Surrey and Fraser Valley home sales see slight slowdown

Surrey City Centre skyline. (Shutterstock)

Home sales in the easternmost and southernmost areas of Metro Vancouver and the westernmost areas of the Fraser Valley saw a dip over the month of July 2023.

According to the Fraser Valley Real Estate Board (FVREB), a total of 1,368 homes of all types were sold in their jurisdiction over the course of the month, which is a 29% drop from June 2023 but a 38% increase compared to July 2022.

They attribute this performance to both the Bank of Canada’s consecutive policy interest rate hikes and the summer sales cycle, which is typically slower seasonally.

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“Summer is typically a slower period for the real estate sector and the higher interest rates are contributing to the market slowdown,” said Narinder Bains, chair of FVREB, in a statement. “We’re seeing less traffic and fewer multiple offers as buyers and sellers put a pause on decisions and we expect this trend to continue until the fall cycle.”

New listings in July 2023 reached 2,855 units — a 16.6% decrease from the previous month but a 19.7% increase from the same month last year. It is also on par with the 10-year average.

Total active listings increased by 4.3% compared to June 2023, reaching 6,199 units across all home types.

FVREB’s jurisdiction covers Abbotsford and Mission, as well as several Metro Vancouver municipalities, including Surrey, North Delta, White Rock, and Langley.

Other areas of Metro Vancouver are under the jurisdiction of the Real Estate Board of Greater Vancouver, which includes Vancouver, Burnaby, New Westminster, Richmond, Pitt Meadows, Sunshine Coast, Whistler, and all of the Tri-Cities and North Shore.

The average home price within FVREB reached $1.007 million in July 2023, representing a 1.7% increase from June 2023 but an 8.6% drop from June 2023.

Within Surrey, the benchmark prices in July 2023 were $1.683 million for a single-family detached house, $893,000 for a townhouse, and $553,300 for an apartment. The greatest price increases were seen with apartments (+2.9% month-over-month) and townhouses (+1.3% month-over-month).

July 2023 home sales statistics: FVREB

Single-family detached homes
- Number of units sold: 402 (-40.9% over June 2023; +35.4% over July 2022)
- New listings: 1,080 (-21.1% over June 2023; +26.5% over July 2022)
- Benchmark price: $1,543,300 (+1.1% over June 2023; -3.1% over July 2022)
- Average days on market: 22
Apartment homes
- Number of units sold: 462 (-19.1% over June 2023; +29.8% over July 2022)
- New listings: 771 (-11.6% over June 2023; +28.5% over July 2022)
- Benchmark price: $555,500 (+0.6% over June 2023; +0.8% over July 2022)
- Average days on market: 18
Townhomes
- Number of units sold: 373 (-21.3% over June 2023; +59.4% over July 2022)
- New listings: 587 (-10.9% over June 2023; +2.6% over July 2022)
- Benchmark price: $850,300 (+0.6% over June 2023; -2.7% over July 2022)
- Average days on market: 16

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