Image: Realtor.ca / This home for sale at 2298 Cameron Crescent in Abbotsford ($1,499,000) nearly matches the benchmark price of a single-family home sold during June in the Fraser Valley Real Estate Board coverage area. A single-family home, per the benchmark index, is selling for $1,526,200 in the Fraser Valley Real Estate Board coverage area, which stretches from White Rock to Abbotsford and includes Mission, Surrey and Langley. Sales are surging but supply levels could be higher, according to the FVREB in a press release.

By Mike Vanden Bosch

Fraser Valley real estate

Fraser Valley real estate sales surged in June versus a year ago

Jul 5, 2023 | 10:27 AM

SURREY — The Fraser Valley Real Estate Board says the real estate market encountered strong sales in June with levels on par with the 10-year average for the month, despite ongoing issues with housing supply.

In June, the Fraser Valley Real Estate Board (FVREB) processed 1,935 sales on its Multiple Listing Service, an increase of 51.1 per cent compared to June 2022 and a 13.1 per cent increase compared to May.

The Fraser Valley Real Estate Board encompasses White Rock, Surrey, Langley, North Delta, Mission, and Abbotsford. It consists of 5,057 real estate professionals.

“As seen in recent months, prices continue to trend upward, with lack of supply and high demand for housing,“ said Narinder Bains, chair of the Fraser Valley Real Estate Board. “What we’re seeing is sales increasing, with buyers entering the market despite current financial implications of anticipated rate hikes.”

FVREB received 3,424 new listings in June, an increase of 2.8 per cent compared to last year, and a decrease of 3.1 per cent compared to May 2023. The month ended with a total active inventory of 5,944, a 6.9 per cent increase compared to May, and 8.2 per cent less than June of last year.

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“A number of factors are at play in the Fraser Valley market, from low supply to unprecedented interest rates – the highest in more than 20 years,” said FVREB CEO Baldev Gill. “For those seeking to enter the market, whether buying or selling, only a professional realtor can provide the expert guidance and advice to fully evaluate each clients’ needs, and to protect their interests.”

Across Fraser Valley in June, the average number of days to sell a single-family detached home was 21 and a townhome was 16 days. Apartments took, on average, 22 days to sell.

MLS^® HPI Benchmark Price Activity

Single Family Detached: At $1,526,200, the Benchmark price for an FVREB single-family detached home increased 2.3 per cent compared to May 2023 and decreased 7.4 per cent compared to June 2022.
Townhomes: At $845,400, the Benchmark price for an FVREB townhome increased 2.3 per cent compared to May 2023 and decreased 5.2 per cent compared to June 2022.
Apartments: At $552,200, the Benchmark price for an FVREB apartment/condo increased 1.8 per cent compared to May 2023 and decreased 2.5 per cent compared to June 2022.

by Mike Vanden Bosch

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Fraser Valley real estate sales surged in June versus a year ago

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