{"id":20539,"date":"2022-09-07T10:10:00","date_gmt":"2022-09-07T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20539"},"modified":"2022-09-03T10:23:29","modified_gmt":"2022-09-03T17:23:29","slug":"fvreb-housing-market-settling-further-in-response-to-interest-rate-rises","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/09\/fvreb-housing-market-settling-further-in-response-to-interest-rate-rises\/","title":{"rendered":"FVREB Housing Market Settling Further in Response to Interest Rate Rises"},"content":{"rendered":"

SURREY, BC \u2013 Robust active listings and relative steady sales activity continued to bring balance to the Fraser Valley real estate market in August. The past several months of rising inventory combined with a slowing trend in sales has also seen benchmark prices return to levels not seen since last year.<\/p>\n

In August, the Fraser Valley Real Estate Board (FVREB) processed 1,017 sales on its Multiple Listing Service\u00ae (MLS\u00ae), an increase of 2.4% compared to last month and a 51.3% decrease compared to this time last year.<\/p>\n

The Board received 2,045 new listings in August, a decrease of 14.3%t compared to July, and only 2.9% less than August 2021. The month ended with a total active inventory of 5,871, a decrease of 8.5% from last month but up by 44% compared to August 2021.<\/p>\n

Once again August saw a balanced market in the Fraser Valley with an overall sales-to-active ratio of 17% (the market is considered balanced when the sales-to-active ratio is between 12% and 20%).<\/p>\n

\u201cFor the past three months we\u2019ve seen the local market return to a more balanced state,\u201d said Board President, Sandra Benz. \u201cWith the Fraser Valley continuing to settle after months of record sales and prices, we expect to see more activity this coming fall as buyers look to capitalize on the region\u2019s reputation for providing greater value for the real estate dollar.\u201d<\/p>\n

Benchmark prices continued to fall across all property categories, bringing them in relative line with prices from December 2021 and eating into year-over year gains.<\/p>\n

\u201cWith possible further hikes in interest rates this fall, homebuyers need to augment their decisions with critical advice and guidance,\u201d said Baldev Gill, Board CEO. \u201cAlong with other professionals such as mortgage brokers and lawyers, Fraser Valley REALTORS\u00ae are a vital part of the team advising buyers and sellers on market realities and identifying potential opportunities that align with their objectives.\u201d<\/p>\n

Across the Fraser Valley in August, the average number of days to sell a single-family detached home increased to 33 and for townhomes to 26 days. Apartments took, on average, 25 days to sell.<\/p>\n

MLS\u00ae HPI Benchmark Price Activity<\/strong><\/p>\n

\u2022 Single Family Detached : At $1,513,500, the Benchmark price for an FVREB single-family detached home decreased 5.1% compared to July 2022 and increased 9.8% compared to August 2021.
\n\u2022 Townhomes : At $841,900, the Benchmark price for an FVREB townhome decreased 3.9% compared to July 2022 and increased 16.1% compared to August 2021.
\n\u2022 Apartments : At $542,000 the Benchmark price for an FVREB apartment\/condo decreased 2.1% compared to July 2022 and increased 18.4% compared to August 2021.<\/p>\n

Click here<\/a> to view the August 2022 stats package.<\/p>\n

Fraser Valley Housing Market Signals Further Settling as Sales Continue to Stall in Response to Interest Rate Rises<\/a> by FVREB<\/p>\n","protected":false},"excerpt":{"rendered":"

SURREY, BC \u2013 Robust active listings and relative steady sales activity continued to bring balance to the Fraser Valley real estate market in August. The past several months of rising … [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-20539","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nFVREB Housing Market Settling Further in Response to Interest Rate Rises • 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\/2022\/09\/fvreb-housing-market-settling-further-in-response-to-interest-rate-rises\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FVREB Housing Market Settling Further in Response to Interest Rate Rises • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"SURREY, BC \u2013 Robust active listings and relative steady sales activity continued to bring balance to the Fraser Valley real estate market in August. 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