Fraser Valley and Chilliwack housing markets crater as sales drop more than 50 percent

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      Early numbers indicate that home sales in the Fraser Valley and Chilliwack markets fell sharper compared to Greater Vancouver.

      Preliminary statistics suggest that while deals in Greater Vancouver dropped by 43 percent on an annual basis in July 2022, transactions in the suburbs declined deeper.

      In the Fraser Valley, sales last month dropped 50.5 percent compared to July 2021.

      The Fraser Valley market covers North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.

      The region’s real-estate board is expected to release official statistics in the coming days.

      Meanwhile, in Chilliwack and surrounding towns, deals declined 57 percent on an annual basis.

      The numbers were compiled by, a real-estate platform operated by Holywell Properties, a brokerage based in the Sunshine Coast. data show that the Fraser Valley market posted 946 sales in July 2022, marking a 22.4 percent decline compared to June this year.

      Out of the 946 sales, 23.4 percent or 222 were sold at either full or over asking prices.

      In the Chilliwack region, a total of 132 home sales were made in July 2022, representing a monthly decline of 28.3 percent.

      Out of the 132 deals, 11.3 percent or 15 sold at either full or higher prices.

      The Canadian housing market is undergoing a market correction due to higher interest rates.

      The Bank of Canada is anticipated to continue increasing interest rates through 2022 in a bid to contain the raging inflation in the country.

      Going back to numbers, median sold prices tell another story.

      The median sold price in the Fraser Valley was up 3.8 percent on an annual basis in July 2022.

      In Chillwack, the measure posted an annual increase of 5.6 percent.