May 2023 Fraser Valley Real Estate Market Insights
Welcome to the May 2023 Fraser Valley Presale Pulse episode, a real estate show brought to you by hosts Ryan Lalonde 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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High Demand for Modern and Sustainable Developments in the Valley
Sequoia, a premium development, has shown strong performance with a significant number of deals written, despite questions about how much appetite there is for more premium products. Another noteworthy project is Phase 2 of Pura by Adera in Surrey Central, which has generated substantial interest as the area's first wellness-centred, mass timber community featuring eco-friendly SmartWood. In Abbotsford, the highly anticipated Laurel on Mill Lake offers luxury living with stunning lake views and access to nature.
From Historic Low to Resilient Recovery in Fraser Valley's Resale Market
The recent happenings in the Fraser Valley resale market show signs of a recovering and stabilizing market. Despite a slight decrease in sales volume compared to the previous year, the market has come a long way from its historic low earlier this year. The demand for homes remains strong, even with current interest rates reaching their peak. Lenders are starting to offer lower rates, further fueling buyer activity. However, the supply side of the market continues to struggle, with inventory conditions remaining unchanged. Limited supply is partly due to the hesitation of sellers who are waiting for a full market recovery. As prices slowly appreciate, the gap between demand and supply may widen. Nonetheless, the market shows resilience and potential for further recovery in the coming months.
Pre-Sale Projects Covered in this Episode
- Sequoia by ML Emporio
- Lucent by Landa Global Properties
- PURA 2 by Adera
- LAUREL on Mill Lake by Heinrichs
Links mentioned in this episode:
- May 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
