Metro Vancouver Real Estate Market Update [May 2023]

The real estate market in the Metro Vancouver area is always changing, so you need to stay on top of it if you want to sell your home or buy a new one. From days on market to benchmark prices to the number of listings, there's a lot of information to get through, so we want to do the heavy lifting for you. Here is everything you need to know about the real estate market this month from Abbotsford to White Rock.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

May 2023 Real Estate Market Update

Fraser Valley Market Update

Get ready to gain actionable insight into this spring's real estate market in the Fraser Valley! Over the past few months, I've been digging through data and researching the latest trends for spring of 2023 so I could get you up to speed on everything that you need to know about this season's market. So if you're looking to make a smart decision when it comes to selling or buying a property in the Fraser Valley, then you've come to the right place.

Detached Homes

• Inventory for April 2023: 1,567 active listings (3.1% increase from March 2023, 28.5% decrease from April 2022)
• Sales for April 2023: 531 (1.3% increase from March 2023, 3.5% decrease from April 2022)
• Benchmark price for April 2023: $1,442,900 (3.8% increase from March 2023, 17.8% decrease from April 2022)

Townhomes

• Inventory for April 2023: 647 active listings (2.1% increase from March 2023, 39.5% decrease from April 2022)
• Sales for April 2023: 384 (1.8% decrease from March 2023, 1% decrease from April 2022)
• Benchmark price for April 2023: $808,000 (1.7% increase from March 2023, 13.3% decrease from April 2022)

Apartments (Condos)

• Inventory for April 2023: 1,034 active listings (0.4% decrease from March 2023, 3.9% increase from April 2022)
• Sales for April 2023: 487 (0.8% decrease from March 2023, 11.8% decrease from April 2022)
• Benchmark price: $530,200 (1.6% increase from March 2023, 9.8% decrease from April 2022)

All information & statistics was received from Fraser Valley Real Estate Board Statistics Package.

What Does This Mean for Buyers & Sellers?

If you're looking to buy a home or an investment property in the rising Fraser Valley & Metro Vancouver real estate market, now is the time to act! However, in this competitive market, it's essential to have the right guidance to ensure the best possible deal. Work with a team of realtors who can provide the necessary knowledge and expertise to navigate this market successfully. With a keen understanding of local market trends and insights, they can help you stay focused on your goals and act quickly to secure your dream property before someone else does and win multiple offers. Don't let the competition deter you; have a real estate team help you find the perfect property to meet your needs and ensure a smooth and successful transaction!

I know selling a house when it’s busy out there may seem easy. However, in today's rising market, it's more important than ever to have a professional realtor on your side. A skilled realtor brings expert knowledge of the local market, strategies to ensure your property stands out amidst the competition, and sharp negotiating skills to help you secure the optimum price — and eventually more money in your pocket — for your property.  And when inventory is low and buyers are scrambling to compete with each other, having a realtor can make the difference.

So why fly solo when you can have a seasoned expert guide you through the process and help you get the most out of your investment? Overall, the Fraser Valley real estate and Metro Vancouver market remains strong, with prices increasing and inventory levels staying low. As always, be sure to stay informed and consult with a professional if you're looking to buy or sell your property.

Previous Months' Metro Vancouver Real Estate Market Updates

Here are our previous market updates so you can see for yourself how the local housing market has changed over the months.

March 2023 Real Estate Market Update & April Forecast

Is this the turning point? 

After months of decline, there was finally an upswing in homes sold in March 2023. The upward trend continues with the second consecutive month of growth in sales in the Fraser Valley. Although below seasonal norms, we are way up month over month, with 73% more sales in March than we had in February. 

The pause in interest rate hikes has helped to restore predictability and has given both buyers and sellers the confidence to make the moves they needed. The result of this is the increased traffic we are seeing out in the market this month. 

Let's delve into the numbers and what it means to you in your market update for March 2023: 

Fraser Valley Real Estate Stats

Detached Homes 

INVENTORY: 

• March 2023: 1,520 active listings 
• February 2023: 1,443 (5.3% increase) 
• March 2022: 1,890(-19.6% decrease) 

SALES: 

• March 2023: 524 
• February 2023: 278 (88.5% increase) 
• March 2022: 932 (43.8% decrease) 

BENCHMARK PRICE: 

• March 2023: $1,390,600 
• February 2023: $1,364,300 (🔼 1.9% increase) 
• March 2022: $1,776,700 (🔽 21.7% decrease) 

Townhomes

INVENTORY:

• March 2023: 634 active listings 
• February 2023: 668 (5.1% decrease)
• March 2022: 913 (30.6% decrease) 

SALES:

• March 2023: 391 
• February 2023: 241 (62.2% increase) 
• March 2022: 624 (37.3% decrease) 

BENCHMARK PRICE:

• March 2023: $794,400 
• February 2023: $776,200 (2.3% increase) 
• March 2022: $928,700 (14.5% decrease) 

Apartments & Condos

INVENTORY: 

• March 2023: 1,038 active listings 
• February 2023: 1048 (1.0% decrease) 
• March 2022: 848 (22.4% increase) 

SALES: 

• March 2023: 491 
• February 2023: 286 (71.7% increase) 
• March 2022: 803 (38.9% decrease) 

BENCHMARK PRICE:

• March 2023: $521,800 
• February 2023: $510,100 (2.3% increase) 
• March 2022: $586,400 (11.0% decrease) 

(DISCLAIMER: All information & statistics was received from Fraser Valley Real Estate Board Statistics Package) 

What This Means For Buyers & Sellers

Typically, spring is one of the busiest selling periods as the weather improves and everything just looks a little bit nicer! We expect to see this trend continue as we notice a strong uptick in activity even within our own office. Don’t believe me? Just take a look at the sales-to-active listing ratio. Sitting at 34 per cent last month. This is firmly in a seller market, the highest we’ve seen in a while. And townhomes are even more pronounced at 62 per cent! Demand is certainly there. 

But what about the other side of the equation, supply? While the market demand continues the trend upward, supply is where we are facing an uphill battle. This is the main factor elevating prices. Last month we had a small increase again when looking month over month, about 2%. But when looking year over year, we are still down 20% from the crazy highs we had this time last year. 

If you are a seller, here is what you can take away: The market is steadily picking up again. With better weather, longer days, and stabilized interest rates, more buyers are getting out to make their moves. We are firmly in a seller's market, particularly for townhomes. If you are thinking of making a move, consult a professional realtor who can guide you through the process and get you the best price for your home. 

Things are heating up for buyers, too. With no additional supply coming to stream any time soon, we expect to see continually increasing activity on the market over the coming months. There's no rush, though. Time in the market beats timing the market. And did you know you don't even need to pay your realtor when you're buying? Shy wouldn't you want the best, then? If you want to make a move, ensure you have a team who has your back when the time comes. Reach out today for a complimentary real estate consultation! 

Sell Your Home With Katrina & The Team

Katrina & The Team have unmatched skills, expertise, knowledge, and experience from hard work helping our clients and community. 

Whether you're in Surrey, Vancouver, or somewhere else, with Katrina & The Team, you can expect more because we deliver more! If you're thinking of buying, selling, or have any questions about the market and how it relates to your specific needs, a specific property, or a specific neighbourhood, visit us online or call us at (604) 507-0200.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Metro Vancouver Real Estate Update February 2023

Is this the calm before the storm? 

While January 2023 was the slowest start to a year in a decade for the Fraser Valley, there is a general consensus that we are about to see a market upswing over the coming months. What's causing the shift? Let’s break this and more down in your January 2023 market update.

February 2023 Market Stats

Detached Homes

• Inventory: 1,350 active listings (3.5% increase from December 2022, 68.5% increase from January 2022)
• Sales: 182 (17.3% decrease from December 2022, 61.2% decrease from January 2022) 
• Benchmark Prices: $1,357,800 (1.4% decrease from December 2022, 17.6% decrease from January 2022) 

Townhomes

• Inventory: 659 active listings (.9% increase from December 2022, 102.1% increase from January 2022)
• Sales: 170 (11.1% increase from December 2022, 41.2% decrease from January 2022)
• Benchmark Prices: $773,100 (1.8% decrease from December 2022, 8.8% decrease from January 2022)

Apartments & Condos

• Inventory: 970 active listings (10.5% increase from December 2022, 129.9% increase from January 2022)
• Sales: 198 (9.6% decrease from December 2022, 52.6% decrease from January 2022)
• Benchmark Prices: $503,700 (.2% decrease from December 2022, 5.9% decrease from January 2022)

All information & statistics were received from Fraser Valley Real Estate Board Statistics Package.

What This Means for Buyers & Sellers

Rising interest rates have caused hesitation among buyers, which in turn caused a slow start to 2023. And with the most recent interest rate hike, we’re currently expecting an increase in market activity in the coming months, especially with the pent-up demand of the past several months. No matter what interest rates are, we typically see more market activity going into the spring season. With the improving weather, buyers are more likely to start visiting homes, which is good news for sellers. It’s also good for buyers, as it means more homes are likely to come onto the market in the coming weeks and months.

When it comes to active listings, January saw many more than at this time last year. There was roughly a 75% increase across all home types. 

Meanwhile, benchmark prices continued with similar trends as last month. The detached home benchmark price was $1,357,800. That's a decrease of 1.4% from December 2022 and 17.6% from January 2022.

The benchmark price for townhomes was $773,100, which was down 1.8% from December 2022 and 8.8% from January 2022. Finally, condos were down just .2% from last month, and 5.9% from January 2022.

Curiously, the sales-to-active-listings ratio is still fairly high for townhomes and condos at 26% and 20%, respectively, indicating a sellers’ market. Meanwhile, detached homes sit at 13%, which is slower due to detached properties being more difficult to afford when compared with the higher interest rates.

Interestingly, the sales-to-active listing ratio still remains relatively high for townhomes and condos at 26% and 20%, respectively. That nudges them into a sellers’ market. Compare this to the detached homes, which sit at 13%, being slower to move as affordability is more difficult with the higher interest rates. 

January 2023 Market Update - December 2022 Statistics

December 2022 Market Update - November 2022 Statistics

Because of the interest rates, the market does continue to slow. This is also typical this time of year with the holidays, and people are too busy having fun….

But for those of you still interested: now may be a great time to capitalize on the slowdown! Let us let you in on a little secret—yes, it is slower, homes tend to look a bit darker, and yes, most people are too busy. However, most people still making moves in winter are the serious ones. And if you’re reading this, you may be among those serious buyers. 

Let us get into the details so you can see why there are more opportunities than you think right now—backed up by some cold, hard facts.

November 2022 Market Stats

Detached Homes

• Inventory: 1,840 (8.5% decrease from October 2022, 86% increase from November 2021) 
• Sales: 269 (7.2% decrease from October 2022, 62.3% decrease from November 2021) 
• Benchmark Price: $1,404,900 (2.2% decrease from October 2022, 6.3% decrease from November 2021) 

Townhomes

• Inventory: 909 (5.1% decrease from October 2022, 145.7% increase from November 2021) 
• Sales: 189 (23.2% decrease from October 2022, 56.7% decrease from November 2021) 
• Benchmark Price: $799,400 (1.3% decrease from October 2022, 3.3% increase from November 2021) 

Apartments & Condos 

• Inventory: 1,202 (5.2% decrease from October 2022, 86.9% increase from November 2021) 
• Sales: 273 (1.8% decrease from October 2022, 55% decrease from November 2021) 
• Benchmark Price: $518,400 (1.8% decrease from October 2022,  5.2% increase from November 2021) 

All information & statistics were received from the Fraser Valley Real Estate Board Statistics Package.

Our Observations from November 2022

Sales are down 7% from October, and new listings are slow to stream. However, the available listings are selling faster, evidence that the opportunities are present when marketed well. 

There were fewer listings than last month and about half of what was available last year, but things are selling quickly. Condos in 27 days, townhomes in 28, and detached in 34 days on average. 

Pricing

Detached homes are down 2% month-over-month. Price is also down compared to last year. Townhomes are down 1% month-over-month but still up compared to last year. Condos are down 2% month-over-month but again still up 5% year-over-year. This shows the demand for the lower-priced home categories. 

Sales

The active listing ratio trend continues, with detached homes being a balanced market while it’s a seller's market for townhomes and condos. Due to the demand for lower-priced homes, people have been priced out of the more expensive detached homes due to rising interest rates. While fewer listings are available, the buyers out there are serious, as evidenced by the quick turnover we are seeing. So now is undoubtedly an excellent time to sell, particularly for condos and townhomes. 

What This Means for Buyers

It's a great time to shop for detached homes, but that's not to say you can't find a good deal in townhomes and condos. Less activity will mean less competition, allowing you have more choices. 

Yes, the market is different. But there is an opportunity in every market. The only difference now is you need the right strategy, marketing, and expert alongside you so you can make the right decision for you. 

To get the right strategy, marketing, and expertise, give us a call at 604-507-0200 or visit us online.

November 2022 Market Update - October 2022 Statistics

The Fraser Valley real estate market experienced some surprising changes in October 2022, and the data may seem complicated at first glance. 

Inventory is down, sales are up (slightly), and benchmark prices are down in some categories while up in others, month over month. Of course, with interest rates up again this month, it has become harder to borrow money. This has had the expected effect of slowing sales and dropping prices in general as the Bank of Canada attempts to control the market from the frenzy last year.

Let's dive deeper into statistics and discuss what this all means for buyers and sellers in the Vancouver area. 

October 2022 Market Stats

Single-Family Homes

• Inventory: 2,011 (4.9% decrease from September 2022, 75.2% increase from October 2021)
• Sales: 290 (1.8% increase from September 2022, 58.5% decrease from October 2021)
• Benchmark Price: $1,436,000 (1.8% decrease from September 2022, 0.8% decrease from October 2021)

Townhomes

• Inventory: 958 (11% decrease from September 2022, 136.5% increase from October 2021)
• Sales: 246 (4.2% increase from September 2022, 51.3% decrease from October 2021)
• Benchmark Price: $809,800 (1.5% decrease from September 2022, 7.7% increase from October 2021)

Condos

• Inventory: 1,268 (0.4% increase from September 2022, 64.5% increase from October 2021)
• Sales: 278 (0.7% decrease from September 2022, 50% decrease from October 2021)
• Benchmark Price: $527,900 (11.5% increase from September 2022, 0.5% decrease from October 2021)

 All information & statistics were received from the Fraser Valley Real Estate Board Statistics Package.

Our Observations from October 2022

As complicated as this may all seem, it is good news in general. With the sales-to-active listing ratio at 16% last month, we are back to a balanced market for the fifth straight month. This comes as a relief to many after an intense seller's market through last year.

That said, looking at individual house categories becomes more nuanced.

For detached homes, the benchmark price was down 1.8% compared to last month. This puts the benchmark price at almost the same level this time last year, down slightly from a high earlier this year. Sales were up slightly month over month. And the sales-to-active listing ratio for detached homes is slightly lower than average at 14%. All of this points to the market having stabilized for detached homes, with very little change overall since last month.

For townhomes, the benchmark price is also down again by 1.5%. That still puts it higher than the price last year's price by almost 8%. Considering the sales-to-active listing ratio of 26% for townhomes in the Fraser Valley, you can see that there is still a significant demand for these homes, bucking the trend and making it a seller's market.

What does this mean for you? Well, now is a good time for both buyers and sellers. Prices are dropping slightly due to the higher interest rates. However, sales are up month over month, as more people look to townhomes as an affordable alternative to single-family homes.

Balance is the name of the game with condos! The benchmark price was down every so slightly month over month but still up by 11% compared to last year. Sales are also very similar to last month, as is the number of listings available. All this keeps the sales to active listing ratio relatively high at 22%, showing the demand for condos remains, being the most affordable of all home types.

With sales continuing to lag and new inventory slow coming on the market, we're seeing a holding pattern from buyers and sellers. Interest rates are at their highest levels since 2006, so, understandably, buyers and sellers are hesitant. This is where a great realtor can help you educate yourself on what is the best move for you.

The higher interest rates have made borrowing more expensive. This continues to slow the market for detached homes in particular. However, townhomes and condos still maintain good activity, with more people looking to these options to facilitate their needs.

Looking at a neighbourhood-by-neighbourhood level, there are specific pockets for which certain property types are performing well for both buyers and sellers. Take the Cloverdale neighbourhood, for example. Townhomes and condos have a sales-to-active listing ratio of 41%! So if you're looking to sell in Cloverdale, now might be the time. And for buyers, you have great opportunities in Surrey where detached homes are selling 9% below the asking price on average. Ready to scoop up a deal?

Need more guidance on real estate statistics in the Surrey area? Well, if you're buying, selling, or just trying to understand all this a little better, we're here to help. We offer a complimentary real estate consultation to help educate you on when and where the best move for you is. Don't wait; reach out today!

September 2022 Market Update - August 2022 Statistics

This is surprising, and the numbers don't lie! Despite the increasing interest rates and the declining sales we saw in July and the months leading up to it, August had an increase in home sales. With the negative news we've had recently, there was a lull where consumers have taken in the information to understand how it affects them. However, that lull seems to be coming to an end as we see buyers making confident decisions regarding market trends and both current and historical data.

August 2022 Market Stats:

• Overall sales are up 2.4% (month over month), meaning more homes sold in August than in July. 
• The number of active listings is down by 8.5% (month over month), meaning fewer homes sold in August. 
• New listings are down by 14.3% (month over month), which means fewer new listings came onto the market in August. 
• Benchmark prices are down 2.1–5.1%, depending on property type (month over month), meaning the overall price of a typical home in Fraser Valley went down. 
• Sales-to-active-listing ratio was 17%, up from 15% in July—this means that 17 out of every 100 homes sold last month, and we are in a balanced market.

Our In-House Observations in August 2022

We are entering the fall market, typically the second busiest season for real estate. With school back in session, family summer vacations complete, and childcare finalized, we are getting back into a routine as a community. Based on experience, market activities tend to pick up, which we can already see. 

Here is what we observed during August: 

• Market activity is picking up. We have received more inbound calls, set up more buyer and seller consultation appointments, and written and presented more offers. 
• Offers are being accepted quickly, so buyers must act quickly to ensure they can see all the homes they're interested in.
• It's becoming more common for sellers to receive more than one offer on their homes.
• Sellers who previously didn't have luck selling their homes are calling our team for help.
• We have helped sellers get a maximum return on their properties with our optimal pricing, negotiating, and marketing strategies.

Even active REALTORS® outside our team are asking us to list and market their homes. Katrina & The Team have unmatched skills, expertise, knowledge, experience, and proven results from hard work. With Katrina & The Team, you can expect more because we deliver more! If you are thinking about buying, selling, or have any questions about the market and how it relates to your specific needs, or your specific property in your specific neighbourhood, give us a call at (604) 507-0200 or use our contact form to drop us a line. 

Keep in touch by following us on Instagram and Facebook!

August 2022 Market Update - July 2022 Statistics

It isn't surprising that with the recent interest rate increases, July is the fourth month in a row where sales have declined. Rising interest rates and inflation have made average consumers uncertain. However, those who understand economics and market data are still making confident and sound decisions to capitalize in today's real estate market, and statistics show that real estate has always been a safe long-term investment.

So is now a good time to buy or sell your home? Here's what we've observed in the month of July.

July 2022 Market Stats

• The number of sales is down 22.5% month over month and down by 39% year to date, year over year. 
• The number of active listings is down by 0.9% month over month. This number was climbing month after month and now has stabilized. 
• Benchmark prices are down 2–3.5% depending on property type month-over-month; however, they are up 17.8–22.7% year over year. 
• Sales-to-active-listing ratio is 15%, a balanced market.

Our In-House Observations in July

• Sellers, buyers, and real estate agents have uncertainties due to the lack of resources, knowledge, and facts. 
• Real estate agents outside our team are asking us to list and market their own homes. 
• Multiple offers still exist. However, not at the level compared to early this year. Location, optimal pricing, marketing, property type, and price bracket significantly affect how many offers a property receives. 
• Educated and well-informed sellers are taking advantage of our optimal pricing, negotiation, and marketing strategies to sell their homes for maximum return. They are netting more than their competition. 

The buyers and investors who educate themselves are also capitalizing on opportunities. They understand the impact of interest rates, monthly payments, rental rates, and market data, both current and historical. They know the peaks and slight valleys before a new rise in the Real Estate cycle and the upward historical trend in value. 

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.