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June 2020 Market Update

Under Inside Fraser Valley, Real Estate


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Written on July 3rd, 2020

Can you believe it is already halfway through the year?!

2020 is a different one for obvious reasons, everything has shifted, including the Real Estate Market.

The past Spring has taken a bit of a slowdown, however, June was thriving!

The Fraser Valley Real Estate Board (FVREB) processed a total of 1,718 sales on its Multiple Listing Service® (MLS®) in June, an increase of 113.4 per cent compared to sales in May and an increase of 31.5 per cent compared to the 1,306 sales during June of last year. Last month’s sales were 6.4 per cent below the ten-year average for June.

Chris Shields, President of the Board, observes, “We’re cautiously optimistic. June’s numbers clearly indicate that the market is functioning in this challenging new environment and we’re returning to more typical activity levels.”

“It’s due to a combination of factors. Obviously, very low interest rates, pent-up demand from the previous three months when the market was on hold, and the new CMHC rules that came into effect on July 1st making it harder to qualify for mortgage insurance. Also, consumers have told us that they respect and appreciate the safety protocols and use of technology we’ve implemented and they’re getting more comfortable with the new buying and selling process.”

The Fraser Valley Board received 3,456 new listings in June, a 56.6 per cent increase compared to May’s intake of 2,207 new listings and a 23.0 per cent increase compared to June of last year. June finished with 7,063 active listings, an increase of 9.4 per cent compared to May’s inventory and a decrease of 17.1 per cent year-over-year.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $994,500, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.4 per cent compared to May and, increased 3.6 per cent compared to June 2019.
  • Townhomes: At $559,600, the Benchmark price for a townhome in the Fraser Valley increased 0.8 per cent compared to May and increased 1.9 per cent compared to June 2019.
  • Apartments: At $435,300, the Benchmark price for apartments/condos in the Fraser Valley increased 0.4 per cent compared to May and increased 3.3 per cent compared to June 2019.

*From the Fraser Valley Real Estate Board