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Bruno Restaurant & Bar
Highlights From the Real Estate Board June 2022
“Home buyers have more selection to choose from and more time to make decisions than they did over the past year. Rising interest rates and inflationary concerns are making buyers more cautious in today’s housing market, which is allowing listings to accumulate.”
Sales of apartment homes reached 1,326 in June 2022, a 25.3 per cent decrease compared to the 1,774 sales in June 2021. The benchmark price of an apartment home is $766,300. This represents a 12.7 per cent increase from June 2021, a 1.7 per cent decrease compared to May 2022, and a 0.8 per cent decrease over the past three months.
“NOTE: this representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assume no responsibility for its accuracy.”
Download The Real Estate Board of Greater Vancouver’s June statistics Package. Click Here
Download Fraser Valley’s Real Estate Board’s June Package. Click Here
Food for Thought on Real Estate – June 2022
- Seller’s market – A seller’s market is when there are more people looking to buy then there are homes available. This causes a rise in price above the long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio of 20% or higher.
- Buyer’s market – In contrast, a buyer’s market is when there are many more homes for sale than there are buyers. As a result, prices increase slower than the long-term average rate of inflation. In extreme circumstances this can cause prices to decline. Typically this is indicated by a sales-to-active listings ratio below 12%.e
- Balanced market – A balanced market occurs when supply and demand are about the same, with home prices rising in line with long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio between 12% and 20%.Summary Over a sustained period of time:
- a seller’s market is represented by a ratio of 20% or higher
- a buyer’s market is represented by a ratio of 11% or lower
- a balanced market rests between 12-19%
July 2022 Newsletter Introduction
Summer is HERE! Classes are out, so let’s enjoy every ounce of the sunshine as possible this year. The weather has been very mild for the Summer in comparison to last years major heat wave. Most of us were left hiding in our home to avoid the heat; whereas it was a stark contrast to this year where many are scrambling to fly out of Vancouver to take advantage of the travelling abroad!
So, what has changed in June? Supply and demand have been the same as before, with lower demand and less inventory that has accumulated over time resulted in few selection to choose from. There as some multiple offers here and there but isn’t as grossly over asking compared to early in the year. Rates will continue to rise to curb inflation which will get some possible influx of temporary increase in demand to capitalize the lower rate before rates go up again. Since rates are going up, this has dampened the number of transactions being made and since it’s Summer, many buyers and sellers are focusing on travelling and less on looking for homes. As for prices, it would relatively have levelled with a slight decreased in certain type of homes and location. Overall, the prices that we saw in March/April is the new benchmark on how much the homes would be selling as we move forward.
– Sam

Sze Chuan Cuisine – Parker place food court
Highlights From the Real Estate Board May 2022
“With interest rates rising, home buyers are taking more time to make their decisions in today’s housing market. Home buyers have been operating in a frenzied environment for much of the past two years. This spring is providing a calmer environment, with fewer multiple offer situations, which is allowing buyers to explore their housing options, understand the changing mortgage market, and do their due diligence.”
Sales of apartment homes reached 1,605 in May 2022, a 21.7 per cent decrease compared to the 2,049 sales in May 2021. The benchmark price of an apartment home is $779,700. This represents a 15 per cent increase from May 2021 and a 0.4 per cent increase compared to April 2022.
“NOTE: this representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assume no responsibility for its accuracy.”
Download The Real Estate Board of Greater Vancouver’s May statistics Package. Click Here
Download Fraser Valley’s Real Estate Board’s May Package. Click Here
Food for Thought on Real Estate – May 2022
- Seller’s market – A seller’s market is when there are more people looking to buy then there are homes available. This causes a rise in price above the long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio of 20% or higher.
- Buyer’s market – In contrast, a buyer’s market is when there are many more homes for sale than there are buyers. As a result, prices increase slower than the long-term average rate of inflation. In extreme circumstances this can cause prices to decline. Typically this is indicated by a sales-to-active listings ratio below 12%.e
- Balanced market – A balanced market occurs when supply and demand are about the same, with home prices rising in line with long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio between 12% and 20%.Summary Over a sustained period of time:
- a seller’s market is represented by a ratio of 20% or higher
- a buyer’s market is represented by a ratio of 11% or lower
- a balanced market rests between 12-19%
June 2022 Newsletter Introduction
June has arrived! How quickly time have flown already, and Summer is right around the corner. May was such a busy month for me with tons of celebration that I needed a breather! However, there was no time for that since I just got stuck with COVID – which sucks. Fortunately, the symptoms aren’t so bad but it definitely puts my energy on the very low side. Regardless, still stay safe since there is a new disease called the Monkeypox to be careful of! As for travelling plans, I’m hoping to visit Toronto later in the year. What are your travel plans?
So, has anything has changed during the May month? As of now, not much as changed. Transactions and activity has definitely slowed down across the board in the lower mainland. As you may already be aware, the next rate announcement from the Bank of Canada will be on July 13, 2022 to continue on curbing inflation. As the government had announced – “With the economy moving into excess demand and inflation persisting well above target, the Governing Council judges that interest rates will need to rise further” This will continue on impacting the real estate market due to the affordability and demand.
– Sam
