Thursday, March 28, 2024
ADVT 
National

Sales slide for fourth straight month as rising interest rates put brakes on Fraser Valley real estate market

Darpan News Desk Fraser Valley Real Estate Board, 03 Aug, 2022 10:39 AM
  • Sales slide for fourth straight month as rising interest rates put brakes on Fraser Valley real estate market

 The Fraser Valley real estate market saw sales fall again in July in the face of continued interest rate hikes, as the government struggles to bring inflation under control.

In July, the Fraser Valley Real Estate Board (FVREB) processed 993 sales on its Multiple Listing Service® (MLS®), a decrease of 22.5 per cent from the previous month and a 50.5 per cent drop compared to July 2021, when the province was still in acute pandemic mode. July new listings totaled 2,385, a 28.4 per cent decrease compared to June and a decrease of 1.9 per cent compared to July 2021.

Active listings, at 6,413, remained relatively unchanged from June and were up 30.9 per cent over last July – bringing the sector into balance for townhomes and detached homes (sales-to-active ratios: 18 per cent and 12 per cent, respectively); and favouring sellers slightly for apartments (28 per cent). The market is considered balanced when the sales-to-active ratio is between 12 per cent and 20 per cent.

The weaker demand resulted in prices dropping for the fourth consecutive month, most notably for detached homes which ended the month with a benchmark price of $1,594,400, down 3.5 per cent from last month and by 10.2 per cent since peaking at $1,776,700 in March. Residential combined properties benchmark prices are still up year-over-year by 18.1 per cent.

“It is important to keep in mind that real estate is and always will be an asset with considerable upside over the long-term,” said Fraser Valley Real Estate Board President, Sandra Benz. “As prices come down from the highs of recent months, there are opportunities for buyers who have been waiting to re-enter the market and shop for the right property."

Across the Fraser Valley in July, the average number of days to sell a single-family detached home was 24 and a townhome was 19 days. Apartments took, on average, 21 days to sell.

“With rising interest rates and uncertainty in the market, it is even more important to seek out the guidance of a professional REALTOR®,” said Board CEO, Baldev Gill. “Their ability to tap into the latest data and market intelligence — down to the neighbourhood level — allows buyers and sellers to make informed decisions about one of the largest transactions they’ll ever make.”

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,594,400, the Benchmark price for an FVREB single-family detached home decreased 3.5 per cent compared to June 2022 and increased 17.8 per cent compared to July 2021.
  • Townhomes: At $876,500, the Benchmark price for an FVREB townhome decreased 2.0 per cent compared to June 2022 and increased 22.7 per cent compared to July 2021.
  • Apartments: At $553,400, the Benchmark price for an FVREB apartment/condo decreased 2.7 per cent compared to June 2022 and increased 21.9 per cent compared to July 2021.

 

MORE National ARTICLES

Nomination for DARPAN Extraordinary Achievement Awards 2022 are now open

Nomination for DARPAN Extraordinary Achievement Awards 2022 are now open
DARPAN is excited to announce its 12th Annual DARPAN Extraordinary Achievement Awards which is set to take place on October 7, 2022, in Surrey​​. We come together to celebrate the achievements and extraordinary people of the South Asian community.

Nomination for DARPAN Extraordinary Achievement Awards 2022 are now open

Surrey RCMP need the public's help in locating missing man Satpal Lanji

Surrey RCMP need the public's help in locating missing man Satpal Lanji
Surrey RCMP Missing Persons Unit has been following up on all investigative avenues since he was reported missing, but have not been able to locate Satpal, so they are requesting the public’s assistance. Satpal Lanji, who also goes by Rai and Ray is described as a South Asian male, 5’7", 140 lbs., slim build, short grey hair, and brown eyes.

Surrey RCMP need the public's help in locating missing man Satpal Lanji

Shots fired in Coquitlam, bullet holes discovered in the back of the residence

Shots fired in Coquitlam, bullet holes discovered in the back of the residence
On Monday, August 1st, close to 5pm., Coquitlam RCMP received a report of shots fired at a residence in the 900-block of Foster Avenue in Coquitlam. Frontline officers attended the area and discovered bullet holes in the exterior of the residence.   

Shots fired in Coquitlam, bullet holes discovered in the back of the residence

Wildfire near Penticton, B.C., grows larger

Wildfire near Penticton, B.C., grows larger
About 300 properties, including the Apex Mountain resort southwest of Penticton, have been ordered evacuated as the fire showed aggressive and unpredictable growth, destroying an unoccupied cabin.

Wildfire near Penticton, B.C., grows larger

Crown closes case in extortion case of B.C. girl

Crown closes case in extortion case of B.C. girl
Louise Kenworthy wrapped up the Crown's closing arguments, telling a B.C. Supreme Court jury trial that the case against Aydin Coban was circumstantial, but the two devices seized by police are the link to the Port Coquitlam teenager.

Crown closes case in extortion case of B.C. girl

BC Housing CEO retires citing violence, shootings

BC Housing CEO retires citing violence, shootings
In a letter posted on BC Housing’s website, CEO Shayne Ramsey says he has spent sleepless nights thinking about the recent murders of homeless and former homeless people in Langley, a vulnerable woman who was lit on fire in Vancouver and his own recent encounter with angry residents.

BC Housing CEO retires citing violence, shootings

PrevNext