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REAL ESTATE NEWS AND UPDATES

The Fraser Valley housing market continues its trend heading into the holiday season. Novembers total sales were 839, a 57.5% decrease year over year from November 2021 and down 6.9% from October 2022. Currently there 6.35 months of inventory in the market and the average days on Market is 30 days. Single Family Detached: At $1,404,900, the Benchmark price for a FVREB single-family detached home decreased 2.2 per cent compared to October 2022. Townhomes: At $799,400, the Benchmark price for a FVREB townhome decreased 1.3 per cent compared to October 2022. Apartments: At $518,400, the Benchmark price for a FVREB apartment/condo decreased 1.8 per cent compared to October 2022. The holding pattern presents opportunities for savvy buyers and for sellers to move well priced properties. Contact me if you're considering a move.

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The Government of B.C. announced changes to legislation that will remove rental restrictions in strata properties and introduced the new Housing Supply Act which will provide select municipalities with increased powers to address housing development. Premier David Eby estimated that 2,900 strata units in B.C. are sitting empty, and said opening up just half of those to renters would help. Amendments to the Strata Property Act will end all strata rental-restriction bylaws and limit age-restriction bylaws so that the only permitted age restriction is to preserve and promote seniors’ housing through the “55 and over” rule in strata housing. Moving forward, it will not be permissible for a strata to have 19-plus age restrictions; however, “seniors only” strata will still be allowed.If approved, the changes to the Strata Property Act would take effect immediately. Bylaws restricting short-term rentals, such as AirBnB, will continue to be allowed.
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FVREB SURREY BC - Year over year the number of sold units for October were down across the board and new listings slower as buyers and sellers try to a find a balance in the market. 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. 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). FVREB Statistics package


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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.