Market activity in the Fraser Valley - both sales and new listings - softened in July, however buyers continued to significantly outnumber sellers resulting in inventory reaching the lowest for the month since 1981.

The Board processed a total of 2,006 property sales on its Multiple Listing Service® (MLS®) in July, a decrease of 11 per cent compared to June and a 4.5 per cent decrease compared to the same month last year.  Sales continued to remain above normal for July - 15 per cent above the ten-year average.

Larry Anderson, President of the Board, said, "A summer slowdown is typical. We anticipated that once people could travel and enjoy family time safely, they would do so, and we couldn’t be happier for everyone.

"Demand for homes in our region, however, remains above average - for fourteen months we have been in a seller’s market for Fraser Valley detached homes, townhomes and condos - and yet for the last four months, new listings in our region have been decreasing."

In July, the Board received 2,431 new listings, a decrease of 31.5 per cent compared to last year, and a decrease of 22 per cent compared to June 2021. The month ended with total active inventory sitting at 4,901, a 10.5 per cent decrease compared to June, and 33 per cent fewer than July 2021.

As per the Fraser Valley Real Estate Board.