Cool summer market persists in Fraser Valley with second slowest July sales in a decade
2024年8月2日 - 10:00PM
Sluggish seasonally-adjusted sales and a continued rise in
inventory has the Fraser Valley market slowly shifting to favour
buyers.
The Fraser Valley Real Estate Board recorded 1,230 sales in
July, down by seven per cent over last month and down by 26 per
cent over the 10-year seasonal average.
Inventory levels in the Fraser Valley reached a 10-year
seasonally adjusted high in July with active listings at 8,731, up
5 per cent over June and 41 per cent higher than July 2023.
“Amidst an overall balanced market, some REALTORS® are
experiencing pockets within the Fraser Valley that favour buyers,
where prices have come down,” said Jeff Chadha, Chair of the Fraser
Valley Real Estate Board. “This is evident in the amount of time
buyers have to view a property before considering making an offer.
Properties that are well-priced are selling quickly, suggesting
motivated buyers are active in the market despite the
slowdown.”
New listings were flat in July, down by less than half a per
cent from June, to 3,412. With a sales-to-active listings ratio of
14 per cent, overall market conditions are balanced. The market is
considered balanced when the ratio is between 12 per cent and 20
per cent.
“Despite back-to-back policy rate cuts by the Bank of Canada,
many first-time homebuyers are still facing challenging market
conditions — high interest rates, the mortgage stress test and the
need for a substantial down payment,” said FVREB CEO, Baldev Gill.
“While we wait for the rate cuts to take effect, we encourage
anyone looking to buy or sell to speak with a professional
REALTOR®, who has the knowledge and expertise to navigate the
current market.”
Across the Fraser Valley in July, the average number of days to
sell a single-family detached home was 31, while for a condo it was
28. Townhomes took, on average, 25 days to sell.
Benchmark prices in the Fraser Valley dipped slightly in July,
with the composite Benchmark price below $1 million for the first
time since January 2024. The composite Benchmark price in the
Fraser Valley is $999,100.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,529,600, the
Benchmark price for an FVREB single-family detached home increased
0.1 per cent compared to June 2024 and decreased 0.5 per cent
compared to July 2023.
- Townhomes: At $848,800, the Benchmark price
for an FVREB townhome decreased 0.3 per cent compared to June 2024
and decreased 0.1 per cent compared to July 2023.
- Apartments: At $551,000, the Benchmark price
for an FVREB apartment/condo remained flat compared to June 2024
and decreased 0.3 per cent compared to July 2023.
The Fraser Valley Real Estate Board is an
association of 5,190 real estate professionals who live and work in
the BC communities of Abbotsford, Langley, Mission, North Delta,
Surrey, and White Rock.
Contact Nikki Hewitt, Senior Communications
Specialist Fraser Valley Real Estate Board |
nikki.hewitt@fvreb.bc.ca Telephone: 604.930.7654 www.fvreb.bc.ca
FVREB Stats |
A photo accompanying this announcement is available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/322c5099-185b-4d53-a0ae-02168ff50a4f