Continued growth in new listings a hopeful
sign for home buyers in the Fraser Valley
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 per cent compared to March 2021 and
41.4 per cent more than were processed in February.
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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.”
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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 government to address inventory issues to help make
housing more affordable.”
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Across Fraser Valley,
in March, the average number of days to sell a single-family detached
home was 12 and 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 per cent compared to
February 2022 and increased 39.5 per cent compared to March 2021.
- Townhomes:
At $886,400, the Benchmark price for an FVREB townhome increased 5.4
per cent compared to February 2022 and increased 41.9 per cent
compared to March 2021.
- Apartments:
At $643,000, the Benchmark price for an FVREB apartment/condo
increased 4.6 per cent compared to February 2022 and increased 38.2
per cent compared to March 2021.
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