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

SURREY, BC – 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 22.0 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.

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Haven Real Estate Agents

Paula Blamey

With my 15 years of financial service experience and my 4 consecutive years on the FVRB Medallions List, I am confident in exceeding the needs of my clients.

I believe that buying, or selling your home should be an exciting experience. I promise to make the process a positive memory to look back on.

If you are looking for an agent that will go above and beyond the call of duty, look no further, I can't wait to be a part of your journey in finding your Haven.

Michelle Brown

Along with my administrative skills and the ability to build strong relationships, I’ve always had a passion for real estate in my spare time.

I know my skillset will apply to my real estate activities because of the need for strong organization, the ability to listen during negotiation and building relationships on trust and integrity.

This business engages with people and their families during some of the most personal and significant events of their lives. I’m looking forward to being there for my clients by navigating the complexities and being a trusted resource so they can work through the processes knowing someone has their best interest every step of the way.