The Fraser Valley Real Estate Board recently provided an update on the housing market for June 2023.
According to the board:
"The Fraser Valley real estate market saw strong sales activity in June  with levels on par with the 10-year average for the month, amid on-going challenges with supply.
In June, the Fraser Valley Real Estate Board (FVREB) processed 1,935 sales on its Multiple Listing Service® (MLS®), an increase of 51.1 per cent compared to June 2022 and a 13.1 per cent increase compared to May."
The residential real estate market continues to defy any material slowdown in the face of higher interest rates. The lack of listings is still being met by relatively strong demand. This is putting upward pressure on prices, again.
The Board 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 2023, and 8.2 per cent less than June of last year .
The Fraser Valley residential real estate market has proven, yet again, it's resiliency. All three main categories of homes, detached houses, townhouses and apartments, are firmly in a very strong seller's market. This is evident by the very high sales-to-active listings ratio that ranges from 30% to 59%. Anything above 20% is considered a seller's market. June 2023 was well above that threshold.
Finally, it is worth highliting that the average days on market to sell a home, was very low, across all property types. The theme continues to be relatively low active listings for sale meeting strong demand. Decent homes have been selling fairly quickly.
The Bank of Canada is predicted by many economists to raise it's benchmark interest rate again on July 12, by 0.25%. Given the surprising strength of the real estate markets of Surrey, Langley, North Delta, Abbotsford and Mission, it will be interesting to see what, if any, impact a further slight increase in rates might have.
Whether this bull market will have legs remains to be seen...