April 2022 Market Numbers

Dated: April 4 2022

Views: 28

Continued growth in new listings - a hopeful sign for homebuyers in the Fraser Valley

SURREY, BC For the third consecutive month, new listings in the Fraser Valley continued to climb in March giving buyers more to choose from, helping to increase overall active inventory to levels not seen since last July.

 

Property sales remain robust, as Benchmark prices, the price of a ‘typical’ home, continued to increase month-over-month.

 

In March, the FVREB processed 2,580 residential and commercial sales on its Multiple Listing Service® (MLS®), a decrease of 22.5 per cent compared to March 2021 and 41.4 per cent more than were processed in February.

 

Sandra Benz, President of the Board, said of this month’s statistics, “Sales were strong again in March as more new listings continued to come on stream. We’re hopeful this will contribute to a slowing in price growth, which is good news for the home-buying public. Other encouraging signs, such as less open house traffic and fewer multiple offers, may help us get to a more balanced market, however until the fundamental issue of lack of supply is addressed, we won’t see that happen anytime soon.”

 
 

Baldev Gill, Chief Executive Officer of the Board, added, “We may not see the impact of recent interest rate hikes on the market trends until later in 2022. With fixed rates nearly double what they were a year ago, new homebuyers will likely be more impacted than other segments of the home-buying public, as mortgage stress test conditions become more stringent. We hope to see equal efforts from government to address inventory issues to help make housing more affordable.”

 
 

Across Fraser Valley, in March, the average number of days to sell a single-family detached home was 12 and a townhome was 14 days. Apartments took, on average, 11 days to sell.

 

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,726,900, the Benchmark price for an FVREB single-family detached home increased 3.4 per cent compared to February 2022 and increased 39.5 per cent compared to March 2021.

Townhomes: At $886,400, the Benchmark price for an FVREB townhome increased 5.4 per cent compared to February 2022 and increased 41.9 per cent compared to March 2021.

Apartments: At $643,000, the Benchmark price for an FVREB apartment/condo increased 4.6 per cent compared to February 2022 and increased 38.2 per cent compared to March 2021.

 
 
Alternate text
Blog author image

Andy Schildhorn

My job is simple—I help clients find a place to call home in the community I love. I’ve lived in Langley for 25 years, and have been in Real Estate since 1992.If you’re a buyer, I he....

Latest Blog Posts

May 2022 Newsletter

   HELLO EVERYONE    AND WELCOME TO OUR MAY NEWSLETTERWe are seeing climbing interest rates, inflation and buyer fatigue. What is in store for pricing? Well here

Read More

May 2022 Market Numbers

Fraser Valley sales dip below 10-year average for first time in nearly two yearsSURREY, BC – Property sales in the Fraser Valley decreased by over 35 per cent in April 2022 compared to

Read More

Newsletter April 2022

   HELLO EVERYONE    AND WELCOME TO OUR APRIL NEWSLETTERThe “Cooling Off Period” is moving ahead. I still do not see how this will help our real estate

Read More

April 2022 Market Numbers

Continued growth in new listings - a hopeful sign for homebuyers in the Fraser ValleySURREY, BC – For the third consecutive month, new listings in the Fraser Valley continued to climb in

Read More