Le Lézard
Classified in: Business
Subject: MISCELLANEOUS

New listings lag as Fraser Valley real estate market sees third month of declining sales


SURREY, British Columbia, Dec. 02, 2022 (GLOBE NEWSWIRE) -- With sales down almost seven per cent from October, and new listings off by more than 20 per cent, the Fraser Valley housing market continues its slowing trend heading into the holiday season. Despite the market slowdown, opportunities are available, as evidenced by brisk turnover time frames.

In November, the Fraser Valley Real Estate Board (FVREB) processed 839 sales on its Multiple Listing Service® (MLS®), a 6.9 per cent decrease compared to October and a decrease of 57.5 per cent compared to November 2021.

"The trends we've seen over the past several months will likely continue through to year-end," said Sandra Benz, President of the Fraser Valley Real Estate Board. "While rate hikes have effectively put many buyers and sellers in a holding pattern, we're still seeing relatively quick turnover for all housing categories, indicating robust opportunities for properties that are strategically priced."

The Board received 1,703 new listings in November, a decrease of 22.1 per cent compared to October 2022 and a decrease of 18.8 per cent compared to last year. The month ended with a total active inventory of 5,330, a 5.5 per cent decrease compared to October, and 74.9 per cent more than November of last year.

"The market continues to tighten in response to rising interest rates," said Board CEO Baldev Gill. "As a result, individuals are facing additional levels of uncertainty regarding the decision to buy or sell a home, underscoring the importance of seeking advice and guidance from a local REALTOR® to mitigate the risks involved." 

Across Fraser Valley in November, the average number of days to sell a single-family detached home was 34 days and a townhome was 28 days. Apartments took, on average, 27 days to sell.

MLS® HPI Benchmark Price Activity

The Fraser Valley Real Estate Board is an association of 4,924 real estate professionals who live and work in the BC communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.

Contact[email protected]
Vanessa Cheng, Communications CoordinatorTelephone 604.930.7652
Fraser Valley Real Estate Boardwww.fvreb.bc.ca
 www.fvreb100.ca

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1c9c3c26-3b75-468b-95f0-868a40a7d23d



These press releases may also interest you

at 08:50
Global chauffeur service, Blacklane, announced that it has named Cindy Rubbens Chief People Experience Officer (CPXO) and Gudrun Herrmann Global Head of Communications, effective immediately. Both will...

at 08:48
Lumen Technologies recently won a $223 million contract from the U.S. Defense Information Systems Agency (DISA) to provide secure, mission-critical communications services to the U.S. Department of Defense....

at 08:48
LifeVac is proud to announce a partnership with the Eastern New York Youth Soccer Association, in which they will be the Presenting Sponsor of the Inaugural season of the Eastern New York National League Conference Qualifier (ENYNLQ). The league will...

at 08:47
The following issues have been halted by IIROC: Company: Reyna Silver Corp. TSX-Venture Symbol: RSLV All Issues: Yes Reason: Pending News Halt Time (ET): 8:41 AM IIROC can make a decision to impose a temporary suspension (halt) of trading in a...

at 08:47
KeyBank is seeing significant results in making home buying easier for clients in the face of a competitive market. A software platform that digitizes the end-to-end mortgage application process for clients looking to purchase or refinance a home,...

at 08:47
Grosvenor, a privately held property owner and developer with a 70-year track record in North America, celebrated another successful year and continued its growth, as the company announced several new...



News published on 2 december 2022 at 11:00 and distributed by: