The Fraser Valley Real Estate Board and the Chilliwack and District Real Estate Board processed 708 sales in July on its Multiple Listing Service® (MLS®), for this region, a decrease of 27.1% below June, but still 48.4% above July 2022.

July new listings, at 1,430, were also down by 16.0 per cent compared to last month but 9.6 per cent higher than July 2022 levels, and virtually on par with the ten-year average. Active listings continued to climb, increasing by 5.2 per cent over June, bringing the total inventory available for sale in the region to 2,723.

“Summer is typically a slower period for the real estate sector and the higher interest rates are contributing to the market slowdown,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We’re seeing less traffic and fewer multiple offers as buyers and sellers put a pause on decisions and we expect this trend to continue until the fall cycle.”

The median prices of single family detached homes fell 7.4 percent while townhouses and condos had a slight uptick in the median price compared to last month.

“With rates at their highest levels in over 20 years and inflation still elevated, buyers and sellers are taking time to reevaluate their objectives,” said FVREB CEO Baldev Gill. “As housing options begin to take center stage on the Provincial agenda, consumers will want to consult a professional REALTOR® for a detailed picture of the market in their communities and to stay up to date on upcoming changes that may impact their decisions.”

On average, properties spent two to three weeks on the market before selling with slight differences between the areas.  Abbotsford homes spending 14 days on the market, Chilliwack 17 days, Langley 12 days and Mission the longest with 26 days on the market.

Median Home price across the region:

  • Single Family Detached: At $1,134,129 the Median price for a single-family detached home decreased 7.4 per cent compared to June 2023 and decreased 0.3 per cent compared to July 2022.
  • Townhomes: At $754,013, the Median price for a townhome increased 0.3 per cent compared to June 2023 and 3.4 per cent compared to July 2022.
  • Apartments/Condos: At $501,656, the Median price for a apartment/condo increased 2.0 per cent compared to June 2023 and increased 1.5 per cent compared to July 2022.