A real estate market crying out for increased supply got its wish in May. According to numbers from the Fraser Valley Real Estate Board (FVREB), new listings surged by over 40 per cent from April. The 3,533 new listings last month were just a tick below the 3,631 in May of 2022, but they were a tick (2.7 per cent) above the 10-year average.
Active listings grew to 5,558, a 20 per cent increase over April, the highest month-over-month jump in more than a year.
The FBREAB covers the BC communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.
“Typically we would see an influx of inventory earlier in the spring sales cycle,” said Narinder Bains, Chair of the FVREB. “The series of interest rate hikes during the latter half of 2022 had many sellers and buyers in a holding pattern for most of the year. What we’re seeing now is a recovery and adjustment to the new financing landscape.”
Buyers responded to the increase in supply. The FVREB processed 1,711 sales in May on its Multiple Listing Service (MLS), a 10.1 per cent increase over last month and a 25.8 per cent jump over May of last year.
“It’s encouraging to see more typically cyclical activity this spring,” said FVREB CEO, Baldev Gill. “Inventory has been trending upwards since December 2022, providing more choice, which in turn will hopefully spur on even more listings. That said, with inflation tracking at elevated levels the potential for further rate hikes is very real.”
Across the Fraser Valley in May, detached homes took an average of 23 days to sell. Apartments took 23 as well, while townhomes moved more quickly, selling an average of 18 days after listing.