Image: ReMax Canada / A home for sale on Eagle Summit Drive ($1.7 million) in Abbotsford. The Fraser Valley Real Estate Board released a statement Friday saying real estate listings have surged by over 40 per cent in May 2023 compared to the previous month in April. The benchmark price of a single-family home in the FVREB coverage area (Abbotsford to White Rock) sold for just under $1.5 million.

By Mike Vanden Bosch

Fraser Valley real estate listings surge

Fraser Valley real estate listings surge in May, benchmark home sells for $1.5 million

Jun 2, 2023 | 7:05 AM

ABBOTSFORD — After a series of interest rate hikes in the latter half of 2022 put many buyers and sellers in a wait-and-see approach, a pause on further rate hikes may have contributed to a recent surge in property listings.

According to a statement Friday (June 2) from the Fraser Valley Real Estate Board, the Fraser Valley real estate market saw an injection of supply in May as new listings surged by more than 40 per cent over April. At 3,533, new listings were just below May 2022 levels (3,631) but slightly higher (2.7 per cent) than the ten-year average for the region. The chair of FVREB says this is a welcome trend towards alleviating housing supply issues.

“Typically we would see an influx of inventory earlier in the spring sales cycle,” said Narinder Bains, chair of the Fraser Valley Real Estate Board. “The 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’re seeing now is a recovery and adjustment to the new financing landscape.”

Active listings grew to 5,558, a 20 per cent increase over April, the highest month-over-month jump in more than a year.

The strong supply trend was met with healthy demand. In May, the Board processed 1,711 sales on its Multiple Listing Service, a 10.1 per cent increase over last month and a 25.8 per cent jump over May of last year.

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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.

“It’s encouraging to see more typically cyclical activity this spring,” said FVREB CEO, Baldev Gill. “Inventory 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. Buyers and sellers would be well-advised to work with real estate professionals to factor this into their decisions.”

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.

The benchmark price for a FVREB single-family detached home was $1,491,700, an increase of 2.5 per cent compared to April 2023, and a decrease of 12.7 per cent compared to May 2022.

• Townhomes: At $826,200, the Benchmark price for an FVREB townhome increased 1.4 per cent compared to April 2023 and decreased 9.8 per cent compared to May 2022.
• Apartments: At $542,300, the Benchmark price for an FVREB apartment/condo increased two per cent compared to April 2023 and decreased 6.3 per cent compared to May 2022.

The Fraser Valley Real Estate Board is an association of 5,015 real estate professionals who live and work in the BC communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.