April 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.
“The supply tap finally turned on in April. We saw a 20% increase in inventory, and sellers started to jump back into the market. This is really important because it provided fewer situations with multiple offers and buyers were actually able to get into the detached market. It balanced the average sale price for the month of April,” says Brittany.
With 3016 total resales throughout April, the month proves to be another strong period in the Fraser Valley. The total benchmark price is up 338% since this time last year. As the region continues to be a hotbed of market activity, the conversation on price points continues to surface on industry radar in 2021.
Ryan speaks to the most important things the Fraser Valley real estate industry should watch out for in the near future ahead:
“The composite benchmark price has increased for 11 straight months now. As we enter into the spring of 2021, the most notable thought and critical moment that we should all be paying attention to is that the composite benchmark price has now passed $1,000,000. This is the first time on record that we have seen that threshold pass in the Fraser Valley.”
More inventory is planned for the Fraser Valley market. Brittany discusses the anticipation that is felt towards the potential stabilization of the detached home market. Since spring proves to be a popular season for sellers, the next 30 days will provide great insight into how much inventory will increase in the region.
As the market stabilizes and more inventory comes into play, many homebuyers will be able to pick and choose freely from higher levels of inventory available.
“Homebuyers have 2 benefits to them today that they didn’t necessarily have 2 months ago. One is wider inventory, and the second is time. As a result of lower multiple offers, we typically see the opportunity for subject periods, which means being able to purchase a home at a more comfortable pace to make sure it aligns with what your family’s needs are. Our expectation is that, while the market has somewhat pulled back from the highs of March, it's actually a really exciting time frame to be considering both Fraser Valley resale and Fraser Valley Pre-sale,” adds Ryan.
For the latest real estate market data on Greater Vancouver, watch the latest video featuring Ryan Lalonde and Suzana Goncalves.