Last Updated on October 24, 2023 by Ephraim Vecina
The southwestern British Columbian market continues to feel the impact of a markedly lower level of demand, according to the Fraser Valley Real Estate Board.
“Lessening demand continues to impact our market significantly,” Board president John Barbisan said. “In turn, that has given purchasing power back to buyers who now have more time and more options when it comes to making a decision.”
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Overall sales last month stood at 1,028 completed deals. The Board stated that this was 11% lower compared to October 2018, and 41% compared to November last year.
To compare, last month saw the addition of 2,077 new for-sale listings in the market. Fraser Valley’s total inventory as of the end of November was 7,355 listings, representing a slight 5% decline from October but a notable 43.4% increase from last year.
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These factors are keeping prices for all housing types at reasonable levels, according to the Board. Single-family detached median prices dropped by 1.1% compared to October 2018 (down to $976,200), while townhouses experienced a miniscule 1% month-over-month shrinkage (down to $532,800).
Apartment benchmark prices declined by 2.4% from October, settling down at $422,500.
“The market is shifting, albeit slowly. But while buyers are enjoying a more comfortable real estate environment, sellers will have to pay attention to how these changes will affect their chances at success,” Barbisan explained.
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Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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