Gelderman.ca Fraser Valley Real Estate : 2022-01-30

Wednesday, February 2, 2022

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 per cent

compared to January 2021, and 27.5 per cent lower compared to December 2021.

The Board received 2,135 new listings in January, an increase of 67.1 per cent

compared to December 2021, and a decrease of 23.3 per cent compared to January of

last year. Total active listings for the month were 2,332, down 44.6 per cent compared to

January 2021, however an increase of 19.2 per cent 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 per cent compared to December 2021
and increased 41.8 per cent compared to January 2021.
Townhomes: At $796,500, the Benchmark price for an FVREB townhome increased
4.0 per cent compared to December 2021 and increased 37.2 per cent compared to January 2021.
Apartments: At $574,300, the Benchmark price for an FVREB apartment/condo increased 4.6 per cent compared to December 2021 and increased 30.6 per cent compared to January 2021.