Just 81 Mission homes traded hands in August

Mission house sales slowed in August, down almost 15 per cent from July

August 2016 sales figures were still 39.7 per cent higher than numbers from the same month last year.

  • Sep. 3, 2016 6:00 p.m.

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.”

Just Posted

WIND WARNING: Metro Vancouver expecting 100 km/h gusts Saturday night

Environment Canada issues warns of possibly dangerous conditions

Downtown Mission: Ready to revitalize

With the bidding process underway, construction could start by mid-March

Guilty plea issued in case where man, 86, was assaulted and robbed

Hughie Stump pleads guilty to break-and-enter in relation to Abbotsford incident

Fraser Health asking taxpayers for millions more in health care capital funding

Health authority wants Fraser Valley taxpayers to triple annual contribution to $5.75 million

UPDATE: 24-year-old Lovepreet Dhaliwal ID’d as victim in targeted Abbotsford shooting

Location of shooting the same as where innocent bystander Ping Shun Ao killed in 2015


Mission Chamber announces Business Excellence Awards winners

VIDEO: Remember the Voyageurs at Fort Langley

Two-day historical festival underway

Two Canadians, two Americans abducted in Nigeria are freed

Kidnapping for ransom is common in Nigeria, especially on the Kaduna to Abuja highway

Are you ready for some wrestling? WWE’s ‘Raw’ marks 25 years

WWE flagship show is set to mark its 25th anniversary on Monday

B.C. woman who forged husband’s will gets house arrest

Princeton Judge says Odelle Simmons did not benefit from her crime

Snow warning in effect for the Coquihalla

A snowfall warning is in effect from Hope to Merritt as slush and snow is expected on highways this weekend

Vancouver hoping free public Wi-Fi expansion will drive tourism dollars

Mayor Gregor Robertson says expansion bolsters its “leading Smart City” status

Women’s movement has come a long way since march on Washington: Activists

Vancouver one of several cities hosting event on anniversary of historic Women’s March on Washington

Liberals’ 2-year infrastructure plan set to take 5: documents

Government says 793 projects totalling $1.8 billion in federal funds have been granted extensions

Most Read