July 2023 Fraser Valley Real Estate Market Insights
Welcome to the July 2023 Fraser Valley Presale Pulse episode, a real estate show brought to you by hosts Suzana Goncalves and Brittany Reimer. Watch the video to understand the latest macroeconomics, pre-sale, and resale trends over the last 30 days affecting the local real estate market across the Fraser Valley. In this month's episode of the Pre-Sale Pulse:
On the run? Don't miss a beat. Listen to this episode
Strong Demand and Impressive Sales Momentum in Fraser Valley's July Presale Market
The recent rate hike brought presale programs into focus as investors in the Fraser Valley found it challenging to cover mortgage payments with current rental income rates. Both investors and end-users found an attractive solution in presale homes as they enable them to enter the market without facing this issue. One notable example is Silva 3, which launched this month with approximately $850 per square foot and sold over 40% of its homes in just three weeks. However, that's not to say that there aren't projects that are struggling. Just as in resale, it is the well-positioned and competitively priced projects that are performing in this market.
Resurgence in June: Fraser Valley's Resale Market Reaches 10-Year Average
The Fraser Valley's resale market had 2,000 resales processed this month - a notable 51% increase compared to the same period last year. After months of sales below the historic average, June saw a resurgence reaching its 10-year average. There was also a 13% increase from May despite the anticipated rate hikes. Limited supply continued to be a concern for buyers, with active listings declining by 8% compared to the previous year. The combination of rising demand and falling supply is a recipe for upward pressure on property values. Although still below the values seen last year, Fraser Valley's resale market is trending upward.
Pre-Sale Projects Covered in this Episode
- Silva 3 - Wanson Group
- Unity - Whitetail Homes
- The Landmark - Landmark Premiere Properties
- Emerge - Essence Properties
Links mentioned in this episode:
- July 2023 Pre-Sale Pulse Report
- MLA Advisory Services and Sample Reports
- Contact Advisory
- Subscribe to MLA Newswire
Subscribe to the MLA Canada YouTube Channel or find the Pre-Sale Pulse on your favourite audio streaming platform: Apple, Spotify, Amazon Music, iHeart Radio
