-The Fraser Valley Real Estate Board (FVREB) processed 1,101 sales on its Multiple
Listing Service (MLS®) in July, a decrease of 47 per cent compared to the 2,089 sales during the same
month last year and down 39 per cent compared to June.

“Last year, we experienced the busiest July in our history and this year it was the quietest in a decade,”
says FVREB President, Deanna Horn. “Although the real estate market typically slows in the summer
months, we didn’t anticipate this level of change.

“We attribute it to a combination of factors, the beautiful weather, interest rates edging up and reaction to
the Harmonized Sales Tax in BC – although the HST does not apply to resale housing, not everyone
knows that,” explains Horn.

“The plus side of this market is highly favourable conditions for buyers – potentially the best they will be
this year due to the significant volume of listings currently, which is already showing signs of
decreasing.”

In July, Fraser Valley’s MLS® received 25 per cent fewer new listings, 2,355, compared to the 3,153 new
listings received in June. At month’s end, the total active inventory was 10,852, 14 per cent more than
was available in July 2009, however 2 per cent fewer than in June.

For the first time since January 2009, benchmark prices for the three main residential property types:
single family homes, townhomes and condos, decreased compared to the previous month. The benchmark
price for Fraser Valley detached homes in July was $510,470, down 1.5 per cent compared to June and
6.9 per cent higher compared to $477,420 in July 2009.

The benchmark price of Fraser Valley townhouses in July was $325,856, a 0.7 per cent decrease
compared to June and a 6.9 per cent increase compared to July 2009 when it was $304,940. The
benchmark price of apartments decreased by 0.8 per cent from June and increased 4.4 per cent year-overyear
going from $234,178 in July 2009 to $244,368 in July 2010.

(Surrey, BC) – Sales processed on the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) increased by 23 per cent in one month going from 1,477 sales in May to 1,815 in June. June’s numbers represent an 8 per cent decrease compared to the 1,982 sales during the same month last year.

Deanna Horn, president of the Board, says, “Historically, it’s not unusual for June sales to outperform May in the Fraser Valley. This has happened in nine of the last twenty years.

“However, a 23 per cent increase in one month is significant. We were busier than expected and it could be due to the combined effect of mortgage rates edging down, the Harmonized Sales Tax coming into effect July 1, as well as the tremendous selection of homes available in the Fraser Valley.

“Although we’re seeing a decrease in the number of new properties coming on stream, June buyers have only had this volume of homes to choose from two other times in our history, in 1995 and 2008.”

The total active inventory on Fraser Valley’s MLS® at month’s end was 11,110, 19 per cent more than was available in June 2009. The Board’s MLS® received 9 per cent fewer new listings in June compared to May, good news according to Horn.

“Listings typically do decrease in the summer, which will continue to stabilize the market.

“Over the last few months, we’ve seen residential benchmark prices leveling. Year-over-year, price increases may still appear dramatic depending on the property type and location because at this time last year, we hadn’t yet begun our recovery phase.

“In a stabilizing market, consumers know to rely on the expertise of a REALTOR® because prices are highly local and competitive.”

In June, the benchmark price for Fraser Valley detached homes was $518,355, a 9.9 per cent increase compared to $471,788 in June 2009.

The benchmark price of Fraser Valley townhouses in June was $328,080, a 9 per cent increase compared to $301,103 in June 2009.  The benchmark price of apartments increased by 6.6 per cent year-over-year going from $231,014 in June 2009 to $246,351 in June 2010.