The release of December’s stats package from the Fraser Valley Real Estate Board marked the end of a rollercoaster year in the Fraser Valley real estate market. Prices skyrocketed, a new tax was introduced without warning and mortgage rules were tightened, all while supply remains at historically low levels (its lowest point in over 10 years). The low supply is helping hold the townhome and condo markets firmly in a seller’s market while detached homes have nearly returned to a seller’s market since reaching a balanced point in September.
Detached home pricing (HPI Index) in the Fraser Valley has been on a steady decline since September but the decrease appears to be decelerating slightly. Until now, townhome and condo pricing had remained sticky, with modest increases each month. However, December was the first month that we saw a reduction in the benchmark price for a townhome – a 4 month lag behind detached homes.
Check out our curated summary of the Fraser Valley Real Estate Board’s December stats in infographics here.
View the Fraser Valley Real Estate Board’s entire stats package for December 2016 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.