[align=start]Here is a brief summary of the FVREB (Fraser Valley Real Estate Board) May, 2023 report...
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[align=start]YoY sales are up 25.8% (This is also with one extra sales reporting day in May, 2023)
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[align=start]YTD sales are down 27%
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[align=start]MoM active listings are up 20%; however, May saw four extra reporting days
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[align=start]Overall YoY median prices are down 2.9%
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[align=start]Detached median prices are also down 2.9%
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[align=start]Overall YoY residential dollar transaction volumes increased 29%.
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Per Zealty, May, 2023 DETACHED YoY REBGV sales increased almost 24% while dollar transaction volumes increased by 21%.
Interestingly, the YoY median price remained the same at $1,900,000. Remember too, this is also with one extra sales reporting day over May, 2022.
This also doesn't account for the "more is less" factor which has been underway for quite some time; this is also a way in which price drops can be masked during a correction.
"More is less" can be summed up, "You mean, if I had only waited, I could have bought THAT instead of THIS?". In other words, a nicer, newer, bigger and better-located house for the same money (or less) than during peak pricing.
Since detached properties always set the price trends, the more detached prices continue to drop, the more price compression we can expect to see with both townhouses and condos.
So, down she goes.