Gross sales will proceed to say no over the close to time period, based on the CEO of the Fraser Valley Actual Property Board.
House gross sales in British Columbia’s Fraser Valley proceed to slip, falling for 3 straight months as costs dip on all the things from indifferent properties to condos, mentioned the Fraser Valley Actual Property Board (FVREB) Wednesday.
Since final June, house gross sales have now fallen 43 per cent, one thing the FVREB mentioned has led to a way of “steadiness” within the area’s actual property market.
Citing excessive rates of interest and the nonetheless vital price to purchase a house, the actual property board’s CEO Baldey Gill mentioned he expects gross sales will proceed to say no over the close to time period.
“The mixture of upper charges and low stock will current a barrier to first-time patrons and will lead to even slower gross sales over the approaching months,” mentioned Gill in a written assertion.
He expects increased rates of interest and decrease stock may additionally erase worth good points the area’s actual property revamped the previous 10 months.
Since Might, the MLS benchmark worth of a single-detached house within the Fraser Valley has dropped by 3.5 per cent to $1,653,000. Nevertheless, since, June 2021, that very same common house has seen a worth achieve of 21.9 per cent.
Townhomes and condos have seen related spikes in costs earlier than experiencing slight declines.
The common worth of a townhome now sits at $894,300, 2.7 per cent decrease in comparison with Might 2022, however 26.6 per cent increased in comparison with June 2021.
The common MLS benchmark worth of a Fraser Valley condo, in the meantime, has decreased 2.2 per cent since Might to $568,700 — nonetheless 25.9 per cent increased when in comparison with June 2021.
An analogous although much less excessive story is enjoying out in Metro Vancouver’s actual property market, the place the common worth of a indifferent home is falling by $37,000 per 30 days. That is in comparison with $57,000 per 30 days within the Fraser Valley.
On the bellwether Vancouver West Aspect market, the median worth for a indifferent home plunged $194,000 from Might to $3,063,500 in June.
With information from Frank O’Brien