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Fraser Valley May 2023 Stats: Supply and demand both UP!

SURREY, BC – The Fraser Valley real estate market saw an injection of supply in May as new listings surged by
more than 40 per cent over April.
At 3,533, new listings were just below May 2022 levels (3,631) but slightly higher (2.7 per cent) than the ten-year
average for the region. A welcome trend towards alleviating housing supply issues.
“Typically we would see an influx of inventory earlier in the spring sales cycle,” said Narinder Bains, Chair of the
Fraser Valley Real Estate Board. “The series of interest rate hikes during the latter half of 2022 had many sellers
and buyers in a holding pattern for most of the year. What we’re seeing now is a recovery and adjustment to the
new financing landscape.”
Active listings grew to 5,558, a 20 per cent increase over April, the highest month-over-month jump in more than a
year.
The strong supply trend was met with healthy demand. In May, the Board processed 1,711 sales on its Multiple
Listing Service®, a 10.1 per cent increase over last month and a 25.8 per cent jump over May of last year.
Prices continued to edge upward across all categories as buyer confidence grew, with the composite Benchmark
price topping the one-million mark at $1.01 million, a level not seen since September 2022.
“It’s encouraging to see more typically cyclical activity this spring,” said FVREB CEO, Baldev Gill. “Inventory has
been trending upwards since December 2022, providing more choice, which in turn will hopefully spur on even
more listings. That said, with inflation tracking at elevated levels the potential for further rate hikes is very real.
Buyers and sellers would be well-advised to work with real estate professionals to factor this into their decisions.”
Across the Fraser Valley in May, properties continued to move more quickly with each passing month: detached
homes took, on average, 23 days to sell and apartments, 23. Townhomes moved more quickly, selling, on average,
18 days after listing.
MLS® HPI Benchmark Price Activity*
• Single Family Detached: At $1,491,700, the Benchmark price for an FVREB single-family detached home
increased 2.5 per cent compared to April 2023 and decreased 12.7 per cent compared to May 2022.
• Townhomes: At $826,200, the Benchmark price for an FVREB townhome increased 1.4 per cent compared to
April 2023 and decreased 9.8 per cent compared to May 2022.
• Apartments: At $542,300, the Benchmark price for an FVREB apartment/condo increased 2 per cent compared
to April 2023 and decreased 6.3 per cent compared to May 2022.



Get all of the May stats HERE:

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), 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 GVR, 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 GVR, the FVREB or the CADREB.