Sales remained stagnant in October 2022 after the Bank of Canada announced another interest rate hike this month. The Fraser Valley Real Estate Board reported a sales-to-active ratio of 16%, signifying the fifth consecutive month of a balanced market. This month, the Fraser Valley Real Estate Board processed 901 of all property sales, a 53.5% decrease compared to this month last year, and a 0.4% decrease from September 2022.
Mission Real Estate Statistics
The Board processed 901 sales of all property types on its Multiple Listing Service® (MLS®) in October 2022. 30 sales took place in Mission — a sharp decrease from 81 sales in October 2021. 24 detached homes were sold in October 2022, compared to 59 in October 2021. The sales of townhomes decreased 68.8% compared to this month last year, while the sale of apartments decreased 83.3%.
Active listings in Mission for detached homes and townhomes increased by 230% and 63.6% respectively compared to this month last year.
62 new listings in October 2022 compared to 104 in September 2022.
Sales of all property types in Mission increased by 12.5% compared to September 2022.
Mission’s Benchmark Price for detached homes in October 2022 was $969,800, compared to $1,031,700 in October 2021, an decrease of 6%.
Whether you’re a buyer or a seller, try not to worry. While things are moving slower in the current market, they are still moving! If you have any questions about buying or selling in today’s market, or are wondering what your property is worth, give me a call at 604 302 0177. Let’s talk!