Sales Slide for Fourth Straight Month – Rising Interest Rates – Summer Travel
Continued interest rate hikes, as the government struggles to bring inflation under control.
The weaker demand resulted in prices dropping for the fourth consecutive month, most notably for detached homes which ended the month with a benchmark price of $1,594,400, down 3.5 per cent from last month and by 10.2 per cent since peaking at $1,776,700 in March.
“It is important to keep in mind that real estate is and always will be an asset with considerable upside over the long-term,” “As prices come down from the highs of recent months, there are opportunities for buyers who have been waiting to re-enter the market and shop for the right property.”
Across the Fraser Valley in July, the average number of days to sell a single-family detached home was 24 and a townhome was 19 days. Apartments took, on average, 21 days to sell.
With rising interest rates and uncertainty in the market, it is even more important to seek out the guidance of a professional REALTOR®,” said Board CEO, Baldev Gill. Their ability to tap into the latest data and market intelligence — down to the neighbourhood level — allows buyers and sellers to make informed decisions about one of the largest transactions they’ll ever make.