Market Update - June 2022

Along with the weather, real estate in the Fraser Valley also experienced some cooling conditions in June.

For the third month in a row, the Fraser Valley Board reported benchmark prices had decreased month over month for all 3 property types. When compared to June 2021, prices are still up over 20%.

Demand for single-family homes has softened the most, whereas condos and townhomes are still generally favouring sellers. However, with the Bank of Canada increasing its rates again yesterday, it’s likely that we will see further softening in these property types as well.

What does all this mean?

While interest rates are increasing, prices are softening. It’s important to speak to your mortgage professional to see how these changes will impact you personally. Recent headlines can seem alarming, but remember that every situation is unique and the impact this has on you will depend largely on your personal circumstances.

Real estate fluctuations are relative when you’re buying and selling in the same market conditions. Throughout covid, people were selling very high, but they were also buying very high. The pace of this market allows buyers to find a home that checks more of their wants and needs and offers sellers peace of mind that they don’t have to stress about finding a home to move into once they sell.