{"id":22068,"date":"2023-06-07T10:10:00","date_gmt":"2023-06-07T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=22068"},"modified":"2023-06-06T14:45:03","modified_gmt":"2023-06-06T21:45:03","slug":"fvreb-housing-market-seeing-a-recovery-adjustment-to-the-new-financing-landscape","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/06\/fvreb-housing-market-seeing-a-recovery-adjustment-to-the-new-financing-landscape\/","title":{"rendered":"FVREB Housing Market Seeing A Recovery &#038; Adjustment to The New Financing Landscape"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 The Fraser Valley real estate market saw an injection of supply in May as new listings surged by more than 40% over April.<\/p>\n<p style=\"text-align: justify;\">At 3,533, new listings were just below May 2022 levels (3,631) but slightly higher (2.7%) than the ten-year average for the region. A welcome trend towards alleviating housing supply issues.<\/p>\n<p style=\"text-align: justify;\">\u201cTypically we would see an influx of inventory earlier in the spring sales cycle,\u201d said Narinder Bains, Chair of the Fraser Valley Real Estate Board. \u201cThe series of interest rate hikes during the latter half of 2022 had many sellers and buyers in a holding pattern for most of the year. What we\u2019re seeing now is a recovery and adjustment to the new financing landscape.\u201d<\/p>\n<p style=\"text-align: justify;\">Active listings grew to 5,558, a 20% increase over April, the highest month-over-month jump in more than a year.<\/p>\n<p style=\"text-align: justify;\">The strong supply trend was met with healthy demand. In May, the Board processed 1,711 sales on its Multiple Listing Service\u00ae, a 10% increase over last month and a 25.8% jump over May of last year.<\/p>\n<p style=\"text-align: justify;\">Prices continued to edge upward across all categories as buyer confidence grew, with the composite Benchmark price topping the one-million mark at $1.01 million, a level not seen since September 2022.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s encouraging to see more typically cyclical activity this spring,\u201d said FVREB CEO, Baldev Gill. \u201cInventory has been trending upwards since December 2022, providing more choice, which in turn will hopefully spur on even more listings. That said, with inflation tracking at elevated levels the potential for further rate hikes is very real.<\/p>\n<p style=\"text-align: justify;\">Buyers and sellers would be well-advised to work with real estate professionals to factor this into their decisions.\u201d<\/p>\n<p style=\"text-align: justify;\">Across the Fraser Valley in May, properties continued to move more quickly with each passing month: detached homes took, on average, 23 days to sell and apartments, 23. Townhomes moved more quickly, selling, on average, 18 days after listing.<\/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 $1,491,700, the Benchmark price for an FVREB single-family detached home increased 2.5% compared to April 2023 and decreased 12.7% compared to May 2022.<br \/>\n\u2022 Townhomes : At $826,200, the Benchmark price for an FVREB townhome increased 1.4% compared to April 2023 and decreased 9.8% compared to May 2022.<br \/>\n\u2022 Apartments : At $542,300, the Benchmark price for an FVREB apartment\/condo increased 2% compared to April 2023 and decreased 6.3% compared to May 2022.<\/p>\n<p><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/Package202305.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the May 2023 stats package.<\/p>\n<p><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/delayed-spring-activity-boosts-supply-of-property-listings-in-the-fraser-valley\/\" target=\"_blank\" rel=\"noopener\">Delayed Spring Activity Boosts Supply of Property Listings in The Fraser Valley<\/a> by FVREB<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 The Fraser Valley real estate market saw an injection of supply in May as new listings surged by more than 40% over April. At 3,533, new listings &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/06\/fvreb-housing-market-seeing-a-recovery-adjustment-to-the-new-financing-landscape\/\">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-22068","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>FVREB Housing Market Seeing A Recovery &amp; Adjustment to The New Financing Landscape &#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\/2023\/06\/fvreb-housing-market-seeing-a-recovery-adjustment-to-the-new-financing-landscape\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FVREB Housing Market Seeing A Recovery &amp; Adjustment to The New Financing Landscape &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"SURREY, BC \u2013 The Fraser Valley real estate market saw an injection of supply in May as new listings surged by more than 40% over April. 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