Fraser Valley Real Estate Market Update: November 2023

The Fraser Valley real estate market has been experiencing a balanced condition in the past few months, as demand has softened and supply has increased. According to the Fraser Valley Real Estate Board (FVREB), sales have declined slightly for the third consecutive month in September, while new listings have risen to the highest level since May. The FVREB also reported that the benchmark price for a residential property in the Fraser Valley was $670,389 in September, down 4.8% from August and 16.5% from March.

However, the outlook for the Fraser Valley real estate market remains positive, as buyers are expected to return to the market after waiting for more certainty around mortgage rates and property values. The Canadian Real Estate Association (CREA) has forecasted that national home sales will increase by 13.9% in 2024, as housing markets continue to return to the long-term trend and monetary policy moves towards a more neutral stance. The CREA also projected that the national average home price will recover by 4.7% in 2024, reaching $702,200.

In this blog post, we will highlight three popular areas in the Fraser Valley: Surrey, Langley and White Rock. These areas offer a variety of housing options, amenities and lifestyles for different types of buyers.

Surrey

Surrey is the second-largest city in British Columbia and the largest city in the Fraser Valley. It is a diverse and dynamic community that offers urban living, suburban comfort and rural charm. Surrey has six town centres: Fleetwood, Whalley/City Centre, Guildford, Newton, Cloverdale and South Surrey. Each town centre has its own unique character and attractions.

Surrey is also a hub for education, innovation and culture. It is home to several post-secondary institutions, such as Simon Fraser University, Kwantlen Polytechnic University and Douglas College. It also hosts many festivals and events throughout the year, such as the Surrey International Children’s Festival, the Fusion Festival and the Surrey Tree Lighting Festival.

Surrey’s real estate market is diverse and affordable compared to other Metro Vancouver cities. The average price for a detached home in Surrey was $1,354,000 in September 2023, while the average price for a condo was $519,000. The most active areas for sales were Cloverdale, South Surrey and Fleetwood.

Surrey’s real estate market statistics for September 2023 are as follows:

• Sales: 303 (-14.6% month-over-month; -35.9% year-over-year)
• Active listings: 2,112 (+8.8% month-over-month; +19.5% year-over-year)
• Sales-to-active listings ratio: 14.3%
• Average days on market: 32 (+4 days month-over-month; +7 days year-over-year)
• Benchmark price: $1,354,000 for detached homes (-5.1% month-over-month; -17.2% year-over-year); $519,000 for condos (-4.6% month-over-month; -15.1% year-over-year)

Langley

Langley is a municipality that consists of two parts: Langley City and Langley Township. Langley City is a small urban centre that offers a variety of services, amenities and recreational opportunities. Langley Township is a larger rural area that encompasses several communities, such as Aldergrove, Brookswood, Fort Langley, Murrayville and Walnut Grove.

Langley is known for its rich history, heritage and culture. It is the birthplace of British Columbia, as it was the site of the proclamation of the Crown Colony of British Columbia in 1858. It also has many historical landmarks and attractions, such as the Fort Langley National Historic Site, the Langley Centennial Museum and the BC Farm Museum.

Langley’s real estate market is attractive for buyers who are looking for more space and value. The average price for a detached home in Langley was $1,221,000 in September 2023, while the average price for a condo was $489,000. The most active areas for sales were Willoughby Heights, Walnut Grove and Aldergrove.

Langley’s real estate market statistics for September 2023 are as follows:

• Sales: 234 (-12% month-over-month; -28.8% year-over-year)
• Active listings: 1,392 (+11.9% month-over-month; +29.9% year-over-year)
• Sales-to-active listings ratio: 16.8%
• Average days on market: 30 (+2 days month-over-month; +5 days year-over-year)
• Benchmark price: $1,221,000 for detached homes (-4.5% month-over-month; -15.9% year-over-year); $489,000 for condos (-4.9% month-over-month; -14.6% year-over-year)

White Rock

White Rock is a seaside city that borders Semiahmoo Bay to the south and is surrounded by Surrey on three sides. It is named after a large white boulder on its beach that was used as a beacon by sailors in the 19th century. White Rock is famous for its pier, promenade and waterfront views.

White Rock is a popular destination for tourists and residents alike. It offers a variety of activities and attractions, such as swimming, boating, fishing, kayaking, golfing and shopping. It also hosts many events and festivals throughout the year, such as the White Rock Sea Festival, the Tour de White Rock and the White Rock Farmers’ Market.

White Rock’s real estate market is premium and prestigious compared to other Fraser Valley areas. The average price for a detached home in White Rock was $1,776,000 in September 2023, while the average price for a condo was $697,000. The most active areas for sales were White Rock Central, White Rock East Beach and White Rock West Beach.

White Rock’s real estate market statistics for September 2023 are as follows:

• Sales: 54 (-10% month-over-month; -25.7% year-over-year)
• Active listings: 392 (+14% month-over-month; +23.9% year-over-year)
• Sales-to-active listings ratio: 13.8%
• Average days on market: 33 (+5 days month-over-month; +8 days year-over-year)
• Benchmark price: $1,776,000 for detached homes (-5.4% month-over-month; -18.1% year-over-year); $697,000 for condos (-4.4% month-over-month; -13.8% year-over-year)

I hope you enjoyed this Fraser Valley real estate blog post for November 2023. If you are interested in buying or selling a property in the Fraser Valley, please contact me today. I would love to help you with your real estate needs.