August 2023 - Fraser Valley Real Estate Market Snapshot mediaiqdigital tracking pixel
Home Buying, Market Intelligence, Real Estate News | September 15, 2023

August 2023, Summertime Blues

On September 7, 2023, the Bank of Canada (BOC) kept the prime rate at 5%, maintaining it since the last increase in mid-July. Despite the imminent future rate increases to combat inflation, Canadian consumers get a slight break for the back-to-school season.

Strategic Homebuying Amidst Steady Rates

With rates unchanged for now, homebuyers can confidently plan and purchase a home before the next increase. However, they should assess their financial situation thoroughly and consult with a mortgage broker to secure the most favorable rate.

August Real Estate Market Overview

August typically marks the slowest month in any real estate market, second only to December. Sales this month saw a dip of 3 to 15 percent compared to the previous month, which was expected. Despite this, sales for all three product types are up between 12 and 36 percent compared to August 2022, indicating a stronger market overall in 2023.

Price Trends by Property Type

Single-family home prices increased by about 1% compared to last month, while townhomes and condominiums experienced minor price decreases of 0.3 to 1.4 percent. However, all three property types saw a year-over-year increase in average value by 3 to 7 percent.

 

 

Market Outlook for September

No significant market changes are expected in the first half of September, with the focus shifting to back-to-school preparations and settling back after vacations. However, the market is anticipated to pick up in mid to late September, typical in the Fraser Valley real estate market.

Anticipated Municipal Updates

Updates from targeted municipalities regarding efficient approval processes are still awaited. These updates aim to bring more products to the market simultaneously or increase supply to moderate price increases. However, the impact on home prices remains uncertain, and observations will continue before a comprehensive update next month.

Westminster Plateau

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