Market Report for July

Home sales across the Fraser Valley reached levels in July far above what's we have been seeing in the past. The Fraser Valley Real Estate Board reported 2,100 residential sales in July 2020, a 22.2 percent increase from the previous month, and up 44 per cent compared to July 2019. It is believed that low interest rates and limited overall supply in some areas are increasing competition and putting upward pressure on home prices. Some also believe that the pandemic is affecting the market in a positive way with homeowners looking to increase their house size since people are more isolated at home. Either way, it is good news for the market and should be interesting to see how the rest of the year responds.

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