FRASER VALLEY

Record new listings for February; Valley benchmark price surpasses Vancouver

For the second consecutive month in 2022 the Fraser Valley’s new listings continued to rise dramatically, injecting the potential for even greater unseasonal vitality in the Valley’s residential market. February saw the Valley’s new listings soar for all property types, increasing by 75% over the preceding month of January, and setting a new record for the month of February with a total 3,742 newly listed properties on the Fraser Valley Real Estate Board’s Multiple Listing Service. This surpassed the previous record set in 2016 by 459 new listings. February’s surge lifted the Valley’s available housing stock to 3,790, over 62% above January’s residential inventory, providing a significantly greater choice for home buyers. By the end of 2021, the Valley’s long-running heated market had seen the existing housing stock considerably reduced while prospective sellers held back from listing their properties in the latter part of the year. However, while this apparent trend is early, it bodes well toward a rebalancing of the Fraser Valley’s residential market this year and is particularly welcomed by prospective home buyers. However, new listings must continue to increase at a faster pace to meet the ongoing high demand. Fraser Valley home sales reached a total of 1,824 in February, nearly 40% higher than in the preceding month of January and 18% above the 10-year average. The unseasonably high demand during these winter months continues to exert upward pressure on prices, and with more buyers normally showing up in the spring, prices can be expected to rise at an even faster rate over the coming months. 

The combined benchmark price for a Fraser Valley residential property at the end of February was $1,316,300, a 6.4% increase from the preceding month. It is noteworthy that the Fraser Valley combined benchmark is now higher than the Metro Vancouver combined benchmark by $2,900, with the Fraser Valley surpassing Metro Vancouver in January 2022. The February benchmarks for different property types listed below provides a guide for comparable homes in a selection of geographical areas in the Fraser Valley. Each property type shows a cluster of average prices on both sides of the overall benchmark along with the month-over-month price change.  This will serve to show prospective home buyers where they may wish to look for homes within their financial plan. It is Important to remember that benchmarks are averages so the upper and lower extremities are also provided to show the range of prices making up the average. For a more detailed prices in a neighborhood of your choice, I will be happy to provide you with the most recent listings and prices. And if you are considering listing your home for sale, I can prepare a Customized Market Analysis for your property and advise you on the optimal price to set in this dynamic market. During the month of February 2022, newly listed homes in the Fraser Valley have sold very quickly: townhouses sold on average within 11 days; condominiums sold on average within 12 days; and single family detached homes sold on average within 13 days.   

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of February was $1,670,800 an increase of 6.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $2,040,100 and Mission at $1,253,900. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,695,100, an increase of 4.5% from the preceding month; Langley at $1,723,100, an increase of 5.0% from the preceding month; and Cloverdale at $1,800,500, an increase of 9.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,649,500, an increase of 6.4% from the preceding month; North Delta at $1,537,100, an increase of 5.4% from the preceding month; and Abbotsford at $1,503,700, an increase of 9.3% from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of February was $862,300, an increase of 6.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,044,000 and Mission at $655,300. The three municipalities closest to the benchmark on the higher side of the average were: North Delta at $862,300 an increase of 6.5% from the preceding month; Surrey at $874,400, an increase of 6.3% from the preceding month; and South Surrey/White Rock at $1,044,000, an increase of 8.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Langley at $831,200, an increase of 4.8% from the preceding month; Cloverdale at $924,800, an increase of 6.6% from the preceding month; and Mission at $655,300, an increase of 0.7% from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of February was $614,800, an increase of 7.1% from the preceding month. The extremities of this average were South Surrey/White Rock at $665,600 and Mission at $482,300. The three municipalities on the higher side of the average: Surrey at $623,400, an increase of 7.0% from the preceding month; Cloverdale at $643,300, an increase of 5.9% from the preceding month; and South Surrey/White Rock at $665,600, an increase of 5.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Langley at $580,600, an increase of 8.5% from the preceding month; North Surrey at $571,000, an increase of 6.4% from the preceding month; and North Delta $614,800, an increase of 7.1% from the preceding month.

 

I can help

 

These are challenging times for many homebuyers and homeowners. With the Bank of Canada interest rate now rising, you may need to adjust your financial strategy for your home purchase.  Variable rate mortgages will rise with each incremental increase in the central bank’s key rate, and fixed rate mortgages will likely have higher rate when they are renewed. If you need help in managing your home ownership plans, I can help. I have formal education at the post-graduate level in business along with years of experience in both banking and real estate, and I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.