The Abbotsford and Mission housing markets continue to cool, with the number of houses sold in June down by around 50 per cent.
Apartment and townhouse sales were also down considerably, and prices are starting to cool, according to new figures from the Fraser Valley Real Estate Board.
While the benchmark (“typical”) price for houses and apartments in Abbotsford were level compared to May, and townhome benchmark prices increased significantly, all three saw declines in median prices – suggesting the homes that are selling, tend to be those at the lower end of the spectrum.
Mission has also seen a softening in its housing market, with an even more significant dip in median prices.
Those median prices are still higher than at the start of the year. But the FVREB figures suggests the regional housing market is increasingly shifting more in favour of buyers.
After years of increasing prices, the ratio of sales to listings is now in the area considered to be a “balanced market,” by the FVREB.
“Demand is shifting back towards typical levels for our region, and market activity is reflecting that,” FVREB president John Barbisan said in a release. “This has given our inventory a much-needed chance to recover and move the Valley towards a more balanced real estate landscape.”
He continued: “One thing that isn’t changing quickly is pricing; prices are still increasing but we continue to see a gradual slowdown in upwards movement.”