The new stats were released earlier this week for real estate transactions and while the numbers are not terrible, they are still not what I would consider ‘recovered’. We have seen a dip in all three types of sales homes, townhomes and condos. Although the condo market improved with a 2% increase in sale prices, homes and townhomes were in the negatives at -.07% and -4.8% respectively. Now, this is an increase in sales over the month of May which is a good sign but we are still in an extreme buyers market.
The real estate board president had this to say “For example, sales of single family detached homes in South Surrey/White Rock, Cloverdale and North Delta remain brisk with those markets favouring sellers, however in Abbotsford and Mission high inventory and downward pressure on prices is good news for buyers. In Langley, Surrey Central and North Surrey, conditions are balanced for sales of detached homes.”
Abbotsford still is in a heavy Buyer’s market and the thought is once the Stanley Cup playoffs are over, we get some decent weather for a stretch and we can finally put this HST issue behind us that we will return to a more balanced and active real estate market in Abbotsford.
SEE THE UPDATED STATISTICS BELOW. THESE ARE UPDATED EVERY MONTH!