November - Market Update

Hello Rainy November 

Last month we saw another overnight rate increase from the Bank of Canada by 50 basis points in an effort to bring inflation down. And, with those rising rates, benchmark pricing in the Fraser Valley and Greater Vancouver regions, has been on the decline. Having said that, benchmark prices in South Surrey/White Rock and Greater Vancouver are still up over this time last year. 

This edition includes: 
  • Fraser Valley Housing Market Stats
  • Featured + Sold Listings
  • Article: Will Canada's foreign buyer ban move the needle?
  • Community Events

Thank you for reading! 

Derrick, Ryan, Leah, and Brian 
Fraser Valley Housing Market Stats 

Housing prices remain soft, sales flat, throughout the Fraser Valley

SURREY, BC – Fraser Valley housing market sales for October remained relatively unchanged from last month as prices dipped slightly across all categories.In October, the Fraser Valley Real Estate Board (FVREB) processed 901 sales on its Multiple Listing Service® (MLS®), an increase of 0.4 per cent compared to last month and a 53.5 per cent decrease compared to this time last year.The Board received 2,186 new listings in October, a decrease of 3.8 per cent compared to September, and on par with October 2021. The month ended with a total active inventory of 5,642, a decrease of 2.8 per cent from last month but up 63.7 per cent compared to October 2021.With a sales-to-active listings ratio of 16 per cent, the overall market was again balanced for the fifth straight month after a prolonged sellers’ market earlier in the year. (The market is considered balanced when the sales-to-active listings ratio is between 12 per cent and 20 per cent.)

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