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.