Fraser Valley Real Estate Market June 2022

Fraser Valley Real Estate Market June 2022

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

JUNE 2022 MARKET REPORT

Fraser Valley Real Estate Report

The trend continues. 

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.

Interest rates are of course playing a role as well.  Not only have variable rates increased several times this year, but five-year fixed rates are at their highest levels in a decade. 

However, this is a good time to remind you that not all submarkets behave the same.  For example, the June median sale price of South Surrey condos and townhomes increased 5% from May.  During the same period, many single family detached markets experienced a decrease in prices.  That’s the ideal scenario for those looking for more space and considering a move-up purchase.  

This reinforces the importance of up to date, local, and market specific information.  No two markets are identical, and that’s where we come in.  Reach out to the Team, we’re always happy to help. 


See Listed Properties For Sale in Langley BC

If you are considering selling, buying or just have questions about the market, please give us a call today and let’s chat.

GO TO LAST MONTHS STATS



All Fraser Valley Areas Combined

  • Detached – SALES DOWN FROM LAST MONTH: -11.3%
  • Townhouse – SALES UP FROM LAST MONTH: 0.3%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -9.3%

Abbotsford

  • Detached – SALES DOWN FROM LAST MONTH: -15.9%
  • Townhouse – SALES FROM LAST MONTH: 0.0%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -16.1%

Mission

  • Detached – SALES DOWN FROM LAST MONTH: -2.5%
  • Townhouse – SALES FROM DOWN LAST MONTH: -28.6%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -33.3%

White Rock / South Surrey

  • Detached – SALES UP FROM LAST MONTH: 1.6%
  • Townhouse – SALES UP FROM LAST MONTH: 13.6%
  • Condo/Apt – SALES UP FROM LAST MONTH: 2.9%

Langley

  • Detached – SALES DOWN FROM LAST MONTH: -30.9%
  • Townhouse – SALES UP FROM LAST MONTH: 12.5%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -17.3%

Delta – North

  • Detached – SALES FROM LAST MONTH: 0.0%
  • Townhouse – SALES UP FROM LAST MONTH: 150.0%
  • Condo/Apt – SALES UP FROM LAST MONTH: 7.1%

Surrey – Central

  • Detached – SALES DOWN FROM LAST MONTH: -21.7%
  • Townhouse – SALES DOWN FROM LAST MONTH: -23.1%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -2.9%

Surrey – Cloverdale

  • Detached – SALES UP FROM LAST MONTH: 33.3%
  • Townhouse – SALES UP FROM LAST MONTH: 31.0%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -31.0%

Surrey – North

  • Detached – SALES DOWN FROM LAST MONTH: -23.5%
  • Townhouse – SALES DOWN FROM LAST MONTH: -25.0%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -3.2%

What Does The Fraser Valley Real Estate Board Have To Say?

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.

Find the June 2022 Statistics Package here.


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