In the midst of inventory being tightened, home buyers in the Fraser Valley are thinking of a wide range of housing options they can choose from. In the month of January, the sale of homes decreased by 27.1 per cent from the previous year, which equalled to 976. A report by the Fraser Valley Real Estate Board showed that inventory decrease to 4,401 by 8.1 per cent.
From the month of December, latest listing went down by 13.2 per cent over the year, with a massive 162.7 per cent, however, it still continues at 2,178 sturdily. Most of the home sales that took place in January, was mostly sales of townhouses and apartments.
The president of the Board, Charles Wiebe said; “Notably, the distribution of sales across our residential property types levelled-off even further in January. As well, prices continue to adjust to match more typical demand, albeit slowly.”
In the Fraser Valley region, prices steadily increase year-over-year, with an incline of 24.3 per cent in the price of a regular single-family detached home ($856,300), 27.6 per cent for an apartment/condo ($262,300) and 28.8 per cent for a townhome ($420,400). The increase of townhomes went month each month by 1.3 per cent, while apartment/condos went up by 0.9 per cent, however, single-family detached homes were unaffected.