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...
