On a monthly basis, year by year sales comparisons for the Fraser Valley are well above historical averages but below the recent record-setting high in March of 2016.
Home sales processed in the month of June, including all property types, totalled 2,864. This is an 18.7% increase over June 2015 and supersedes the record previously set in June of 2005, when only 2,517 properties exchanged hands. June 2016 statistics were down 1.5% from May of this year.
Homes in the Fraser Valley are still in demand, even though we see a “slight levelling off,” according to Charles Wiebe, president of the Fraser Valley Real Estate Board in the article Fraser Valley housing market remains hectic. He goes on to suggest that this situation gives sellers and buyers a little more “room to maneuver.”
Greater demand for land and space across the Fraser Valley were consistent in June. Detached single family dwelling sales totalled 1,281, while 656 townhomes sold along with 604 apartments. It only took 17 days to sell a single-family detached dwelling in June of 2016. In June of 2015, it took 18 days longer (35 days).
More MLS listings are required as demand increases which leave the current market in sellers’ hands. Half of current inventory levels, 3,705 in total, were listed in the month of June. This is an 11.7% increase compared to June 2015, and a 0.8% increase over May of 2016.
According to the British Columbia Real Estate Association (BCREA) Housing Forecast, listings for residential housing supply across the province of British Columbia are curving slightly downward. Record sales and demand have driven housing prices upward. Average home prices in Vancouver and the Fraser Valley are on track to grow by an estimated 25% this year.
There are large home construction projects in the planning stages and plenty of them. However, initial concepts turning into homes can take years to complete. The imbalance between homes for sale and those seeking homes is likely to prevail into 2017.
June benchmark prices and price increase comparisons for detached houses, townhouses, and condos in popular cities throughout the Fraser Valley are listed in the tables below.
Detached Houses
| City | Benchmark Price | Index (HPI) | One Month Change | One Year Change |
| North Surrey | $878,600 | 252.1 | 2.9% | 46.7% |
| Surrey | $866,900 | 231.6 | 3.8% | 40.3% |
| Cloverdale | $866,700 | 217.5 | 2.9% | 35.8% |
| South Surrey & White Rock | $1,437,600 | 271.6 | 3.4% | 46.0% |
| Langley | $843,300 | 211.3 | 2.7% | 37.8% |
Townhouses
| City | Benchmark Price | Index (HPI) | One Month Change | One Year Change |
| North Surrey | $306,000 | 172.0 | 8.0% | 24.6% |
| Surrey | $398,500 | 175.4 | 6.5% | 28.3% |
| Cloverdale | $439,500 | 178.6 | 4.7% | 30.2% |
| South Surrey & White Rock | $521,000 | 158.5 | 5.3% | 21.3% |
| Langley | $408,400 | 186.5 | 5.7% | 36.9% |
Condos and Apartments
| City | Benchmark Price | Index (HPI) | One Month Change | One Year Change |
| North Surrey | $219,800 | 176.0 | 1.4% | 18.4% |
| Surrey | $225,600 | 171.2 | -0.5% | 15.3% |
| Cloverdale | $279,400 | 193.1 | 2.7% | 20.6% |
| South Surrey & White Rock | $310,600 | 157.9 | 4.4% | 27.5% |
| Langley | $238,800 | 156.7 | 4.1% | 21.2% |
Wiebe suggests talking to a realtor if you are hesitant about selling or buying. They are the best-qualified people to assist you through the complexities of the current market.
Natasha Taylor at Sutton Group can answer your questions about market conditions and help you make a decision based on solid information and statistics.
