Eye on the Market: August 2023

Below is the latest video update on the state of the housing market by the Fraser Valley Real Estate Board. My key takeaways from this month's board video on residential real estate activity include:

  • Uncertainty around the direction of interest rates may have kept some buyers and sellers on the sidelines
  • August 2023 sales slowed (were lower) compared to the month prior, lower by 7%. However, August sales were up 25% compared to August of 2022
  • At month end August 2023, the number of active listings at 6,291 was up slightly compared to July, giving buyers more options. Notably, active listings were also up 7% compared to a year earlier. This is giving some pressure relief to a market that has been notoriously light on active inventory on market in recent years.
  • New listings in August totalled 2,622 which was down by 8% compared to July but up 28% compared to August 2022
  • Benchmark prices for detached houses, townhouses and apartments held fairly steady compared to the month prior.
  • The sales-to-active listing ratios were 16% for single-family detached houses, 38% for townhouses and 32% for apartments. This indicates it had been a seller's market for townhouses and apartments, while single-family detached houses in the Fraser Valley were in balanced territory.

For a more detailed look at residential real estate activity in the Fraser Valley housing markets of North Delta, Surrey, South Surrey, Langley, Abbotsford and Mission, please consider keeping an eye out for my monthly newsletter.
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.