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“Buyers are
understandably cautious, which explains the slow start to the year,” said
Sandra Benz, President of the Fraser Valley Real Estate Board. “That
said, the pent-up demand that has been building since the last quarter of
2022 will likely give rise to a sales uptick, especially if rate hikes
subside, which we expect will be the case.”
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Although new listings
saw an increase of 128.3 per cent over last month to 1,833, they are at
the lowest level of new supply for January since 1984. Active listings
rose slightly up 5 per cent to 4,118 over December 2022 and up by 76.6
per cent compared to this time last year.
“We also expect
inventory to start increasing over the coming months as sellers act on
decisions that have been on hold, waiting for rates to peak” added Benz.
“As we start to see greater selection across all property categories, we
should see demand pick up.”
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At $942,200, the
composite Benchmark home price continued to edge downward, slipping by
1.4 per cent from December and off by 15.1 per cent compared to January
2022.
“After a market
slowdown for the past several months, the Board is expecting a return to
seasonal activity leading into spring,” said FVREB CEO Baldev Gill. “With
rates still elevated, however, buyers and sellers would be well-advised
to seek out the guidance of a professional REALTOR® to determine the best
strategy and timing to take advantage of the anticipated market upswing.”
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Across Fraser Valley
in January, the average number of days to sell a single-family detached
home was 48, and a townhome was 40 days. Apartments took, on average, 41
days to sell.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,357,800, the
Benchmark price for an FVREB single-family detached home
decreased 1.4 per cent compared to December 2022 and decreased 17.6
per cent compared to January 2022.
- Townhomes: At $773,100, the
Benchmark price for an FVREB townhome decreased 1.8 per
cent compared to December 2022 and decreased 8.8 per cent compared
to January 2022.
- Apartments: At $503,700, the
Benchmark price for an FVREB apartment/condo decreased
0.2 per cent compared to December 2022 and decreased 5.9 per cent
compared to January 2022.
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