The Fraser Valley real estate market saw a resurgence in activity in June as house sales in the Fraser Valley more than doubled in one month as buyers return to the market.
The Fraser Valley Real Estate Board (FVREB) processed a total of 1,718 sales in June which was an increase of 113 per cent compared to sales in May and an increase of 32 per cent compared to the 1,306 sales during June of last year.
There are a few things responsible for this including low interest rates, pent‐up demand from the previous three months when the market was on hold, and the worry that the new CMHC rules that came into effect on July 1st would make it harder to qualify.
The Fraser Valley Board received 3,456 new listings in June, a 57 per cent increase compared to May’s intake of 2,207 new listings and a 23 per cent increase compared to June of last year. June finished with 7,063 active listings, an increase of 9 per cent compared to May’s inventory and a decrease of 17 per cent year‐over‐year.
In June, the average number of days to sell an apartment was 37. It was 30 for townhomes and 31 for a single family detached home.
The average price for condos, townhouses and detached houses all increased during the month of June as well which was a good sign for stability in the market.
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