The Mission housing market continued to moderate in August, with sales of single-family houses down from the previous month.
Just 81 houses traded hands in August, down 14.7 per cent from July, according to the Fraser Valley Real Estate Board (FVREB).
The summer frequently sees fewer sales, and August 2016 figures were still 39.7 per cent above numbers from the same month last year.
Prices also seem to be plateauing. While the price of a “typical” single-family home in Mission rose another 1.2 per cent in August, to $550,400, the median price – the point at which half of all homes sold are more expensive and half are less expensive – actually declined by nearly three per cent, coming in at $535,000.
Year-over-year, the price of a typical house – known as the benchmark price – has risen 38 per cent to $550,400. Twelve months ago, the benchmark was at $398,100.
The prices of townhomes saw a similar shift in August, although the number of sales and new listings both rose over the last month.
The benchmark price of Mission townhomes has risen 38 per cent over the last year, from $222,600 in August of 2015 to $307,200 in August of 2016.
Apartments sales and listings were largely unchanged.
The benchmark price of an apartment is now $206,200, up 25 per cent from $164,900 in August of 2015.
“The numbers here aren’t alarming; they’re expected, and what we’re used to seeing around this time,” FVREB president Charles Wiebe said in a press release. “Homebuyers should be encouraged that sales have slowed, giving inventory a chance to build back up and competition within the market to cool down.
“With sales activity moderating to more normal levels, we’re beginning to see prices follow-suit, and even drop for certain housing types in some of our communities.”