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“After months of
uncertainty made it difficult for buyers and sellers to re-enter the
housing market, we may well be seeing a turning point,” said Narinder
Bains, Chair of the Fraser Valley Real Estate Board. “The pause in rate
hikes has helped to restore a much-needed sense of predictability, which
is building consumer confidence. As a result, we’re starting to see more
traffic at open houses along with more multiple offer situations.”
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As in all regions
across the province and the country, low supply is still an issue and a
primary factor driving price growth.
New listings, at
2,559, were 32 per cent higher than in February, but still 44.1 per cent
below last year, while active listings were up by 2.8 per cent over last
month and 3.5 per cent below last year. However, both are well off the
ten-year average and among the lowest March listings recorded in a
decade.
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As a result, the
aggregate sales-to-active listings ratio grew to 34 per cent, shifting
the market into sellers territory, with demand for townhomes even more
pronounced, at a 62 per cent ratio. (The market is considered balanced
when the sales-to active listings ratio is between 12 per cent and 20 per
cent.)
Benchmark prices
continued to edge upward with roughly two per cent month-over-month
growth across all categories. The composite Benchmark price was $965,100
in March.
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“While market demand
continues to trend up, we still face an uphill battle on the supply side,
which is keeping prices elevated,” said FVREB CEO, Baldev Gill. “The
province will require sustained inventory growth of at least 25 per cent
over each of the next five years in order to normalize inventories. Until
then, we strongly advise buyers and sellers to consult with a REALTOR® to
plan the best strategy.”
Properties spent
slightly fewer days on the market compared to last month with detached
homes posting 30 days on the market and apartments 29. Townhomes moved
faster, at 26 days.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,390,600 the
Benchmark price for an FVREB single-family detached home
increased 1.9 per cent compared to February 2023 and decreased 21.7
per cent compared to March 2022.
- Townhomes: At $794,400, the
Benchmark price for an FVREB townhome increased 2.3 per
cent compared to February 2023 and decreased 14.5 per cent compared
to March 2022.
- Apartments: At $521,800 the
Benchmark price for an FVREB apartment/condo increased 2.3
per cent compared to February 2023 and decreased 11 per cent
compared to March 2022.
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