Fraser Valley Market Update | June 2023

The Fraser Valley Real Estate Market continues to show its resilience as we embrace the summer season. June 2023 revealed promising trends, striking a harmonious balance between buyer demand and available inventory. Let's delve into the key highlights of The Fraser Valley Real Estate Market update for June:

Market Activity:
- June witnessed robust market activity, with 1,935 home sales recorded—a remarkable 51.1% increase compared to the same period in 2022 and a notable 13.1% surge from May. These figures indicate a vibrant and dynamic market.

[MLS Sales (June 2023). Source: FVREB June 2023.]

Buyer Confidence:
Despite the anticipation of potential rate hikes and their financial implications, buyers remained undeterred, showing confidence in the market and contributing to the increased sales activity. Their resilience underscores the attractiveness and stability of the market.

Supply and Demand:
While new listings in June saw a modest increase of 2.8% compared to the previous year, there was a 3.1% decrease compared to May 2023. The limited supply of available homes poses challenges to buyers, intensifying competition in the market.

Price Growth and Stability:
Prices in the Fraser Valley continued their upward trajectory in June. Single-family detached homes experienced a benchmark price increase of 2.3% compared to May 2023, while townhomes saw a parallel increase of 2.3%. Apartments also witnessed a positive trend, with a benchmark price increase of 1.8%. These price growth rates indicate stability and sustained value in the market.

[Benchmark Price (June 2023). Source: FVREB June 2023.]

Market Snapshot:
 The Fraser Valley Market in June 2023 showcased strong sales activity, steady price growth, and limited inventory. Buyers and sellers alike navigated the market with determination and confidence, contributing to a balanced and competitive environment.

• Single Family Detached: At $1,526,200, the Benchmark price for an FVREB single-family detached home increased 2.3 per cent compared to May 2023 and decreased 7.4 per cent compared to June 2022.
• Townhomes: At $845,400, the Benchmark price for an FVREB townhome increased 2.3 per cent compared to May 2023 and decreased 5.2 per cent compared to June 2022.
• Apartments: At $552,200, the Benchmark price for an FVREB apartment/condo increased 1.8 per cent compared to May 2023 and decreased 2.5 per cent compared to June 2022.

[Fraser Valley Market Snapshot (June 2023). Source: FVREB June 2023]

Navigate the Real Estate Market with confidence

In this dynamic market, having the right guidance and expertise is paramount. If you are considering buying or selling a property in the Fraser Valley, Elevation Real Estate Group is here to provide you with unparalleled support.

Contact Elevation Real Estate Group today to navigate your real estate journey with confidence. Our experienced team of professionals is dedicated to helping you make informed decisions and achieve your real estate goals.