Good news for the Fraser Valley real estate market in March 2023 as sales increased for the second month in a row. However, sales are still below the usual seasonal numbers. The Fraser Valley Real Estate Board reported that 1,550 properties were sold, which is 72.6% higher than February 2023, but 39.9% lower than last year. This could be a turning point and is building consumer confidence; however, low supply continues to be a problem driving up prices in all regions, including the Fraser Valley. The growth in the real estate market is an encouraging sign of increased market stability for the Fraser Valley.

“While market demand continues to trend up, we still face an uphill battle on the supply side, which is keeping prices elevated,” said FVREB CEO, Baldev Gill. “The province will require sustained inventory growth of at least 25 per cent over each of the next five years in order to normalize inventories. Until then, we strongly advise buyers and sellers to consult with a REALTOR® to plan the best strategy.”

MLS Home Price Index Fraser Valley graph

Mission Real Estate Statistics March 2023

  • The Board processed 1,550 sales of all property types on its Multiple Listing Service® (MLS®) in March 2023. 53 sales took place in Mission — a remarkable 60% increase from February 2023. 42 detached homes were sold in March 2023, compared to 69 in March 2022. The sales of townhomes remained the same as this month last year, and the sales of apartments saw a 57% decrease from March 2022.
  • Active listings in Mission for detached homes decreased by 13.4% compared to this month last year, while active listings of townhomes increased by 40%.
  • New listings in March 2023 increased by 61% compared to last month.
  • Mission’s Benchmark Price for detached homes in March 2023 was $950,100, a 7.5% increase from last month.

If you’re considering buying or selling your home, don’t hesitate to get in touch. I’m here to help you navigate the current market and to help you make informed decisions. You can reach me directly at 604 302 0177 or [email protected] to schedule a complimentary home evaluation or to start a conversation about your real estate needs.

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