Close X
Wednesday, November 27, 2024
ADVT 
National

Housing prices remain soft, sales flat, throughout the Fraser Valley

Darpan News Desk Fraser Valley Real Estate Board,, 02 Nov, 2022 10:29 AM
  • Housing prices remain soft, sales flat, throughout the Fraser Valley

Fraser Valley housing market sales for October remained relatively unchanged from last month as prices dipped slightly across all categories.

In October, the Fraser Valley Real Estate Board (FVREB) processed 901 sales on its Multiple Listing Service® (MLS®), an increase of 0.4 per cent compared to last month and a 53.5 per cent decrease compared to this time last year.

The Board received 2,186 new listings in October, a decrease of 3.8 per cent compared to September, and on par with October 2021. The month ended with a total active inventory of 5,642, a decrease of 2.8 per cent from last month but up 63.7 per cent compared to October 2021.

With a sales-to-active listings ratio of 16 per cent, the overall market was again balanced for the fifth straight month after a prolonged sellers’ market earlier in the year. (The market is considered 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,” said 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 soften, with month-over-month Benchmark prices down slightly across all property categories. For detached homes, prices are on par with October 2021 levels, while townhomes and apartments 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,” said 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 average number of days spent on the market before selling was relatively unchanged for detached homes and apartments compared to last month (34 days and 31 days, respectively). Townhomes moved more quickly at 27 days (compared to 32 days in September).

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,436,400, the Benchmark price for an FVREB single-family detached home decreased 1.8 per cent compared to September 2022 and decreased 0.8 per cent compared to October 2021.
  • Townhomes: At $809,800, the Benchmark price for an FVREB townhome decreased 1.5 per cent compared to September 2022 and increased 7.7 per cent compared to October 2021.
  • Apartments: At $527,900 the Benchmark price for an FVREB apartment/condo decreased 0.5 per cent compared to September 2022 and increased 11.5 per cent compared to October 2021.

 

MORE National ARTICLES

Witness says she told mayor he had a scaly face

Witness says she told mayor he had a scaly face
Johnstone says she was in her car when she told McCallum to resign and that she would be the one to bring him down. McCallum, who lost his bid for re-election two weeks ago, has pleaded not guilty to the public mischief charge filed against him last December.  

Witness says she told mayor he had a scaly face

New contract for B.C. public school teachers

New contract for B.C. public school teachers
The association says the agreement follows the provincial shared recovery mandate, which sets out specific wage increases, including inflation protection, while ensuring the government has the resources to protect services and support economic recovery.  

New contract for B.C. public school teachers

New deal would give B.C. family doctors pay raise

New deal would give B.C. family doctors pay raise
Currently, family doctors are paid through a fee-for-service model and the government said the new plan will also pay them for hours worked, administrative costs, and the number and complexity of patients. Dr. Ramneek Dosanjh, president of Doctors of BC, said the deal represents a "seismic shift" in the way family medicine is practised in the province.

New deal would give B.C. family doctors pay raise

Vancouver Police investigating after five people stabbed in less than an hour early Sunday morning

Vancouver Police investigating after five people stabbed in less than an hour early Sunday morning
VPD officers responded to a triple stabbing at a bar near Oak Street and West Broadway around 1:30 a.m. Sunday, after a confrontation between two groups left three men seriously injured. The victims, all men in their 20s from White Rock, were in Vancouver for a birthday celebration.

Vancouver Police investigating after five people stabbed in less than an hour early Sunday morning

Canadians cut coupons as food prices surge: survey

Canadians cut coupons as food prices surge: survey
The majority of respondents in a Canada-wide survey released Monday said they are using coupons or hunting for sales to cope with increasing food costs. Nearly 20 per cent were also reducing meal sizes or skipping meals altogether in order to save money.

Canadians cut coupons as food prices surge: survey

Horgan 'gained by listening' but fuse burns bright

Horgan 'gained by listening' but fuse burns bright
Horgan, 63, who has twice battled cancer, said last summer that health reasons were forcing him to retire after five years as premier, eight years as NDP leader and five terms as a member of the legislature. He leaves office as one of B.C.'s most popular premiers, whom pollsters consistently rank as one of the most popular leaders in Canada.

Horgan 'gained by listening' but fuse burns bright