Is the party finally over? Fraser Valley Real Estate Board reports signs of housing market cooling down

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      Agents with the Fraser Valley Real Estate sold 3,016 homes in April 2021, setting a new record for the month.

      Last month’s sales beat the previous record high for April, which totalled 2,969 in 2016.

      But is this the last hurrah for a market that has been having a spectacular run for months?

      FVREB president Larry Anderson said that while the region’s market “remains very competitive and challenging for buyers, April could be the turning point in this historic market”.

      “In the last couple of weeks, we have seen evidence of a change in pace,” Anderson said in a media release Tuesday (May 4).

      “In general, we’re seeing fewer multiple offers, fewer subject-free offers, and homes over-priced are starting to sit longer,” Anderson explained.

      “These are positive signs that the market is responding to near-record levels of new inventory,” he added.

      More homes have come on the markets served by the board, which covers Surrey, Abbotsford, Langley, Mission, North Delta, and White Rock

      The FVREB stated in a news release that the total active inventory of homes for sale reached 6,030 in April 2021.

      The board noted that the April inventory was 20 percent higher than in March 2021, and it’s the “highest it’s been in six months”. 

      Prices of detached homes, townhouses, and condos increased in FVREB markets in April 2021 compared to March.

      “Buyers and sellers will note that we’re already seeing increases in home prices start to slow in response to the new supply,” FVREB CEO Baldev Gill said.