In April, the Fraser Valley Real Estate Board (FVREB) processed 1,637 sales on its Multiple Listing Service® (MLS®), a decrease of 45.7 percent compared to April 2021 and a 36.6 percent decrease compared to March.
“We would typically see a flurry of activity around this time of the year,” said, FVREB President, Sandra Benz, “however that’s not been the case so far. While it’s still too early to say whether this trend will endure, the slowing of sales combined with an increase in active listings is helping to restore a semblance of balance to the market, which is encouraging for homebuyers.”
Last month, the Board received 3,622 new listings, a decrease of 27.8 percent compared to April 2021, and a decrease of 20.9 percent compared to March 2022. The total month-end active inventory in April was 5,387, 14.6 percent higher than in March.
“In an effort to stem inflation worries, the government has moved quickly to implement interest rate hikes,” added FVREB CEO Baldev Gill. “In fact, we’re already back to rate levels we haven’t seen since 2019. This will put an added burden on homebuyers, particularly on first-timers, who will have to meet more stringent stress test conditions. Ultimately, this will likely result in a decrease in demand, which may slow price growth, however, it will do little to resolve the underlying issue of low inventory.”
Across Fraser Valley, in April, the average number of days to sell a single-family detached home was 16 and a townhome was 13 days. Apartments took, on average, 13 days to sell.
MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,731,000, the Benchmark price for an FVREB single-family detached home increased 0.2 percent compared to March 2022 and increased 33.8 percent compared to April 2021.
• Townhomes: At $902,500, the Benchmark price for an FVREB townhome increased 1.8 percent compared to March 2022 and increased 38.3 percent compared to April 2021.
• Apartments: At $649,500 the Benchmark price for an FVREB apartment/condo increased 1.0 percent compared to March 2022 and increased 35.6 percent compared to April 2021.