October 2023 Fraser Valley Real Estate Market Insights
Welcome to the October 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:
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Fraser Valley Pre-sale Market Gears Up For Project Launches
Fraser Valley's pre-sale market will witness a surge in activity in October, closely following Greater Vancouver in terms of activity and project launches. Several projects in the Fraser Valley are getting off the sidelines and gearing up for launch this season. While developers have shown caution in launching their projects, buyers too are displaying a cautious approach. This attitude is influenced by the anticipation of the next interest rate announcement scheduled for the end of October. All eyes are on inflation rates as they will play a crucial role in predicting the Bank of Canada's interest decisions, adding an element of suspense to the market. Throughout all of this, market uncertainty still looms, making it intriguing to see how buyers respond to upcoming launches in this environment of high construction costs and economic unpredictability.
Resale Market Shift: Potential Opportunities For Buyers In The Coming Months
This month, the Fraser Valley's resale market continued to witness a decline in sales activity, marking the third consecutive month of decreasing numbers. September saw 1,100 sales, an approximate 14% drop compared to August, but a 23% increase compared to the same period last year. Despite the year-over-year growth, sales remained below the 10-year seasonal average. The prospect of another potential interest rate hike played a role in the decline, as potential buyers opted to wait and see before making decisions. Adding to this shift was the increase in new inventory, with approximately 2,900 new listings and a total of 6,500 listings in September, marking a 9% and 4% increase, respectively, compared to the previous month. While the sales-to-listings ratio indicates a more balanced market, demand for townhomes and condominiums remains relatively high. Homes spent an average of 25 days on the market, allowing buyers more time for consideration. The gradual decline in the market would likely need to continue for several more months before exerting significant downward pressure on pricing.
Pre-Sale Projects Covered in this Episode
- SkyLiving - Allure Ventures
- Highstreet Village - Fifth Avenue Properties
- The Commons - Zenterra
- Vera - Anxin Projects
- Unity - Whitetail Homes
- Kensington Gate - Quadra Homes
- Spring Hill - Urban Coast Developments
Links mentioned in this episode:
- October 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
