Fraser Valley Market update June 2, 2022 In May, Fraser Valley homes sales cool, inventory has increased resulting in a softening of home prices, bringing a balance to the market that has not been seen since prior to the pandemic. Sales of all property types were down 16.9% from April and down 53.9% from May last year.  MLS® HPI Benchmark Price Activity. Single Family Detached: At $1,712,500, the Benchmark price for an FVREB single-family detached home decreased 2.4 per cent compared to April 2022 and increased 26.2 per cent compared to May 2021. Townhomes: At $918,900, the Benchmark price for an FVREB townhome decreased 1.4 per cent compared to April 2022 and increased 31.3 per cent compared to May 2021. Apartments: At $581,400 the Benchmark price for an FVREB apartment/condo decreased 1.1 per cent compared to April 2022 and increased 30.0 per cent compared to May 2021. There are opportunities in every market and especially a changing market. Its an excellent time...

Data taken from FVREB

In April, Fraser Valley's total Active inventory increased to 5387 units and total number of sales dropped by 36.6% compared to March 2022. We appear to be trending towards a more balance market, the average days on market is about 15 days, easing the pressure on buyers. Spring is typically when we see the most activity in our market. Both in terms of sales as well as listings. For the first time in a long time, our real estate market is showing signs of fatigue with the rising interest rates and lack of affordability. That said, the lack of supply remains a concern for which there is no quick remedy.

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