July 2022 market stats

Hello Everybody

Hope you’re all enjoying this great summer that took forever to get here LOL!

So it’s that time of the month again…the time where we GET THE STATS!

As I forecasted last month – Things got even worse unfortunately. July marked one of the steepest declines of price ever recorded in one single month (For many areas it was THE steepest decline!) In the vast majority of the Fraser Valley prices fell between 5% – 12%. There were a couple of exceptions to that however the volume of sales data in those markets was so low that it wasn’t really represented accurately (The only exceptions being Delta Condos/Townhomes up 9%! and Surrey Detached which only fell 1%!)

In terms of volume of sales – the numbers fell dramatically since June however they are still higher than expected given the price drops. Volume fell mostly between 20% – 67% in the majority of areas with only a few areas maintaining.

SO what’s next?!

As referenced last time we still have the NDP’s awful “Cooling Off Period” bill taking effect January 1st 2023 (This will allow buyers to walk away from any purchase for three days with minimal consequences!). We also have the next interest rate hike likely happening September 7th, 2022 which will continue to push prices down as we’ve seen so far.

What should you do?!

Well with things being so volatile I prefer not to give general advice as everyone’s situation is so different but please EMAIL ME if you’d like me to have a look at your situation and I’d be more than happy to, at no obligation of course :). In terms of some general advice I can give, I would say this:

If you’re a first time home buyer – It’s a total buyers market right now and there are great deals to be had but at the same time I’d suggest considering to wait to buy as I think prices are heading down for the next 6-24 months.

If you’re selling and buying then I would say the market is very relative and what you’re losing on your sale you are saving on your purchase – however – the biggest winners seem to be those buying a more expensive home. While they are paying a much higher interest rate and will have much higher payments for the next 2-3 years most likely – they are also saving the most dollar-for-dollar on the higher-priced home in relative terms to the dollar-per-dollar loss on the sale of a lower priced home. There are exceptions to this however that seems to be what we’re seeing!

If you’re selling and moving out of the area or local market. I would list really soon if this is you! The market here has inflated far more than most of North America so you’re likely best positioned to sell immediately and then you’ll likely lose less here than you’ll save by waiting on your buy!

Hope you found this update useful in helping you navigate these crazy times!

Again – Please email me if you have any questions or just want to chat about real estate! Happy to chat anytime with no obligation 🙂

Cheers!

Until next time,

-Corbin

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