May Fraser Valley Real Estate Market Data and Insights
Learn more about the latest Fraser Valley pre-sale and resale data and some trends we're seeing in the area affecting the local real estate market by watching the latest Fraser Valley edition of MLA Canada's Pre-sale Pulse. Featuring MLA Canada’s President, Ryan Lalonde, and Managing Director for the Fraser Valley, Brittany Reimer.
As we begin to see a slight shift in the resale market - being that there appears to be hit and miss for sales on homes with multiple offers, this shows to be a good sign and shift from May, allowing more opportunity for buyers to jump into the market. With that, the Fraser Valley is expecting an increase in inventory to help accommodate buyer demand.
"We’re expecting to continue to see new inventory come into the market here as quickly as possible, including Isle of Mann’s concrete low rise, Ellery coming to Willoughby Town Center within the next 45 days," Reimer said.
This is in contrast to the current availability of resale supply. In April, the Fraser Valley saw an increase of 20% for supply while June was not as supply-heavy, boding unusual for a typically hot Spring market. However, the region continued to see high sales, with 2,951 resales sold in May - only 2% lower than April's data.
The demand for more affordable inventory has made the Fraser Valley a hotbed of market activity – and not just in Surrey or Langley, but also in more peripheral markets like Mission, Abbotsford, and Chilliwack. Over the last year, however, the composite benchmark price has increased 23%, and 11.7% in the past 3 months.
Reimer acknowledges this rise in price and sheds light on what the market could expect:
"Condo prices will continue to run through the summer and into the Fall. That said, we’re seeing stabilization in the townhome market right across the board right now from Surrey to Chilliwack."
For the latest real estate market data on Greater Vancouver, watch the latest video featuring Ryan Lalonde and Suzana Goncalves.