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Total inventory for sale in February for the Fraser Valley real estate region was 8,185. At the same time last year, there were a total of 6,304 Fraser Valley homes for sale - that is a 30% increase. The prices are on their way up, but are being outpaced by the inventory.
At the same time, February Fraser Valley home sales are down slightly from the same time last year - 615 this year compared to 671 last year. This slowdown in the sales is keeping the price increase in check.
According to Cameron Muir, chief economist of B.C. Real Estate Association:
Despite the increasing number of new listings, the pace of new home construction is barely keeping up with the number of people moving into the market. The housing market is going through a cycle of growth that began in late 2001 and early 2002.
In late 2001, real estate construction low and the number of empty units available in the Metro Vancouver was high, about 3500. Today there are just 500 units available. This led to a rapid increase in real estate prices, but now this price increase is slowing down.
his slow down is partly due to high inventory available and partly due to a large number of buyers being squeezed out of the market due to high prices. In 2008, Fraser Valley real estate market will not see the double-digit increase in prices seen in the years past. A more moderate price increase around 5% to 8% is expected.
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