FRASER VALLEY

Valley benchmark price returns to over $1-million; new listings up again

Home purchases in the Fraser Valley showed another month-over-month increase in March, closing with a total of 1,395 sales. This was a 13% increase over February although significantly less than the 32% jump in February’s sales over the preceding January, and still down 31% from the 10-year average. While the arrival of Spring typically signals a seasonal rise in home purchases, the prevailing high interest rate regime is no doubt holding back many prospective buyers while they wait for forecasted rate cuts by the Bank of Canada. In the meantime, the Valley’s inventory of available homes has increased to its highest level in five years. New listings totalled 2,986 in March, up 7.0% over the preceding month, bringing the total inventory to 6,197 available properties. This is increase of 11% over February and 37% more than the same period one year ago. This ample supply provides a good selection for home shoppers at present, though by historical levels it is still 12% below the 10-year average. The Valley’s residential home prices are continuing to inch upwards in the current market conditions. Increases seen last month across all property type in every municipality with the exception condominiums in Noth Surrey, Abbotsford, and Cloverdale where there were modest declines of 0.1%, 0.3% and 1.7% respectively. As long as new listings stay ahead of demand, this will help to moderate the rate of price increases but the overall residential market condition in the Fraser Valley remains in sellers’ market territory with an sales-to-active listings ratio of 23%. If the Bank of Canada begins to cut rates later this year, as is expected, demand will likely rise and put further upward pressure on prices. At the end of March, the combined benchmark price for a residential property in Metro Vancouver was $1,008,300, a 1.4% increase over the preceding month. This is the first time the Fraser Valley’s combined benchmark price as surpassed the $1-million threshold since falling below in October 2022.

In the section below, you will find my monthly selection of comparative benchmark prices for different areas of the Fraser Valley. Each overall Fraser Valley benchmark has a cluster of the six closest benchmark prices in different areas of the Valley. This will serve as a guide for your home shopping, but remember that benchmarks are averages. The extremities of each average is also provided so you can see the range of prices making up the average. If you are interested in exploring a particular area, please give me a call. I can provide you with the most up-to-date information on specific listings that may be a good match for your budget. And if you are considering listing you home for sale, I will be happy to provide you with a Customized Market Analysis for your property and advise you on the optimal listing price in the current market conditions. During the month of March, single family detached homes were on the market for an average of 27 days; townhouses for an average of 20 days; and condominiums for an average of 28 days.  Please feel free to call me if I can help with your real estate needs in any way. I am always happy to help my clients.              

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of March was $1,517,100, an increase of 2.1% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,939,400 and Mission at $1.054,700. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,540,000, an increase of 2.1% from the preceding month; Cloverdale at $1,542,900, an increase of 2.1% from the preceding month; and Langley at $1,623,700, an increase of 2.0% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,505,600, an increase 2.1%  from the preceding month; North Delta at $1,432,400, an increase of 1.6% from the preceding month; and Abbotsford at $1,238,200, an increase of 3.6% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of March was $846,900, an increase of 1.9% from the preceding month. The extremities of this average were South Surrey/White Rock at $985,600 and Abbotsford at $658,900. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $840,000, an increase of 0.4% from the preceding month; Surrey at $855,900, an increase of 1.9% from the preceding month; and Cloverdale at $871,000, an increase of 2.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $791,200 an increase of 2.8% from the preceding month; Mission at $676,500, an increase of 0.5% from the preceding month; and  Abbotsford at $658,900, an increase of 1.6% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of March was $555,000, an increase of 1.7% from the preceding month. The extremities of this average were South Surrey/White Rock at $635,500 and Mission at $453,400. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $575,900, an increase of 3.0% from the preceding month; North Delta at $591,500, an increase of 2.9% from the preceding month; and Cloverdale at $605,400, a decrease of 1.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $500,100, a decrease of 0.1% from the preceding month; Abbotsford at $455,900, a decrease of 0.3% from the preceding month; and Mission at $453,400, an increase of 2.2% from the preceding month.

I can help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. 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.