The market is currently feeling the impact of strong upward pressure on home prices
A combination of above-average sales and below-average new listings contributed to the third highest October ever for market activity in the Fraser Valley, according to the region’s real estate board.
A total of 1,938 properties exchanged hands in the region last month, representing a 3.9% monthly increase and an 18.2% annual decline.
The market is currently experiencing strong upward pressure on prices across all residential asset classes, said Larry Anderson, president of the Fraser Valley Real Estate Board (FVREB).
“It is a very challenging time, particularly for buyers,” Anderson said. “I empathize with clients who have been trying to buy a home for more than a year without success after multiple attempts.”
Read more: How British Columbia’s housing demand is shaping up
Benchmark prices were at nearly $1.397 million for single-family detached homes (up 2.5% monthly and up 33.4% annually), at $720,500 for townhomes (up 1.9% monthly and up 26.6% annually), and at $514,200 for apartments (up 1.9% monthly and up 18.3% annually).
The region saw 2,188 new listings in October, decreasing by 6.6% from September and falling by 29% year over year. Total active inventory stood at 3,447 residences, down 9.6% monthly and down 49.8% annually.
“Fraser Valley is a top destination currently in BC for buyers looking for relatively affordable family-sized homes,” said Baldev Gill, CEO of the FVREB. “Townhomes and single-family homes are selling on average within two to four weeks in our region, with buyers keenly watching the market for new listings.”
