June 2022 Market Stats are In

Real Estate Stats | July 11, 2022 | written by Corbin Chivers

Happy Summer Everyone 😅🌞🌦️❓…Kinda?? LOL!

Wait a sec…I think I tried to break the ice LAST month by talking about the weather…did it work? 😁😉!!

Alright folks – it’s been a roller coaster and sorry but we’re not getting off just yet!

In terms of the number of overall sales volume, we saw some areas come down as much as 22% (Surrey Detached) to UP as much as 33% (Cloverdale!) from the month of May!  As an blended average across the Fraser Valley we didn’t see AS big of a decrease which was great to see.

With regards to the total listings on the market, we did see increases in the majority of areas, especially in the strata market with Langley Condos/Townhomes increasing inventory by 17% since May!  Some areas were fortunate and saw inventory relatively stables such as Surrey, Cloverdale, Mission, & Abbotsford Detached.

But what’s the juiciest info you REALLY want to know?!  How the heck your HOME VALUE has changed?! LOL…you’re already sick of these boring stats and want to delete this email and unsubscribe but now you’ve read this sentence and you know you’ll be rewarded! Here we go!!
HOME VALUES in the month of JUNE 2022 fell as much as 24%, (Mission Condos & Townhomes)5% (Cloverdale Detached), 4% (Abbotsford Detached)… HOWEVER there were some outlier areas that actually saw a rise from May, 5%, (Langley & Cloverdale Condos & Townhomes, despite the huge increase of inventory!), and….a massive 16% in North Delta Condos and Townhomes!

And now…what’s the forecast?  What do I think is going to happen next?

Click HERE for the answer
If that totally real button didn’t work then here’s my thoughts..😁😉
I am still in the camp of thinking this downturn will continue on for some time (6-24 months) and in my last update I mentioned some of the main reasons why in detail but essentially:

Interest Rates 

Many credible left AND right economists in the US and Canada (Not the fake talking heads on the 6 o’clock news who always get it wrong) are predicting this for a wide variety of reasons I won’t get into them all here but the main one is an idea that this will help curb the rampant inflation and that it’s the best mechanism (increasing rates) to do so. It’s also in our Government’s respective institutions (Federal Reserve, Bank of Canada) MANDATE to minimize inflation.

Feds/Bank of Canada

In recent interviews with both Jerome Powell (Chair of the Federal Reserve in the US) and Tiff Macklem (Governor of the Bank of Canada), they made it very clear that future interest rate hikes were very much on the table and did not seem to hold any reservations entertaining increases into 2023 and on.  We have no idea what to expect here but the politics are going to be the main driver here and there doesn’t seem to be too much optimism on the other side.

“Cooling Off Period”

Well, we haven’t heard much about this lately and I am hoping that’s a good thing!

If you recall – this was a measure by the Provincial NDP Government to allow buyers to walk away from deals essentially with a “Right of Recision” period even after the deal is supposed to be firm… modeled after Australia introduced a 10-Business-Day-Cooling-Off-Period recently which allows Aussies to simply “change their mind” about 2 weeks after the deal was supposed to be firm (minor inconsequential fee)…now pause for a sec and put the shoe on the other foot and you start to think about what a drastic measure this is and how this could undermine transactions as we currently know them today.  It’s lunacy and adds instability to the market – instability drives down prices like most things.

In this volatile market, I hesitate to give specific ADVICE for anyone to buy or sell as every situation is very different and often it’s all relative anyway (buy high, sell high, buy low, sell low) so PLEASE if you have any questions or feedback at all just reply back to this email and I’ll get to you all as soon as I can :)!

Have a wonderful month!!

Until next time,


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