Fraser Valley Townhome
SURREY, British Columbia, April 04, 2022 (GLOBE NEWSWIRE) — For the third consecutive month, new listings within the Fraser Valley continued to climb in March giving patrons extra to select from, serving to to extend general lively stock to ranges not seen since final July.
Property gross sales stay strong, as Benchmark costs, the worth of a ‘typical’ house, continued to extend month-over-month.
In March, the FVREB processed 2,580 residential and business gross sales on its A number of Itemizing Service® (MLS®), a lower of twenty-two.5 per cent in comparison with March 2021 and 41.4 per cent greater than have been processed in February.
Sandra Benz, President of the Board, mentioned of this month’s statistics, “Gross sales have been sturdy once more in March as extra new listings continued to return on stream,” mentioned Fraser Valley Actual Property Board President, Sandra Benz. “We’re hopeful this may contribute to a slowing in value development, which is nice information for the home-buying public. Different encouraging indicators, equivalent to much less open home visitors and fewer a number of affords, might assist us get to a extra balanced market, nevertheless till the basic difficulty of lack of provide is addressed, we gained’t see that occur anytime quickly.”
The Board acquired 4,580 new listings in March, a lower of 10.0 per cent in comparison with March of final yr, and 22.4 per cent greater than have been processed in February. Whole lively stock for March was 4,699, a lower of 6.2 per cent in comparison with final yr’s 5,012 lively listings, nevertheless 24.0 per cent larger than final month.
Baldev Gill, Chief Govt Officer of the Board, added, “We might not see the influence of latest rate of interest hikes in the marketplace traits till later in 2022,” mentioned CEO Baldev Gill. “With fastened charges almost double what they have been a yr in the past, new homebuyers will doubtless be extra impacted than different segments of the home-buying public, as mortgage stress take a look at circumstances turn into extra stringent. We hope to see equal efforts from authorities to handle stock points to assist make housing extra inexpensive.”
Throughout Fraser Valley, in March, the common variety of days to promote a single-family indifferent house was 12 and a townhome was 14 days. Flats took, on common, 11 days to promote.
MLS® HPI Benchmark Worth Exercise
Single Household Indifferent: At $1,726,900, the Benchmark value for an FVREB single-family indifferent house elevated 3.4 per cent in comparison with February 2022 and elevated 39.5 per cent in comparison with March 2021.
Townhomes: At $886,400, the Benchmark value for an FVREB townhome elevated 5.4 per cent in comparison with February 2022 and elevated 41.9 per cent in comparison with March 2021.
Flats: At $643,000, the Benchmark value for an FVREB condo/apartment elevated 4.6 per cent in comparison with February 2022 and elevated 38.2 per cent in comparison with March 2021.
The Fraser Valley Actual Property Board is an affiliation of 4,536 actual property professionals who stay and work within the
BC communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.
A photograph accompanying this announcement is accessible at https://www.globenewswire.com/NewsRoom/AttachmentNg/1ceb056a-4bca-4166-a2b6-0af47d7c6456