The Fraser Valley housing market continues 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 percent from October and 57.5 percent from last November. according to the multiple quotation service of the FVREB.
“The trends we’ve seen in recent months are likely to continue through the end of the year,” Sandra Benz, chair of the Fraser Valley Real Estate Board, said in a press release. “While interest rate hikes have effectively put many buyers and sellers into a set pattern, we are still seeing relatively rapid turnover across all housing categories, pointing to robust opportunities for strategically priced real estate.”
The FVREB saw a 22.1 percent decline in quotes in November compared to October and an 18.8 percent decline compared to November 2021.
“The market continues to tighten in response to rising interest rates,” Baldev Gill, CEO of FVREB, said in a statement. “As a result, individuals face additional uncertainty about the decision to buy or sell a home.”
The target prices for apartments, terraced houses and single-family homes all fell in November compared to the previous month. Single-family homes had a reference price of $1,404,900, townhouses were $799,400, and apartments were $518,400. Apartments and townhouses rose in price by 5.2 percent and 3.3 percent respectively in November, while single-family homes fell by 6.3 percent.
The average number of days to sell a condo in the Fraser Valley in November was 27 days, while townhouses moved in after 28 days and detached single-family homes averaged 34 days.
Housing crisisReal estate