Fraser Valley Housing Market Statistics July 2023 – Discover Your Dream Home in White Rock’s Coastal Paradise!
Delayed spring activity boosts supply of property listings in the Fraser Valley
By Fraser Valley Real Estate Board
20 Jun, 2023
SURREY, BC – The Fraser Valley real estate market saw an injection of supply in May as new listings surged by more than 40 per cent over April. At 3,533, new listings were just below May 2022 levels (3,631) but slightly higher (2.7 per cent) than the ten-year average for the region. A welcome trend towards alleviating housing supply issues. “Typically we would see an influx of inventory earlier in the spring sales cycle,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “The series of interest rate hikes during the latter half of 2022 had many sellers and buyers in a holding pattern for most of the year. What we’re seeing now is a recovery and adjustment to the new financing landscape.” Active listings grew to 5,558, a 20 per cent increase over April, the highest month-over-month jump in more than a year. The strong supply trend was met with healthy demand. In May, the Board processed 1,711 sales on its Multiple Listing Service®, a 10.1 per cent increase over last month and a 25.8 per cent jump over May of last year. Prices continued to edge upward across all categories as buyer confidence grew, with the composite Benchmark price topping the one-million mark at $1.01 million, a level not seen since September 2022. “It’s encouraging to see more typically cyclical activity this spring,” said FVREB CEO, Baldev Gill.
Fraser Valley Housing Market Statistics July 2023 – Real estate sales in White Rock
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