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“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.”
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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.
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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.
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“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.
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