Close X
Sunday, November 10, 2024
ADVT 
National

Fraser Valley housing market continues to cool amid slower sales, softer prices

Darpan News Desk Fraser Valley Real Estate Board, 05 Jul, 2022 10:38 AM
  • Fraser Valley housing market continues to cool amid slower sales, softer prices

SURREY, British Columbia, July 05, 2022 (GLOBE NEWSWIRE) -- Overall sales in the Fraser Valley fell for the third straight month as prices for all property types continued to soften, bringing greater balance to the region’s real estate market.

In June, the Board processed 1,281 sales on its Multiple Listing Service® (MLS®), a decrease of 5.8 per cent compared to May and a 43 per cent decrease compared to June of last year.

Sandra Benz, President of the Board, said, “In just two months our market overall has shifted into balance mainly due to a softening of demand for single-family detached homes.

“The condo and townhome markets, although they have moderated, they continue to favour sellers as the sales-to-active listings ratios continue to trend higher, however with fewer multiple offer situations compared to previous months, it’s likely that we will see further softening in these property types as we return to pre-COVID work-life routines.”

In June, the Board received 3,332 new listings, an increase of 7.2 per cent compared to last year, and a decrease of 8.2 per cent compared to last month. The month ended with a total active inventory of 6,474, a 4.7 per cent increase compared to May, and 18.3 per cent more than June 2021.

Baldev Gill, Chief Executive Officer of the Board, added, “With five-year fixed rates at their highest levels in a decade and residential prices, though softening month-over-month, are still more than 20 per cent higher than a year ago, we expect to see sales continue to decline over the near term.

“The combination of higher rates and low inventory will present a barrier to first-time buyers and could result in even slower sales over the coming months and erase price gains from the past 10 months or so.”

Across Fraser Valley, in June, the average number of days to sell a single-family detached home was 21 and a townhome was 19 days. Apartments took, on average, 17 days to sell.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,653,000, the Benchmark price for an FVREB single-family detached home decreased 3.5 per cent compared to May 2022 and increased 21.9 per cent compared to June 2021.
  • Townhomes: At $894,300, the Benchmark price for an FVREB townhome decreased 2.7 per cent compared to May 2022 and increased 26.6 per cent compared to June 2021.
  • Apartments: At $568,700, the Benchmark price for an FVREB apartment/condo decreased 2.2 per cent compared to May 2022 and increased 25.9 per cent compared to June 2021.

MORE National ARTICLES

Lululemon starts fiscal year strongly

Lululemon starts fiscal year strongly
The Vancouver-based athletic clothing company, which reports in U.S. dollars, says it earned US$1.48 per diluted share in the first quarter, up from US$1.11 per share or US$145 million a year earlier.    

Lululemon starts fiscal year strongly

Female stabbed inside a Surrey grocery store in Guildford area

Female stabbed inside a Surrey grocery store in Guildford area
Police arrived within minutes of the call and located a female victim suffering from apparent stab wounds. The victim was given first aid at the scene and then transported to hospital with serious injuries.

Female stabbed inside a Surrey grocery store in Guildford area

BC Prosecution approves charges against Surrey RCMP officer Jagjeet Bassan

BC Prosecution approves charges against Surrey RCMP officer Jagjeet Bassan
The BC Prosecution Service (BCPS) announced today that a charge of assault causing bodily harm has been approved against Surrey RCMP Cst. Jagjeet Bassan in connection with their involvement in an on-duty incident. 

BC Prosecution approves charges against Surrey RCMP officer Jagjeet Bassan

Charges approved against suspect who poured gasoline on stranger's porch

Charges approved against suspect who poured gasoline on stranger's porch
Officers observed that a small fire in the grass near the residence had been started and extinguished. The victim and the suspect are not known to each other and officers have been unable to determine a motive for the crime.    

Charges approved against suspect who poured gasoline on stranger's porch

Charges approved against alleged driver in fatal 2021 hit and run that resulted in the death of a motorcyclist

Charges approved against alleged driver in fatal 2021 hit and run that resulted in the death of a motorcyclist
On June 19, 2021, Burnaby RCMP frontline officers responded to a report of a hit and run collision involving a vehicle and motorcycle at Canada Way and Imperial Street. The motorcyclist who was hit did not survive his injuries. The driver of the vehicle involved in the collision left the scene.

Charges approved against alleged driver in fatal 2021 hit and run that resulted in the death of a motorcyclist

VPD arrest leads to charges against alleged stabbing suspect

VPD arrest leads to charges against alleged stabbing suspect
It is alleged the same man chased several people while holding a knife and a machete, punched another man, then went back to the pedestrian and stabbed him on the neck and back.    

VPD arrest leads to charges against alleged stabbing suspect