Housing prices remain mushy, sales flat, throughout the

SURREY, British Columbia, Nov. 02, 2022 (GLOBE NEWSWIRE) — Fraser Valley housing market sales for October remained comparatively unchanged from final month as prices dipped barely throughout all classes.

In October, the Fraser Valley Real Estate Board (FVREB) processed 901 sales on its Multiple Listing Service^® (MLS^®), a rise of 0.4 per cent in comparison with final month and a 53.5 per cent lower in comparison with this time final yr.

The Board acquired 2,186 new listings in October, a lower of three.8 per cent in comparison with September, and on par with October 2021. The month ended with a complete lively stock of 5,642, a lower of two.8 per cent from final month however up 63.7 per cent in comparison with October 2021.

With a sales-to-active listings ratio of 16 per cent, the total market was once more balanced for the fifth straight month after a chronic sellers’ market earlier in the yr. (The market is taken into account balanced when the sales-to-active listings ratio is between 12 per cent and 20 per cent.)

“These trends suggest that the market is looking to re-establish equilibrium in the wake of last year’s intense activity and in the face of continued interest rate pressures,” stated Sandra Benz, President of the Fraser Valley Real Estate Board. “With sales continuing to lag and new inventory slow to come onstream, we’re seeing a holding pattern regarding whether to buy or list a property and expect this to continue through to year-end.”

Prices continued to melt, with month-over-month Benchmark prices down barely throughout all property classes. For indifferent properties, prices are on par with October 2021 ranges, whereas townhomes and flats are up 7.7 per cent and 11.5 per cent, respectively, over 2021.

“With interest rates at their highest levels since 2006, it’s understandable that buyers and sellers are hesitant,” stated Board CEO Baldev Gill. “Accordingly, they look to Fraser Valley REALTORS^® for area knowledge and market expertise and analysis before making such a significant investment decision.”

The common variety of days spent on the market earlier than promoting was comparatively unchanged for indifferent properties and flats in comparison with final month (34 days and 31 days, respectively). Townhomes moved extra shortly at 27 days (in comparison with 32 days in September).

MLS^® HPI Benchmark Price Activity

• Single Family Detached: At $1,436,400, the Benchmark value for an FVREB single-family indifferent residence decreased 1.8 per cent in comparison with September 2022 and decreased 0.8 per cent in comparison with October 2021.
• Townhomes: At $809,800, the Benchmark value for an FVREB townhome decreased 1.5 per cent in comparison with September 2022 and elevated 7.7 per cent in comparison with October 2021.
• Apartments: At $527,900 the Benchmark value for an FVREB condominium/rental decreased 0.5 per cent in comparison with September 2022 and elevated 11.5 per cent in comparison with October 2021.

The Fraser Valley Real Estate Board is an affiliation of 4,913 actual property professionals who stay and work in the BC communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.

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