{"id":20074,"date":"2022-06-07T10:10:00","date_gmt":"2022-06-07T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20074"},"modified":"2022-06-02T13:39:17","modified_gmt":"2022-06-02T20:39:17","slug":"fraser-valley-housing-market-cools-lower-sales-higher-inventory","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/06\/fraser-valley-housing-market-cools-lower-sales-higher-inventory\/","title":{"rendered":"Fraser Valley Housing Market Cools, Lower Sales &#038; Higher Inventory"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 As property sales continue to fall in the Fraser Valley and active listings continue to grow, the region is edging towards more balanced levels not seen since the pre-pandemic period.<\/p>\n<p style=\"text-align: justify;\">Sales of all property types in May were 1,360, down 16.9% from April\u2019s 1,637; and down 53.9% compared to May of 2021.<\/p>\n<p style=\"text-align: justify;\">At the same time, active listings (the number of properties available for sale at a given moment during the month, in this case at the end of May) have more than tripled since December 2021. At the end of May, actives sat at 6,183, up 5.4% year-over-year, and an increase of 14.8% compared to April 2022.<\/p>\n<p style=\"text-align: justify;\">The sales-to-active-listings ratio measures whether the market is balanced (12% to 20%) or favours either buyers (less than 12%) or sellers (greater than 20%). In May, the ratio for Fraser Valley all property types combined was 22%t, comparable to pre-pandemic conditions in early 2020. By comparison, during the pandemic, the ratio peaked at 92%, indicating a strong seller\u2019s market.<\/p>\n<p style=\"text-align: justify;\">\u201cSince March, we\u2019ve seen sales come down with an accompanying increase in inventory, subsequently restoring much-needed balance and cooling our heated market,\u201d said Fraser Valley Real Estate Board President, Sandra Benz. \u201cWhile still early, it suggests that as we gradually settle into a post-pandemic state of work and life, the big pandemic-era drivers \u2013 working from home and record low interest rates \u2013 may have run their course.\u201d<\/p>\n<p style=\"text-align: justify;\">In May, MLS\u00ae HPI Benchmark prices for all three main property types decreased month-over-month for the first time since September 2019.<\/p>\n<p style=\"text-align: justify;\">\u201cThe softening of prices will be welcome news for homebuyers, especially in the face of rising mortgage rates,\u201d said Fraser Valley Real Estate Board CEO, Baldev Gill. \u201cThe volatility we\u2019ve witnessed over the past couple of years not only underscores the power of external events to affect the market but, in light of recent trends, the ability of the market itself, to adapt and trigger corrective mechanisms.\u201d<\/p>\n<p><strong>MLS\u00ae HPI Benchmark Price Activity<\/strong><\/p>\n<p style=\"text-align: justify;\">\u2022 Single Family Detached : At $1,712,500, the Benchmark price for an FVREB single-family detached home decreased 2.4% compared to April 2022 and increased 26.2% compared to May 2021.<br \/>\n\u2022 Townhomes : At $918,900, the Benchmark price for an FVREB townhome decreased 1.4% compared to April 2022 and increased 31.3% compared to May 2021.<br \/>\n\u2022 Apartments : At $581,400 the Benchmark price for an FVREB apartment\/condo decreased 1.1% compared to April 2022 and increased 30.0% compared to May 2021.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/fvreb.bc.ca\/statistics\/Package202205.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the May 2022 stats package.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/fvreb-posts-record-volume-of-new-listings-in-february-2-2-2\/\" target=\"_blank\" rel=\"noopener\">Home Prices Soften as Fraser Valley Housing Market Cools Amid Lower Sales and Higher Inventory<\/a> by FVREB<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 As property sales continue to fall in the Fraser Valley and active listings continue to grow, the region is edging towards more balanced levels not seen since &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/06\/fraser-valley-housing-market-cools-lower-sales-higher-inventory\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-20074","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fraser Valley Housing Market Cools, Lower Sales &amp; Higher Inventory &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2022\/06\/fraser-valley-housing-market-cools-lower-sales-higher-inventory\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Fraser Valley Housing Market Cools, Lower Sales &amp; 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