The Fraser Valley housing market is continuing to slow as the holiday season approaches.
The Fraser Valley Real Estate Board (FVREB) processed 839 sales in November in the communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock. Sales are down 6.9 per cent from October and 57.5 per cent from last November. according to the FVREB’s multiple listing service.
“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, in a news release. “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 FVREB saw a 22.1 decrease in listings in November compared to October and an 18.8 per cent decrease compared to November 2021.
“The market continues to tighten in response to rising interest rates,” said FVREB CEO Baldev Gill in a statement “As a result, individuals are facing additional levels of uncertainty regarding the decision to buy or sell a home.”
The benchmark prices for apartments, townhomes, and single-family detached homes all decreased in November from the previous month. Single-family homes had a benchmark price of $1,404,900, townhomes were $799,400 and apartments were $518,400. Apartments and townhouses increased their price from last November by 5.2 per cent and 3.3 per cent respectively, while single family homes decreased by 6.3 per cent.
The average number of days to sell an apartment in the Fraser Valley during November was 27 days, while townhouses came in at 28 days and single-family detached homes averaged 34 days.