The real estate market in the Fraser Valley is experiencing a slow start to 2023, with fewer transactions being processed through the MLS® and a dip in HPI Benchmark home prices. Despite the low levels of new listings, which hit a 30 year low for the month of January, the Fraser Valley Real Estate Board remains optimistic about the market outlook. The board anticipates a return to the traditional, seasonal activity of the market in the spring.
While the low inventory of available homes may lead to an increase in prices, it also presents a challenge for homebuyers who may find it difficult to find a suitable property to purchase. Nevertheless, the stability provided by the Bank of Canada’s decision to pause rate increases is providing more certainty for both home buyers and sellers, which may result in prices finding a more stable footing. As the market continues to evolve, the Fraser Valley Real Estate Board is confident that it will remain a strong and dynamic market for homeowners.
These residential market statistics from the Fraser Valley Real Estate Board provide insight into the current state of the residential home market, including home values, which directly impact the development land market. Contact us today if you would like to learn what your property is worth on the development land market.
HPI Benchmark Price of Detached Homes
The benchmark price for detached homes continued its downward trend in January, but at a slower rate than last month only dipping 1.4% compared to 2% in December.
Sale Price As a Percent of Original List Price
The sale price as a percentage of original list price follows a similar trend as last month with detached homes and townhomes experiencing a minimal decline and condos staying relatively unchanged.
Days on Market
The average number of days that homes stayed on the market continued to increase for all property types, with condos seeing the biggest increase of 24%.
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Fraser Valley ReSIDENTIAL REAL ESTATE: JANUARY 2023 statistics in infographics
HPI Benchmark Prices
The Home Price Index (HPI) measures the price of a benchmark, or typical, property in a given market and is not influenced by the change in composition of properties sold, which can fluctuate quite significantly from month to month. As a result, this metric is a more pure and stable representation of market price change than average or median prices.
Sales • New Listings • Active Listings
The drop in sales continue for condos, and detached homes while townhouse saw 11% percent increase in the Fraser Valley. The number of active listings across all property types in the Fraser Valley has seen a modest rise after several months of decline.
Sources: Breakside Real Estate Group, Fraser Valley Real Estate Board
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.