Business in Vancouver

Canadian region's real estate shows signs of cooling

After record high in March, sales have slowed

PUBLISHED : Wednesday, 03 August, 2016, 3:57am
UPDATED : Wednesday, 03 August, 2016, 11:13am

After months of sizzling prices and an all-time record high for sales last spring, the Fraser Valley real estate scene is showing signs of cooling.

According to the Fraser Valley Real Estate Board (FVREB), the region had the busiest June on record for the number of sales, but has continued on a downward trend since March when the all-time monthly high—set back in 1921—was broken.

FVREB president Charles Wiebe said the fever pitch of sales appears to be slowing.

“We are seeing a slight levelling off that while not drastic, is giving both buyers and sellers a bit more room to manoeuvre.”

The FVREB processed 2,864 sales of all property types in June, an increase of 18.7 per cent compared to June 2015. The previous record for sales processed in the month of June was set in 2005 at 2,517. However sales dipped 1.5 per cent when compared to May of this year.

The FVREB received 3,705 new listings in June, an increase of 11.7 per cent compared to June of last year, which is a 0.8 per cent increase from May of 2016. The total active inventory for June was 5,612, down 30.8 per cent from last year’s 8,105 active listings at this time. Wiebe said the area, which covers Surrey, Langley, Abbostford, North Delta, White Rock and Mission, is a seller’s market at this point.

“Simply put, to meet demand, we need even more listings. More than half of our active inventory consists of new listings that came on to the MLS in June. Our market is truly in the hands of hopeful sellers.”