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

B.C. commits $2.4B to transit in Metro Vancouver

B.C. commits $2.4B to transit in Metro Vancouver
The government says in a news release the funds are part of its commitment to cover 40 per cent of the 10-year vision for transit outlined by the regional mayors' council on regional transportation.

B.C. commits $2.4B to transit in Metro Vancouver

Rainstorm expected to deluge northern B.C.

Rainstorm expected to deluge northern B.C.
A rainfall warning has been issued for the North and South Peace River regions as the weather office says rainfall of up to 50 millimetres is expected between Friday and late Saturday.

Rainstorm expected to deluge northern B.C.

Argument over an unleashed dog leads to an elderly male being assaulted

Argument over an unleashed dog leads to an elderly male being assaulted
Police are looking to identify the unknown male suspect as well as an unknown female who was also involved. Investigators believe the unknown couple are from the area as they were also out walking their dog.

Argument over an unleashed dog leads to an elderly male being assaulted

2 senior pedestrians struck by a vehicle in Abbotsford suffering serious life-threatening injuries

2 senior pedestrians struck by a vehicle in Abbotsford suffering serious life-threatening injuries
The 88-year old male and the 85-year old female have been transported to hospital. The driver and passenger of the vehicle are quite shaken, but they were uninjured, remained on scene and are cooperating with police.     

2 senior pedestrians struck by a vehicle in Abbotsford suffering serious life-threatening injuries

Delhi riots accused gets 'rousing' welcome in parole period

Delhi riots accused gets 'rousing' welcome in parole period
In the latest video, which went viral on social media, Shahrukh Pathan could be seen walking down the streets of the northeast area of Delhi, accompanied by a handful of policemen and a huge crowd raising slogans in his favour.

Delhi riots accused gets 'rousing' welcome in parole period

Man stabbed in North Delta

Man stabbed in North Delta
The male victim who was suffering from an apparent stab wound drove himself from the scene, and DPD officers located him in Surrey. The victim and the suspect are known to each other and there is no risk to the public. The victim suffered minor injuries and was released from hospital a short time later.  

Man stabbed in North Delta