Fraser Valley home prices up from last year as market ‘balances’

August sales were up from July and benchmark prices increased about 15 per cent compared to a year earlier

Typical detached house in the Fraser Valley sold in August for $1.51 million, nearly 10 per cent higher than a year earlier but down 5 per cent from July 2022 | Photo: Western Investor

A year-over-year increase in active listings and relatively steady sales activity brought a degree of balance to the Fraser Valley housing market in August, with benchmark home prices up from a year earlier.

The Fraser Valley Real Estate Board (FVREB) processed 1,017 sales on its multiple listing service (MLS) in August, an increase of 2.4 per cent compared to July 2022,  but a 51.3 per cent decrease compared to August 2021.

The month ended with a total active inventory of 5,871, down 8.5 per cent from this July, but up 44 percent compared to August 2021.

August’s overall sales-to-active ratio was 17 per cent, which the FVREB considers a “balanced” market.

“For the past three months we’ve seen the local market return to a more balanced state,” said Board president, Sandra Benz. “With the Fraser Valley continuing to settle after months of record sales and prices, we expect to see more activity this coming fall.”

Fraser Valley price changes

• Detached houses: At $1,513,500, the benchmark price for a detached house decreased 5.1 per cent compared to July 2022 and increased 9.8 per cent compared to August 2021.

 • Townhomes: At $841,900, the benchmark price for a townhome decreased 3.9 per cent compared to July 2022 and increased 16.1 per cent compared to August 2021.

• Condo apartments: At $542,000 the benchmark price for an apartment condo decreased 2.1 per cent compared to July 2022 and increased 18.4 per cent compared to August 2021.

Western Investor