Inventory in the Lower Mainland reaches the highest it’s been in the last two years

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Buyers Take Your Pick

This summer, buyers are getting more of a selection to choose from. Prices and sales may be gradually increasing month to month but in comparison to last year the real estate market is slowing down. Sales throughout Metro-Vancouver, Chilliwack and the Fraser Valley are starting to increase as we head into the busy season, but the demand is much lower than last year.

Greater Vancouver

In May, sales were up 9.8% from April of this year, but down 35.1% from May 2017. There were 6,375 New Listings, a 5.5% increase from May 2017 and up 9.5% from April of this year.

Benchmark prices:
Single Family Detached: $1,608,000, up 2.4% from May 2017 and up 0.1% from April of this year. Apartments: $701,700, up 20.2% from May 2017, and up 0.1% from April of this year.

Fraser Valley

In May, sales in the Fraser Valley were down 35.1% from May 2017. There were 3,965 New Listings, a 15.6% increase from April 2018 and a 6.8% increase from May 2017. Fraser Valley is experiencing the most inventory they’ve had since 2015.

Benchmark prices:
Single Family Detached: $1,020,800, up 1.1% from April 2018 and up 11.6% from May 2017. Apartments: $452,900, up 1.2% from April 2018 and up 42.4% from May 2017.

Chilliwack & District

In May, sales were down 36.6% from May of last year. There were 715 New Listings, an increase of 18% from May 2017. Most of the units sold in May were in the price range of $400,000 to $700,000.

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