Fraser Valley Real Estate Market Update | June 2022

Dated: July 7 2022

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

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.

Baldev Gill, Chief Executive Officer of the Fraser Valley Real Estate 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.

***Source: Fraser Valley Real Estate Board June 2022 Monthly Statistics

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Candy Ashdown

Experienced REALTOR® specializing in the Fraser Valley and Lower Mainland. My local experience and expertise, combined with the brand power and influence of Royal LePage enables me to empower my c....

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