January stats show more of the same for the Fraser Valley residential market.
The push for sales in December, in anticipation of the January change in mortgage rules, appears to have merely delayed the typical seasonal drop in sales activity which should have begun in December. January saw month-over-month decreases in sales 2 to 4 times greater than January 2017 but the combined December-January decrease is on par with years past.
The benchmark price of a Fraser Valley condo jumped another 4%, month-over-month in January. Townhouses saw a milder increase of 1.2% with detached homes trailing the pack with a 0.65% increase. Interestingly, South Surrey continues to underperform the Fraser Valley in price growth, with minute benchmark price decreases in townhomes and detached homes. The most affordable homes, predominantly condos, are proving to be the strongest product in each market.
January 2018 saw less than half the typical month-over-month increase in active listings. Starting the year off with even less inventory than last year does not bode well for anyone hoping the rapid price escalation will ease off.
What does this mean for residential development land? As home-buyer demand for more affordable housing options continues, there is incredible demand for condo and townhouse land in the Fraser Valley. The majority of our clients remain bullish on the attached market.
Check out our curated summary of the Fraser Valley Real Estate Board’s January 2018 stats in infographics here.
View the Fraser Valley Real Estate Board’s entire stats package for January 2018 here.