In preamble for the release of July real estate board statistics, to be released later this week, I am updating the Lower Mainland real estate inventory situation. Total inventory in the Lower Mainland has surprisingly dropped during July.
Fraser Valley Real Estate Board inventory has risen steadily during most of July. This area includes North Delta, White Rock, Surrey, Langley, Abbotsford and Mission.
Greater Vancouver has seen a drawdown of inventory because of very brisk sales volumes. I don't know who can afford to buy at these prices but, whoever they are, they are buying.
The good old Chipman area. Still trending 20% higher than last year for total inventory.
Any predictions for the stats release? I predict yet higher prices in all categories for the GV and a mix of price changes in the FV. I have thought all along that when the correction comes to our real estate market that it will begin in the Fraser Valley and other outlying areas. We may be in the beginning of that divergence.