June Fraser Valley Real Estate Market Data and Insights
Learn more about the latest Fraser Valley pre-sale and resale data and some trends we're seeing in the area affecting the local real estate market by watching the latest Fraser Valley edition of MLA Canada's Pre-sale Pulse. Featuring MLA Canada’s President, Ryan Lalonde, and Managing Director for the Fraser Valley, Brittany Reimer.
"Like the weather, it was another hot month with resale momentum. Thankfully, a less frenzied month, with just over 2,200 transactions," states Reimer.
Although there may have been less activity in June compared to the record-setting Spring market, the Fraser Valley is still in great demand for more affordable products – and not just in Surrey or Langley, but more peripheral markets like Mission, Abbotsford, and Chilliwack.
June still saw a strong month in sales with 2,247 resales, down 23.4% from May's data. Supply has also dropped in June, with 21% less properties entering the market compared to May. When comparing this data to June of 2020, the market over the past 12 months still proves to show strong absorptions, with inventory sitting at 22.5% lower than last year.
As for benchmark price, the Fraser Valley has witnessed a staggering increase of 23% in the last year alone, with a 7.2% increase in the last three months. Lalonde weighs in on how this may have changed the game for the markets in the Fraser Valley and Greater Vancouver:
"Today’s benchmark price of just over $1.05M is the same benchmark as Great Vancouver as of December 2020, meaning the spread between the two markets is becoming much closer."
Lalonde asks Reimer to tell us what she thinks we can expect to come as a result of these drastic benchmark price increases:
"Condo prices will continue to run through the summer and into the Fall with many new projects coming online and being absorbed well. Towers will be the talk of the market, with Surrey performing well and Langley towers coming soon. White Rock is yet to see the same momentum. That said, we’re seeing stabilization in the townhome market right across the board right now from Surrey to Chilliwack," expresses Reimer.
For the latest real estate market data on Greater Vancouver, watch the latest video featuring Ryan Lalonde and Suzana Goncalves.