Market Update - August 2022

The Fraser Valley market continues to see an overall balancing trend as rising interest rates play out in combination with healthy levels of active listings and generally steady home sales.

Balance is the name of the game right now.

With that said, timing is everything, isn’t it?

If you’re a buyer, OPPORTUNITY knocks! With current inventory levels sitting 44% higher than a year ago, finding your perfect home, at a great price, is not a fever dream!

But in my opinion, the most exciting opportunity that I see in this market is for those looking to upsize.

If you’ve been dreaming of moving from a strata property into a single family home, this market is presenting some fantastic opportunities! Why? The detached markets in South Surrey/ White Rock, Cloverdale and Langley are currently balanced (with SS/WR teetering on a buyer’s market), while the strata market is still generally favouring sellers in those same communities. For those who are in a position to make a move, it’s an opportunity that’s ripe for the picking.

Buyers and upsizers, it’s time to carpe diem!

Fraser Valley Stats:

Sales in August:

⬆️ 2.4% compared to July 2022

⬇️ 51.3% compared to August 2021

Active listings in June:

⬇️ 8.5% compared to July 2022

⬆️ 44% compared to August 2021

Detached homes are taking an average of 24 days to sell, townhomes are 19 days on market and apartments are taking an average of 21 days to sell. Detached homes are taking an average of 24 days to sell, townhomes are 19 days on market and apartments are taking an average of 21 days to sell.