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SURREY – The Fraser Valley real estate market saw an injection of supply in May as new listings surged by more than 40 per cent over April.
“Typically we would see an influx of inventory earlier in the spring sales cycle,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “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.”
The strong supply trend was met with healthy demand. In May, the Board processed 1,711 sales on its Multiple Listing ServicePrices continued to edge upward across all categories as buyer confidence grew, with the composite Benchmark price topping the one-million mark at $1.01 million, a level not seen since September 2022.
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