SURREY, BC – Market activity in the Fraser Valley – both sales and new listings – softened in July, however buyers continued to significantly outnumber sellers resulting in inventory reaching the lowest for the month since 1981.

The Board processed a total of 2,006 property sales on its Multiple Listing Service® (MLS®) in July, a decrease of 11% compared to June and a 4.5% decrease compared to the same month last year. Sales continued to remain above normal for July – 15% above the ten-year average.

Larry Anderson, President of the Board, said, “A summer slowdown is typical. We anticipated that once people could travel and enjoy family time safely, they would do so, and we couldn’t be happier for everyone.

“Demand for homes in our region, however, remains above average – for fourteen months we have been in a seller’s market for Fraser Valley detached homes, townhomes and condos – and yet for the last four months, new listings in our region have been decreasing.”

In July, the Board received 2,431 new listings, a decrease of 31.5% compared to last year, and a decrease of 22% compared to June 2021. The month ended with total active inventory sitting at 4,901, a 10.5% decrease compared to June, and 33% fewer than July 2021.

Baldev Gill, Chief Executive Officer of the Board, added, “To put our market in perspective, we just came off the third highest sales for July in the last ten years, while home buyers looking to invest in the Fraser Valley had the same level of inventory to choose from that they had forty years ago.

“For the market to reach equilibrium and upward pressure on prices to decrease, we need more inventory.”

Across Fraser Valley, in July, the average number of days to sell a single-family detached home was 26 and a townhome was 15 days. Apartments took, on average, 24 days to sell.

MLS® HPI Benchmark Price Activity

Single Family Detached : At $1,319,200, the Benchmark price for an FVREB single-family detached home decreased 0.4% compared to June 2021 and increased 30.9% compared to July 2020.

Townhomes : At $688,400, the Benchmark price for an FVREB townhome increased 1.5% compared to June 2021 and increased 22.3% compared to July 2020.

Apartments : At $494,000, the Benchmark price for an FVREB apartment/condo increased 0.1% compared to June 2021 and increased 13.0% compared to July 2020.

Click here to view the July 2021 Statistics Package.

Fraser Valley Home Sales Remained Steady in July; Lowest Supply in Forty Years by FVREB