{"id":18850,"date":"2021-11-03T10:10:00","date_gmt":"2021-11-03T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=18850"},"modified":"2021-11-02T09:25:52","modified_gmt":"2021-11-02T16:25:52","slug":"its-a-challenging-time-for-homebuyers-in-fraser-valley","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/11\/its-a-challenging-time-for-homebuyers-in-fraser-valley\/","title":{"rendered":"It&#8217;s A Challenging Time for Homebuyers in Fraser Valley"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 Demand for Fraser Valley real estate remained solid in October with overall sales the third highest on record.<\/p>\n<p style=\"text-align: justify;\">The Board processed a total of 1,938 property sales on its Multiple Listing Service\u00ae (MLS\u00ae) in October, an increase of 3.9% compared to September and a decrease of 18.2% compared to the same month last year.<\/p>\n<p style=\"text-align: justify;\">Larry Anderson, President of the Board, said, \u201cWhat we\u2019re seeing is a combination of above\u2010average sales with below\u2010average new listings which is placing strong upward pressure on home prices, for all residential categories, month\u2010over\u2010month.<\/p>\n<p style=\"text-align: justify;\">\u201cIt is a very challenging time, particularly for buyers. I empathize with clients who have been trying to buy a home for more than a year without success after multiple attempts. Now, more than ever is the time when buyers and sellers alike must rely on their REALTOR\u00ae to guide and advise them in considering all available options, including a change in community or even property type.\u201d<\/p>\n<p style=\"text-align: justify;\">After rebounding slightly in September, new listings decreased in October. The Board received 2,188 new listings, a decrease of 29.0% compared to last year, and a decrease of 6.6% compared to September 2021. The month ended with a total active inventory of 3,447, which is a 9.6% decrease compared to September, and a 49.8% decrease compared to October 2020.<\/p>\n<p style=\"text-align: justify;\">Baldev Gill, Chief Executive Officer of the Board, said, \u201cFraser Valley is a top destination currently in BC for buyers looking for relatively affordable family\u2010sized homes. Townhomes and single\u2010family homes are selling on average within two to four weeks in our region, with buyers keenly watching the market for new listings.\u201d Across the Fraser Valley, in October, the average number of days to sell a single\u2010family detached home was 28 and a townhome was 18 days. Apartments took, on average, 27 days to sell.<\/p>\n<p style=\"text-align: justify;\"><strong>MLS\u00ae HPI Benchmark Price Activity<\/strong><\/p>\n<p style=\"text-align: justify;\">\u2022 Single Family Detached : At $1,396,700, the Benchmark price for an FVREB single\u2010family detached home increased 2.5% compared to September 2021 and increased 33.4% compared to October 2020.<br \/>\n\u2022 Townhomes : At $720,500 the Benchmark price for an FVREB townhome increased 1.9% compared to September 2021 and increased 26.6% compared to October 2020.<br \/>\n\u2022 Apartments : At $514,200 the Benchmark price for an FVREB apartment\/condo increased 1.9% compared to September 2021 and increased 18.3% compared to October 2020.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/fvreb.bc.ca\/statistics\/Package202110.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the October 2021 Statistics Package.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/mls-sales-in-the-fraser-valley-remained-strong-in-october-while-supply-continued-to-diminish\/\" target=\"_blank\" rel=\"noopener\">MLS\u00ae Sales in The Fraser Valley Remained Strong in October While Supply Continued to Diminish<\/a> by FVREB<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 Demand for Fraser Valley real estate remained solid in October with overall sales the third highest on record. The Board processed a total of 1,938 property sales &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/11\/its-a-challenging-time-for-homebuyers-in-fraser-valley\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-18850","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>It&#039;s A Challenging Time for Homebuyers in Fraser Valley &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2021\/11\/its-a-challenging-time-for-homebuyers-in-fraser-valley\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"It&#039;s A Challenging Time for Homebuyers in Fraser Valley &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"SURREY, BC \u2013 Demand for Fraser Valley real estate remained solid in October with overall sales the third highest on record. 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