Image: L. Gomes / PML / Amidst rising interest rates and record-breaking levels of inflation, the Fraser Valley housing market is starting to show signs of a correction.

By Laurice Gomes

Real Estate

Fraser Valley housing market sees sizeable drop in sales

Jul 6, 2022 | 6:00 AM

SURREY — The Fraser Valley real estate market is seeing sales drop for a third consecutive month due to a lack of interest in single-family detached homes.

Sandra Benz, president of the Fraser Valley Real Estate Board, said that in just two months the market had experienced an overall shift due to a “softening” of demand for said dwellings.

“The condo and townhome markets, although they have moderated, continue to favour sellers as the sales-to-active listings ratios continue to trend higher,” Benz said. “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.

Baldev Gill, Chief Executive Officer of the Board, said that with five-year fixed rates at their highest levels in a decade, combined with residential prices 20 per cent higher than a year ago, sales will continue to decline into the near future.

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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,” Gill explained.

In the month of June, the average number of days a single-family detached home in the Fraser Valley would sell was 21, with a townhome being 19 days. Apartments took 17 days on average to sell.

The Fraser Valley Real Estate Board covers the communities of Abbotsford, Langley, Mission, North Delta, Surrey and White Rock.