Slower market is a positive for Fraser Valley affordability

Slower market is a positive for Fraser Valley affordability

Slower market is a positive for Fraser Valley affordability

The Fraser Valley continues to be a slower-than-usual housing market but there are some positives.

Sales in April were down 19% year-over-year to 1,383, although that was an increase of 13.3% from March according to MLS data from the Fraser Valley Real Estate Board.

While it was the second-slowest April in 10 years, consumers’ demand for housing is strong despite weakened purchase power compared to before the mortgage stress test.

Darin Germyn, President of the Board, says that certain housing types are performing better than others.

“Detached homes under one million dollars and attached homes – ranging from $400,000 to $700,000 – continue to attract buyers in the Fraser Valley. Townhome sales in Abbotsford increased by almost 60% compared to March and were on par with last year’s April sales,” he said.

Active listings increased 38.9% year-over-year and 12.3% month-over-month to 7,870 by the end of April and there were 3,391 new listings during the month, an 18.1% increase compared to March but down 1.1% compared to April of last year.

“A slower, stable market has had a positive impact on affordability in our region. Prices of typical residential homes in the Fraser Valley have decreased between 5 and 6 per cent in the last year. In the last three months, benchmark prices have either plateaued or have experienced a small recovery,” added Germyn.

Fraser Valley home prices

HPI® Benchmark Price Activity:

  • Single Family Detached: At $964,600, the Benchmark price for a single family detached home in the Fraser Valley increased 0.2% compared to March 2019 and decreased 4.8% compared to April 2018.
  • Townhomes: At $521,800 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.9% compared to March 2019 and decreased 5.1% compared to April 2018.
  • Apartments: At $420,700, the Benchmark price for apartments/condos in the Fraser Valley increased 0.6% compared to March 2019 and decreased 6% compared to April 2018.

More market update: