Market Numbers April 01, 2022
Andy Schildhorn • April 5, 2022
Continued growth in new listings a hopeful sign for home buyers in the Fraser Valley
SURREY, BC
– For the third consecutive month, new listings in the Fraser Valley continued to climb in March giving buyers more to choose from, helping to increase overall active inventory to levels not seen since last July.
Property sales remain robust, as Benchmark prices, the price of a ‘typical’ home, continued to increase month-over-month.
In March, the FVREB processed 2,580 residential and commercial sales on its Multiple Listing Service® (MLS®), a decrease of 22.5 per cent compared to March 2021 and 41.4 per cent more than were processed in February.
Sandra Benz, President of the Board, said of this month’s statistics, “Sales were strong again in March as more new listings continued to come on stream. We’re hopeful this will contribute to a slowing in price growth, which is good news for the home-buying public.
Other encouraging signs, such as less open house traffic and fewer multiple offers, may help us get to a more balanced market, however until the fundamental issue of lack of supply is addressed, we won’t see that happen anytime soon.”
Baldev Gill, Chief Executive Officer of the Board, added, “We may not see the impact of recent interest rate hikes on the market trends until later in 2022. With fixed rates nearly double what they were a year ago, new homebuyers will likely be more impacted than other segments of the home-buying public, as mortgage stress test conditions become more stringent. We hope to see equal efforts from government to address inventory issues to help make housing more affordable.”
Across Fraser Valley, in March, the average number of days to sell a single-family detached home was 12 and a townhome was 14 days. Apartments took, on average, 11 days to sell.
MLS® HPI Benchmark Price Activity
Single Family Detached:
At $1,726,900, the Benchmark price for an FVREB single-family detached home increased 3.4 per cent compared to February 2022 and increased 39.5 per cent compared to March 2021.
Townhomes:
At $886,400, the Benchmark price for an FVREB townhome increased 5.4 per cent compared to February 2022 and increased 41.9 per cent compared to March 2021.
Apartments:
At $643,000, the Benchmark price for an FVREB apartment/condo increased 4.6 per cent compared to February 2022 and increased 38.2 per cent compared to March 2021.
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As the urban sprawl of Vancouver, B.C., and nearby Langley pushes land prices higher, Aldor Acres Family Farm’s decision to keep the farm in the family for another generation makes it an anomaly. However, the next generation to run the popular agri-tourist destination inherits the challenge of preserving the farm’s values while their way of life declines around them. “When I grew up in this area, 2 per cent of my high school class was non-agricultural,” says Albert Anderson, 82, who bought the Glen Valley farmland alongside his wife, Dorothy, 81, in 1977. “Now it’s the other way around; maybe 2 per cent of the people in this area are connected with agriculture.” Over the years, the Andersons have turned those 80 acres of land near Fort Langley into a destination with a pumpkin patch, seasonal market, wagon rides, and farm animals, emphasizing an educational experience for visitors. During the October high season, Aldor Acres can have 4,000 visitors in a day. The Andersons are in the process of transferring the farm business to their granddaughter, Melissa Anderson, 37. Across Canada, family farms are facing a similar transition. Data from RBC found that by 2033, 40 per cent of farm operators will retire, one of the biggest labour and leadership transitions in Canada’s history. The next generation to take over the farm will face the allure of rising land values. For many multi-generational farms, the strategy is to wait for the city’s expansion, says Elaine Froese, a Manitoba-based family farm transition expert. “I’ve worked all over Canada, (some family farms) are sitting on $20-million worth of land, and they’re very clear that they’re keeping the hog line going until that little village or town encroaches on them and then they’re selling out to developers,” she says. “That’s the reality.” Read More
On May 27, 2025, the Federal Government issued a press release that provides for a Goods and Services Tax (“GST”) rebate for first time home buyers (FTHB) of new homes (and co-ops). Read More
