Market Update - July 2022

Fraser Valley real estate sales fell for the fourth straight month in July, as the government continued to raise interest rates in an attempt to rein inflation in.

Despite this tempering in the market, overall benchmark prices remain over 18% when compared to July 2021.

With a calmer pace in the market, more inventory to choose from, and prices softening, buyers who have been waiting to re-enter the market are being presented with an opportunity to find their ideal home. For those looking to sell your current home and find your new oasis, the strategy and pace may have changed, but the end results have not. Don’t let the headlines stress you out

Fraser Valley Stats:

Sales in July:

⬇️ 22.5% compared to June 2022

⬇️ 50.5% compared to July 2021

Active listings in June:

🔄 0% compared to June 2022

⬆️ 30.9% compared to July 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.