For the past decade the Fraser Valley Real Estate Board has been reporting stats for the winter season that reflect lower sales, reduced prices and decreased inventory. This winter appears to be ignoring that seasonality for the most part, potentially in anticipation of the new mortgage rules in January.
At first glance the benchmark price for a detached home in the Fraser Valley appears to follow the typical seasonal decreases but it’s not until you exclude South Surrey that you get the real picture. Most communities outside of Surrey (Langley, Abbotsford, Chilliwack, and others) experienced mild increases in the benchmark price of a detached home in November – quite abnormal for this time of year.
Condos continue to outperform all other product types. The benchmark price increased 2% month over month, absorption remains strong and multiple offer situations pushed sale prices even further above list price.
The townhouse segment shows a somewhat muted version of the condo market in November. Townhouses saw a mild increase in the benchmark price and a pretty significant increase in the average days on market. Once again, the South Surrey townhouse market underperforms most other Fraser Valley communities with respect to price growth, absorption and sales.
With a stronger-than-normal November and what is starting out to be an equally active December, has the typical seasonal lull been pushed off to the new year?
Check out our curated summary of the Fraser Valley Real Estate Board’s November 2017 stats in infographics here.
View the Fraser Valley Real Estate Board’s entire stats package for November 2017 here.
This representation is based in whole or in part on data generated by the Fraser Valley Real Estate Board which assumes no responsibility for its accuracy.