Market Numbers July 01, 2021
Andy Schildhorn • July 5, 2021
Mirroring the weather, Fraser Valley’s hot housing market cooled slightly in June going from a boil to a simmer
SURREY, BC – Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) remained robust in June however, for the first time since last September, monthly sales did not break a historical record.
In June, the Board processed 2,247 sales on its MLS®, a decrease of 24 per cent compared to May and a 31 per cent increase compared to June of last year. Sales continued to remain elevated compared to a typical June – 22 per cent above the ten-year average.
Larry Anderson, President of the Board, said, “In June, we shifted from an extreme seller’s market to a strong seller’s market. Although demand for Fraser Valley homes remains very high – over 40 per cent of active listings sold in June – we’re seeing the market settle down giving buyers and sellers more room to maneuver.
“We’re now seeing more subject offers and for the first time in months, we’re starting to see price reductions.”
In June, the Board received 3,108 new listings, a decrease of 10 per cent compared to last year, and a decrease of 21 per cent compared to May 2021. The month ended with total active inventory sitting at 5,474, a 7 per cent decrease compared to May, and 22.5 per cent fewer than June 2020.
Anderson continued, “A lack of supply continues to be the single largest factor affecting the market. Simply put, to meet current demand and get back to balance, we need about 3,500 more active listings in our region.”
Baldev Gill, Chief Executive Officer of the Board, added, “Effective July 1, as part of Stage 3 of BC’s Restart Plan, REALTORS® are again allowed to hold in-person showings and open houses while continuing to adhere to public safety recommendations.”
“For more than a year, our industry has put tremendous effort into keeping the public safe and we will remain vigilant. We’d like to express our sincere appreciation to the public for your continued support and cooperation.”
Across Fraser Valley, in June, the average number of days to sell a single-family detached home was 17 and a townhome was 12 days. Apartments took, on average, 21 days to sell.
MLS® HPI Benchmark Price Activity
Single Family Detached: At $1,324,400, the Benchmark price for an FVREB single-family detached home increased 0.1 per cent compared to May 2021 and increased 33.2 per cent compared to June 2020.
Townhomes:
At $678,400, the Benchmark price for an FVREB townhome increased 1.3 per cent compared to May 2021 and increased 21.2 per cent compared to June 2020.
Apartments:
At $493,500, the Benchmark price for an FVREB apartment/condo increased 1.0 per cent compared to May 2021 and increased 13.4 per cent compared to June 2020.
For many, homeownership in Canada remains unattainable due to high prices and elevated mortgage rates, so how is it possible that the average mortgage balance is on a downward trajectory for young families? According to TD Bank economist Maria Solovieva, one trend that has stood out for several quarters now in Statistics Canada’s Distributions of Household Economic Accounts is the steady decline in average mortgage balances of young families, even as mortgage debt has continued to rise for all other age groups. Since the peak in Q3 2022, the average mortgage balance among households where the primary earner is under 35 years of age has fallen by $17,000. Compared to Q1 2023, the reduction stands at $11,200. Over the same period, mortgage balances increased by $23,100 for households aged 55-64 and by $6,000 for those aged 65 and older. View More Details
Latincouver is bringing its big cultural celebration back to Langley City with the return of Carnavalito on the Road. After the success of Carnavalito in 2024, the organizers are hoping to make this year's event even bigger. "It was so very very nice when we were in Langley," said Paola Murillo, Latincouver founder and executive director. "…Our own team was 'Wow, people were so open and happy we were there." Murillo added that the vendor feedback was great after the 2024 event. So Latincouver, the community group devoted to spotlighting Latin cultures, returns to Douglas Park with the festival that run from noon until 9 p.m. This one-day celebration on Saturday, Aug. 30 recreates the feeling of a Latin American city plaza with multiple cultural areas and programming for all ages. Visitors can enjoy live music from Latin bands representing Brazil, Colombia, Mexico, and more, with popular rhythms like samba, cumbia, and mariachi. More Details Here
Apparently this deer and hares are the unofficial "animals of Ireland" so...enjoy! LAPS is here.
