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“As seen in recent
months, prices continue to trend upward, with lack of supply and high
demand for housing,” said Narinder Bains, Chair of the Fraser Valley Real
Estate Board. “What we’re seeing is sales increasing, with buyers
entering the market despite current financial implications of anticipated
rate hikes.”
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The Board received
3,424 new listings in June, an increase of 2.8 per cent compared to last
year, and a decrease of 3.1 per cent compared to May 2023. The month
ended with a total active inventory of 5,944, a 6.9 per cent increase
compared to May, and 8.2 per cent less than June of last year.
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“A number of factors
are at play in the Fraser Valley market, from low supply to unprecedented
interest rates – the highest in more than 20 years,” said Board CEO,
Baldev Gill. “For those seeking to enter the market, whether buying or
selling, only a professional REALTOR® can provide the expert guidance and
advice to fully evaluate each clients’ needs, and to protect their
interests.”
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Across Fraser Valley
in June, the average number of days to sell a single-family detached home
was 21 and a townhome was 16 days. Apartments took, on average, 22 days
to sell.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,526,200, the
Benchmark price for an FVREB single-family detached home increased
2.3 per cent compared to May 2023 and decreased 7.4 per cent
compared to June 2022.
- Townhomes: At $845,400, the
Benchmark price for an FVREB townhome increased 2.3 per cent
compared to May 2023 and decreased 5.2 per cent compared to June
2022.
- Apartments: At $552,200, the
Benchmark price for an FVREB apartment/condo increased 1.8 per cent
compared to May 2023 and decreased 2.5 per cent compared to June
2022.
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