While there is a usual seasonal decline month-over-month in property sales, November sales were up slightly in the Fraser Valley.
The Fraser Valley Real Estate Board processed 1,120 sales in November which is an increase of 3 per cent compared to the 1,084 sales during the same month last year and a decrease of 2 percent compared to 1,139 sales in October. In the last decade, sales decreased on average 9 per cent from October to November.
While sales remained stable, MLS® inventory decreased from October to November, typical for the time of year. The board posted 1,926 new properties in November, an increase of 9 per cent compared to November of last year and a decrease of 23 per cent compared to October. November finished with 9,471 active listings in the Fraser Valley, 5 per cent more than the same month last year and 5 per cent less than October’s 10,005 listings.
In November, the benchmark price of a detached home in the Fraser Valley was $532,086, an increase of 5.4 percent compared to $504,848 in November 2010 and an increase of 0.3 per cent compared to October.
For townhouses, the benchmark price in November was $327,764, an increase of 2.5 per cent compared to the same month last year when it was $319,623 and up 0.7 per cent compared to October. The benchmark price of apartments in November was $238,461, a decrease of 1.6 per cent compared to November 2010 and a decrease of 2.2 per cent compared to October.
To find the latest full statistics package from the Fraser Valley Real Estate Board click here.
Foreign Buyers Ban
Foreign Buyers Ban On December 21, 2022, the Federal Government announced that it will be placing a ban on foreign purchases of real estate property, which took effect on Jan. 1st, 2023. The Federal Government has brought this Foreign Buyers Ban in to curb the cost of...