Sales across BC were up 24% compared to September 2018! This may be an indication that buyers have now adjusted to the mortgage stress test.
The Fraser Valley Real Estate Board processed 1,343 sales in September, a 3.5% increase compared to sales in August 2019, and a 29.8% increase compared to September 2018. These sales numbers put the Fraser Valley back to average sales for September. Last September’s numbers were one of the lowest in the past ten years.
September is now the third month in a row that we have seen sales increase significantly over the same period last year. We are not yet seeing an increase in prices however if this trend continues, we could see prices increase in 2020.
The attached market throughout the Fraser Valley, with the exception of Mission, continued in a sellers market in September. Over the past three months, the Benchmark price has dropped about 1% for both townhouses and condos.
The detached market continues to be varied throughout the valley. Cloverdale was in a strong sellers market in September while South Surrey remained in a buyers market. Overall, most areas experienced a balanced market.
HPI® Benchmark Price Activity
- Single Family Detached: At $950,000, the Benchmark price for a single‐family detached home in the Fraser Valley decreased 0.4% compared to August 2019 and decreased 3.9% compared to September 2018.
- Townhomes: At $520,000 the Benchmark price for a townhome in the Fraser Valley decreased 0.3% compared to August 2019 and decreased 4.8% compared to September 2018.
- Apartments: At $405,500, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.9% compared to August 2019 and decreased 7.6% compared to September 2018.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 2,333 in September 2019, a 46.3% increase from the 1,595 sales recorded in September 2018. Last month’s sales were just 1.7% below the 10-year September sales average. That’s a huge change from September 2018 when sales were 36% below the 10-year average.
The detached market in Vancouver, west side, West Vancouver, Richmond and Tsawwassen remained in a buyers market in September. The rest of the Greater Vancouver area were in a balanced market for detached properties. Sales in Maple Ridge were double that of last September.
The attached market from East Vancouver, and east to Maple Ridge, was in a sellers market. North Vancouver and Downtown Vancouver were also in sellers markets with the remaining areas in balanced markets.
There were 1,588 sales of condos and townhouses in September and 745 sales of detached homes.