Eye on the Market: July 2023

Below is the latest monthly update on broad housing market activity in the Fraser Valley region, just outside of Metro Vancouver. Key takeaways include:

- sales at 1,368 being down compared to the prior month by 29% but 38% higher than July 2022.

- inventory of active home listings climbing up meaningfully, to over 6,000 listings

- buyers and sellers are becoming more cautious and reflective on their next move, in the context of higher interest rates challenging affordability

- the summer months are typically a slower activity time and this year is no different.

- benchmark prices were up ever so slightly for the sixth straight month

- the sales-to-active listings ratios indicate a balanced market for detached homes (17%), while apartments (36%) and townhomes (especially at 45%) are firmly in a seller's market

If you are looking for more detailed information on the housing market in the Fraser Valley, don't hesitate to contact me for assistance.

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.