No sign of slowdown for Fraser Valley real estate market SURREY, BC Fraser Valley’s housing market remained in a seller’s market in October, fueled by low interest rates and strong consumer demand, according to the Fraser Valley Real Estate Board.

The Board received 2,155 new listings last month, 10 per cent fewer listings compared to October of last year.

The MLS Home Price Index benchmark price of a detached home in October was $649,200, an increase of 13.2 per cent compared to October of last year when it was $573,500.

The MLS HPI benchmark price of Fraser Valley townhouses increased 5.1 per cent going from $298,500 in October of last year to $313,700 last month.

The benchmark price of apartments was $203,100, an increase of 5.5 per cent compared to $192,600 in October 2014.

In some of our areas, active inventory of single family detached is down a third to a half of what was available this time last year. The fewer homes available, the more in demand they become, which is why we have seen an impact on prices, most notably on single family detached homes.

Our inventory shortage of ground-oriented homes has had a positive spin-off on our condo market. We’ve advised many of our entry-level buyers to consider an apartment rather than a townhome because the selection is far superior and prices, on average, $100,000 less. Many buyers just aren’t aware of the new and resale options available to them.

Visit: http://www.fvreb.bc.ca/statistics/Package%20201510.pdf