SURREY – Overall sales in the Fraser Valley fell for the third straight month as prices for all property types continued to soften, bringing greater balance to the region’s real estate market.
Sandra Benz, President of the Board, said, “In just two months our market overall has shifted into balance mainly due to a softening of demand for single-family detached homes. In June, the Board received 3,332 new listings, an increase of 7.2 per cent compared to last year, and a decrease of 8.2 per cent compared to last month. The month ended with a total active inventory of 6,474, a 4.7 per cent increase compared to May, and 18.3 per cent more than June 2021.
“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.”