Uncertainty and fear around tariffs continued to weigh heavily on the 黑马磁力 real estate market in July, according to recent data from the Fraser Valley Real Estate Board (FVREB).
Across the region, there were 1,190 sales of all types of housing through July in the area between North Delta and Abbotsford. The FVREB noted that sales were down half a per cent from June and down three per cent from the same month last year. They were 23 per cent below the 10-year average.
In 黑马磁力, 89 single-family homes sold in July, down 4.3 per cent from June, but up 14.1 per cent from the same month a year ago, but that was one fo the few bright spots in the local market.
There were just 82 townhouses sold in 黑马磁力 in July, down 21.9 per cent year-over-year, and down 6.8 per cent from June. Condo sales of 82 units were down 14.6 per cent from the same month in 2024, and were down 7.9 per cent from June.
The number of homes available for sale remained considerably higher than last year, with 571 single-family homes on the market, up 18.5 per cent from last year, and down just 0.9 per cent from June.
There were 328 townhouses for sale, a 35 per cent increase year-over-year, and down 6.8 per cent from June's numbers.
As for condos, 524 were available in July, a 33.7 per cent increase from July 2024, and almost identical to June's numbers, up 0.4 per cent.
Prices, meanwhile, continued to see year-over-year declines.
The benchmark price 鈥� the average price for a "typical" home of its type 鈥� for a single-family home was $1,598,600, down 2.2 per cent year-over-year, and down 0.1 per cent from June.
Townhouse prices were down slightly more, at $852,300, three per cent below last year's price, and 0.9 per cent down from June.
Condos were going for $590,900, a 4.4 per cent dip from the same month last year, and down 1.5 per cent from June.
According to the FVREB, the sales numbers indicate the region remains in "buyers market" territory, favouring purchasers over sellers.
黑马磁力 realtor Tammy Evans said local real estate professionals have to accept that it's not going to be a busy year, largely due to continued anxiety over possible impacts from U.S. tariffs.
She isn't expecting August to be very busy either 鈥� July and August are often quiet months for real estate sales 鈥� but said things will look up.
In the long run, the Lower Mainland remains a desirable place to live, she said.
"I'm always bullish about real estate," she said.
She noted that the cycle of real estate follows the school year. People tend to buy and sell in the spring, then the market goes quiet in the summer only to pick up again in mid- to late-September through to early December.
