a0 Well, the Bank of Canada just announced they are holding the interest rate where it is with a positive outlook on inflation.\u00a0 This will likely mean more consumer confidence and an uptick in demand for real estate in the Fraser Valley.\u00a0 We enjoyed a relatively balanced market for most asset types in August.\u00a0 For this to continue, we need to see an increase in inventory levels to match the demand.\u00a0 It could be a better time to sell than in recent months.\u00a0 Call us to discuss your personal situation and where the opportunity is. \u00a0<\/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 A combination of seasonal trends and cautious anticipation of the next rate announcement saw the Fraser Valley real estate market slow in August as sales fell slightly for the second month, after reaching a 15-month high in June.<\/p>\r\n

The Fraser Valley Real Estate Board recorded 1,273 sales on its Multiple Listing Service (MLS\u00ae) in August 2023, a decrease of 6.9 per cent compared to July. Sales were up 25.2 per cent compared to August 2022.<\/p>\r\n

New listings dropped to 2,622 in August, a decrease of 8.2 per cent over last month, but 28.2 per cent above this time last year. Active listings have been rising since last December and grew again in August by 1.5 per cent to 6,291, just 7 per cent off the ten-year average.<\/p>\r\n

\u201cMany buyers are in \u201cwatchful waiting\u201d mode as they hold off on decisions in anticipation of potential further rate changes,\u201d said Narinder Bains, Chair of the Fraser Valley Real Estate Board. \u201cWith prices relatively stable and active inventory on the rise, we hope to see more new listings come on stream over the next couple of months, especially if rates hold steady.\u201d<\/p>\r\n

With a sales-to-active-listings ratio of 16 per cent, the market for detached homes was balanced between supply and demand. Demand for townhomes and apartments remained stronger (38 per cent and 32 per cent, respectively). The market is considered balanced when the sales-to-active-listings ratio is between 12 per cent and 20 per cent.<\/p>\r\n

Benchmark prices in the Fraser Valley, remained relatively unchanged compared to last month with gains of less than one per cent across all property types. See below for more information.<\/p>\r\n

\u201cWe expect to see market activity pick up heading into the fall months,\u201d said FVREB CEO, Baldev Gill. \u201cThat said, with the uncertainty surrounding interest rates as well as the potential impact of provincial housing strategy initiatives, buyers and sellers would be well-advised to consult with a professional REALTOR\u00ae to assess any risks and opportunities before making a decision.\u201d<\/p>\r\n

On average properties spent between two and four weeks on the market before selling, with townhomes and apartments moving faster (16 and 20 days, respectively) than detached homes (25 days).<\/p>\r\n

MLS\u00ae HPI Benchmark Price Activity
\u2022 Single Family Detached: At $1,534,500, the Benchmark price for an FVREB single-family detached home decreased 0.6 per cent compared to July 2023 and increased 1.6 per cent
compared to August 2022.
\u2022 Townhomes: At $846,200, the Benchmark price for an FVREB townhome decreased 0.5 per cent compared to July 2023 and increased 0.9 per cent compared to August 2022.
\u2022 Apartments: At $553,500, the Benchmark price for an FVREB apartment\/condo decreased 0.4 per cent compared to July 2023 and increased 2.5 per cent compared to August 2022.<\/p>\r\n\r\n\r\n\r\n

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

Fraser Valley real estate sales dip in August; prices hold steady Back to school, back to work, back to real estate!\u00a0 The seasonal trend in real …<\/p>\n","protected":false},"author":2,"featured_media":71538,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,27,10,64,116],"tags":[136],"class_list":["post-71528","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\/71528","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=71528"}],"version-history":[{"count":3,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/71528\/revisions"}],"predecessor-version":[{"id":71536,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/71528\/revisions\/71536"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/media\/71538"}],"wp:attachment":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/media?parent=71528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/categories?post=71528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/tags?post=71528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}