The effect of rising interest rates has been felt across the Fraser Valley as the Fraser Valley Real Estate Board recorded the fourth consecutive month of declining sales. In July 2022, the Fraser Valley Real Estate Board processed 993 of all property sales, a staggering 50.5% decrease compared to this month last year, and a 22.5% decrease from June 2022. The number of new listings has also seen a considerable decrease, with the FVREB recording a 28.4% decrease from June 2022.

Rising Interest Rates in BC

The Board processed 993 sales of all property types on its Multiple Listing Service® (MLS®) in July 2022. 24 sales took place in Mission — a remarkable 66.6% decrease from June 2022. 21 detached homes were sold in July 2022, compared to 61 in July 2021. The sales of townhomes decreased 50% compared to this month last year, while no apartments were sold this month.

Active listings in Mission for detached homes and townhomes increased by 157.5% and 17.6% respectively compared to this month last year.

Mission Real Estate Statistics

96 new listings in July 2022 compared to 256 in June 2022.

Sales of all property types in Mission decreased by 66.6% compared to June 2022. 

Mission’s Benchmark Price for detached homes in July 2022 was $1,073,600, compared to $960,700 in July 2021, an increase of 11.8%. 

If you have any questions about real estate in Mission or would like a complimentary home evaluation, give me a call at 604-302-0177 or email me at [email protected] – let’s talk!

Latest statistics package here!