Market Review for April 2018

Fraser Valley

For the second month in a row, overall sales were significantly lower than the same month last year. For the month of April 2018, sales of detached homes saw a drop of 38.9% compared to April 2017. The sales of condos were down 12.2% and the sales of townhouses were down 5.7%.

Prices are still rising. The benchmark price for detached homes increased 0.8% last month while prices for townhouses rose 1.5% and prices for condos rose 1.6%. We haven’t seen condo prices increase less than 2% over a one-month period since February 2017.

The number of new listings posted to the MLS in April 2018 was up 16.2% compared to April 2017. More listings on the market is good for buyers and is one factor behind the slowing of increasing prices.

For detached properties, all areas throughout the Fraser Valley remained in sellers markets, with the exception of South Surrey which remained in a balanced market.

For attached properties, all areas continued in hot, sellers markets.

Generally, analysts say that prices can begin to drop when an area has been in a buyers market for a sustained period, while home prices will increase when an area has been in a sellers market for a sustained period. Although the market is shifting away from the frenzied, sellers market of the past two years, most of the Fraser Valley is not in a market where we would expect prices to drop. In fact, the numbers indicate that prices will continue to rise in most areas.

HPI® Benchmark Price Activity
Single Family Detached: At $1,009,200, the Benchmark price for a single family detached home in the Valley increased 0.8 per cent compared to March 2018, and increased 13.5 per cent compared to April 2017.
Townhomes: At $549,900, the Benchmark price for a townhome in the Fraser Valley increased 1.5 per cent compared to March 2018, and increased 23 per cent compared to April 2017.
Apartments: At $447,500, the Benchmark price for apartments/condos in the Fraser Valley increased 1.6 per cent compared to March 2018, and increased 45.8 per cent compared to April 2017.
Greater Vancouver:

Overall, sales were 22.5 % below the 10-year average for the month of April. New listings to the MLS were up more than 18% compared to April 2017.

For attached properties, all areas in Greater Vancouver remained in sellers markets.

The detached market varied from region to region. Vancouver West, West Vancouver and Richmond were all in buyers markets for April. Port Coquitlam to Maple Ridge continued in sellers markets. New West and Ladner were experiencing a sellers market in April. The other areas all remained in balanced markets.

Prices have dropped 2.6% in the past year for detached homes in Vancouver West. On the flip side, Maple Ridge and Pitt Meadows have both seen prices for detached homes increase 18.5% in the past year.

HPI® Benchmark Price Activity

Single Family Detached: At $1,605,800, the Benchmark price for a single family detached home increased 5.1% compared to April 2017 but decreased 0.2 per cent compared to March 2018.
Townhomes: At $854,200 the Benchmark price for a townhome increased 17.7 per cent compared to April 2017 and increased 2.3 per cent compared to March 2018.
Apartments: At $701,100, the Benchmark price for apartments/condos increased 23.7 per cent compared to April 2017 and increased 1.1 per cent compared to March 2018.