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Keep up to date with the latest real estate news. This is a quick read, packed with tips and other useful information.

REAL ESTATE NEWS AND UPDATES

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In May we saw a recovery and adjustment to the new financing landscape. Strong demand for real estate was met with a healthy supply. Listings in the Fraser Valley increased by 40% compared to April. Prices are edging higher across all categories as buyers feel more comfortable getting back into the market. Download the Full Stats Package here.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,491,700, the Benchmark price for an FVREB single-family detached home increased 2.5 per cent compared to April 2023 and decreased 12.7 per cent compared to May 2022.
  • Townhomes: At $826,200, the Benchmark price for an FVREB townhome increased 1.4 per cent compared to April 2023 and decreased 9.8 per cent compared to May 2022.
  • Apartments: At $542,300, the Benchmark price for an FVREB apartment/condo increased 2 per cent compared to April 2023 and decreased 6.3 per cent compared to May 2022.
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Posted in Fraser Valley Market update, real estate market
The Fraser Valley real estate market saw a second consecutive month of growth in sales in March 2023, although sales are still below seasonal norms. Low supply remains an issue driving price growth, with new listings up from last month but still below last year's levels. The sales-to-active listings ratio shifted the market into seller territory, with demand for townhomes particularly high. Benchmark prices increased by roughly two percent month-over-month across all categories.
MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,390,600 the Benchmark price for an FVREB single-family detached home increased 1.9 per cent compared to February 2023 and decreased 21.7 per cent compared to March 2022.
• Townhomes: At $794,400, the Benchmark price for an FVREB townhome increased 2.3 per cent compared to February 2023 and decreased 14.5 per cent compared to March 2022.
• Apartments: At $521,800 the Benchmark price for an FVREB apartment/condo increased 2.3 per cent compared to February 2023 and decreased 11 per cent compared to March 2022.
Read the full report 
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Posted in real estate market, recreational property, waterfront property
The highlights of the report showed that in 2022, the aggregate price of a single-family home in Canada's recreational property market increased by 11.7% to $619,900. During the same period, the aggregate price of a single-family waterfront property and condominium increased by 9.5% and 16.6% year-over-year, respectively. In 2023, the aggregate price of a single-family home in Canada's recreational regions is expected to decrease by 4.5% to $592,005. Additionally, 57% of recreational property experts across the country reported lower inventory than last year, and 65% reported reduced inventory compared to pre-pandemic levels. Read the full report here. For a list of reacreational properties for sale BC, contact me.
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Categories:   55 and over | BC foreign buyer ban | buyers | buying a strata | buying tips | first time home buyer | Fraser Valley Market update | home buyer protection | home buyer rescission | housing demand | Housing supply | Interest rate hikes | real estate market | recreational property | rental restriction | senior housing | short term rental restrictions | strata age restrictions | waterfront property

Personal, Honest and Professional

When you choose to use me with your next real estate transaction,  whether buying or selling, my goal is always the same. To offer you and your family the absolute best service I can.

 

I take great pride in being upfront and honest while giving you professional service. It's not only about doing good business, but being a good person.

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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.