by Macrealty Marketing Team | Sep 9, 2022 | Buying Real Estate, Fraser Valley, House and Home, Industry, Market Insights
According to the Fraser Valley Real Estate Board, the Fraser Valley housing market signals further settling as sales continue to stall in response to interest rate rises
Robust active listings and relative steady sales activity continued to bring balance to the Fraser Valley real estate market in August. The past several months of rising inventory combined with a slowing trend in sales has also seen benchmark prices return to levels not seen since last year.
In August, the Fraser Valley Real Estate Board (FVREB) processed 1,017 sales on its Multiple Listing Service® (MLS®), an increase of 2.4 per cent compared to last month and a 51.3 per cent decrease compared to this time last year.
The Board received 2,045 new listings in August, a decrease of 14.3 per cent compared to July, and only 2.9 per cent less than August 2021. The month ended with a total active inventory of 5,871, a decrease of 8.5 per cent from last month but up by 44 percent compared to August 2021. Once again August saw a balanced market in the Fraser Valley with an overall sales-to-active ratio of 17 per cent (the market is considered balanced when the salesto-active ratio is between 12 per cent and 20 per cent).
“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 as buyers look to capitalize on the region’s reputation for providing greater value for the real estate dollar.”
Benchmark prices continued to fall across all property categories, bringing them in relative line with prices from December 2021 and eating into year-over year gains.
“With possible further hikes in interest rates this fall, homebuyers need to augment their decisions with critical advice and guidance,” said Baldev Gill, Board CEO. “Along with other professionals such as mortgage brokers and lawyers, Fraser Valley REALTORS® are a vital part of the team advising buyers and sellers on market realities and identifying potential opportunities that align with their objectives.”
Across the Fraser Valley in August, the average number of days to sell a single-family detached home increased to 33 and for townhomes to 26 days. Apartments took, on average, 25 days to sell.
Find all the infographics related to the August Market Statistics by visiting the Facebook Album.
Abbotsford
Cloverdale
Langley
Mission
North Delta
North Surrey
Surrey Central
White Rock / South Surrey
Looking for more information about the real estate market in specific neighbourhoods in Surrey, Langley and Fraser Valley?
Macdonald Realty has offices in North Delta, White Rock/South Surrey, and Langley. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Fraser Valley Real Estate Board (FVREB) www.fvreb.bc.ca
by Macrealty Marketing Team | Sep 9, 2022 | Buying Real Estate, House and Home, Industry, Market Insights, Selling Real Estate
Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Saanich Peninsula, Parksville/Qualicum, and Nanaimo listings and sales in August 2022. Find all the infographics related to the August Market Statistics by visiting the Facebook Album.
Less pressure on buyers in August in the Victoria real estate market.
A total of 478 properties sold in the Victoria Real Estate Board region this August, 42.5 per cent fewer than the 831 properties sold in August 2021 and a 6.3 per cent decrease from July 2022. Sales of condominiums were down 57.1 per cent from August 2021 with 148 units sold. Sales of single family homes decreased 30.3 per cent from August 2021 with 249 sold.
“August is typically one of the slower months for real estate in the Greater Victoria area and this year was no exception,” says Victoria Real Estate Board President Karen Dinnie-Smyth. “After two years of market conditions that favoured home sellers, sales have diminished in the past few months and inventory levels have been slowly increasing.”
There were 2,137 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2022, a decrease of 1.2 per cent compared to the previous month of July but a 90.8 per cent increase from the 1,120 active listings for sale at the end of August 2021.
Greater Victoria
Saanich Peninsula
Nanaimo
Parksville / Qualicum
Looking for more information about the real estate market in specific neighbourhoods in Victoria, Saanich Peninsula, Parksville, Nanaimo, Vancouver Island and the Gulf Islands?
Macdonald Realty has offices in downtown Victoria, Sidney, Parksville and Salt Spring Island. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Victoria Real Estate Board (VREB) www.vreb.org and the Vancouver Island Real Estate Board (VIREB) www.vireb.com. Market data from the VIREB includes listings and sales in Campbell River, Comox Valley, Cowichan Valley Nanaimo, Parksville/Qualicum, Port Alberni/West, North Island, and the Islands.
by Macrealty Marketing Team | Sep 9, 2022 | Buying Real Estate, Industry, Market Insights, Selling Real Estate
Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in August 2022.
Find the infographics by visiting the Facebook Album.
Central Okanagan: Kelowna and Lake Country
There were 170 sales, 1,091 active listings, and $1,017,500 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country.
The condo market featured 126 sales and 497 active listings at the end of the month. The average sale price was $526,700. Townhome sales were 54, active listings were 291 and the average sale price was $772,700. It’s a buyer’s market for single family homes in Central Okanagan.
North Okanagan: Vernon and surrounding area
In North Okanagan, including Vernon and the surrounding area and the average sale price was $739,000. At the end of the month, there were 69 sales and 349 active listings. There were 17 sales and 49 active listings for condos. The average sale price was $328,100. In comparison, townhomes featured 29 sales, 79 active listings and a $559,700 average sale price. It’s a balanced market for single family homes in North Okanagan.
South Okanagan
There were 64 sales, 361 active listings, and $791,000 average sale price for detached homes in the South Okanagan market.
The condo market featured 29 sales and 112 active listings at the end of the month. The average sale price was $459,400. Townhome sales were 17, active listings were 112 and the average sale price was $557,400. It’s a balanced market for single family homes in South Okanagan.
Looking for more information about the real estate market in specific neighbourhoods in Okanagan?
Macdonald Realty has offices in Kelowna and across BC. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
This blog post is based on market data provided by the Association Of Interior REALTORS® https://www.interiorrealtors.ca/.
by Macrealty Marketing Team | Sep 9, 2022 | Buying Real Estate, Industry, Market Insights
Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in August 2022. Find all the infographics by visiting the Facebook Album.
Metro Vancouver’s housing market is experiencing a quieter summer season marked by reduced sale and listing activity.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,870 in August 2022, a 40.7 per cent decrease from the 3,152 sales recorded in August 2021, and a 0.9 per cent decrease from the 1,887 homes sold in July 2022.
Last month’s sales were 29.2 per cent below the 10-year August sales average.
“With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer,” Andrew Lis, REBGV’s director, economics and data analytics said. “This shift in market conditions caused prices to edge down over the past four months.”
There were 3,328 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2022. This represents a 17.5 per cent decrease compared to the 4,032 homes listed in August 2021 and a 16 per cent decrease compared to July 2022 when 3,960 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,662, a 7.3 per cent increase compared to August 2021 (9,005) and a 6.1 per cent decrease compared to July 2022 (10,288).
*Areas covered by the Real Estate Board of Greater Vancouver include Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler. Check out the infographics of Squamish, Sunshine Coast and Whistler, HERE.
Bowen Island
Burnaby East
Burnaby North
Burnaby South
Ladner
Maple Ridge
New Westminster
North Vancouver
Pitt Meadows
Coquitlam
Port Coquitlam
Port Moody
Richmond
Tsawwassen
Vancouver East
Vancouver West
West Vancouver
Looking for more information about the real estate market in specific neighbourhoods in the Greater Vancouver?
Macdonald Realty has offices across the Greater Vancouver. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Real Estate Board of Greater Vancouver (REBGV) www.rebgv.org
by Macrealty Marketing Team | Sep 9, 2022 | Buying Real Estate, Industry, Market Insights
Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in August 2022.
Find all the infographics related to the July Market Statistics by visiting the Facebook Album.
Whistler
In August 2022, there were 7 sales of detached homes and 67 active listings. The benchmark sale price was $2,737,600.
The condo market had 21 sales and 90 active listings at the end of the month. The benchmark sale price was $711,500.
The townhome market had 11 sales and the active listings were 44. The benchmark sale price was $1,487,800.
It’s a buyer’s market for single family homes in Whistler.
Squamish
In August 2022, there were 8 sales of detached homes and 104 active listings. The benchmark sale price was $1,763,100.
The condo market had 6 sales and 45 active listings at the end of the month. The benchmark sale price was $621,200.
The townhome market had 6 sales and, the active listings were 37. The benchmark sale price was $1,032,400.
It’s a buyer’s market in Squamish.
Sunshine Coast
In August 2022, there were 29 sales of detached homes and 273 active listings. The benchmark sale price was $957,200.
The condo market had 4 sales and 25 active listings at the end of the month.
The townhome market had 2 sales and, the active listings were 16.
It’s a buyer’s market in Sunshine Coast.
Looking for more information about the real estate market in specific neighbourhoods in Squamish, Whistler, and Sunshine Coast? Macdonald Realty has offices in Squamish, Whistler, and Sunshine Coast. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Real Estate Board of Greater Vancouver (REBGV) www.rebgv.org
by Macrealty Marketing Team | Aug 5, 2022 | Buying Real Estate, Industry, Market Insights
Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in July 2022.
Find all the infographics related to the July Market Statistics by visiting the Facebook Album.
Whistler
In July 2022, there were 5 sales of detached homes and 72 active listings. The benchmark sale price was $2,805,600.
The condo market had 6 sales and 95 active listings at the end of the month. The benchmark sale price was $758,600.
The townhome market had 8 sales and the active listings were 49. The benchmark sale price was $1,536,400.
It’s a buyer’s market in Whistler.
Squamish
In July 2022, there were 14 sales of detached homes and 107 active listings. The benchmark sale price was $1,787,300.
The condo market had 3 sales and 46 active listings at the end of the month. The benchmark sale price was $672,100.
The townhome market had 7 sales and, the active listings were 41. The benchmark sale price was $1,077,700.
It’s a buyer’s market for single family homes and condos in Squamish.
Sunshine Coast
In July 2022, there were 34 sales of detached homes and 275 active listings. The benchmark sale price was $997,000.
The condo market had 5 sales and 21 active listings at the end of the month.
The townhome market had 2 sales and, the active listings were 14.
It’s a Buyer’s market for single family homes and townhomes in Sunshine Coast.
Looking for more information about the real estate market in specific neighbourhoods in Squamish, Whistler, and Sunshine Coast? Macdonald Realty has offices in Squamish, Whistler, and Sunshine Coast. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Real Estate Board of Greater Vancouver (REBGV) www.rebgv.org
