Courtesy of Nav Khela

Rising home sales a sign of market shift in the Fraser Valley?

$543,300 apartment UP 0.1% year-to-year

$1,488,000 detached DOWN 0.6% year-to-year

8,799 ACTIVE LISTINGS

$832,200 townhouse DOWN 1.4% year-to-year

BENCHMARK PRICES

apartment 2,228 1,384 townhouse

detached 3,110

1,330 SOLD LISTINGS

6.6 MONTHS OF INVENTORY

3,194 NEW LISTINGS

15.1% SALES TO ACTIVE LISTING RATIO

BC, November 4, 2024 – The Fraser Valley Real Estate Board recorded 1,330 sales in October. Inventory dipped in October to 8,799, down three per cent from September, but up 34 per cent over last year. “After waiting it out on the sidelines for a number of months, buyers seem to be finally responding to the series of successive rate cuts by the Bank of Canada,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Whether this is an indication of further sales trends, remains to be seen, especially as the feds eye a possible additional cut before year-end.”

New listings declined in October, down 5 per cent to 3,194, but increased 26 per cent year-over-year. “October’s healthy sales boost is a welcome development for buyers and sellers alike,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “The coming weeks and months will shed more light on whether buyer optimism has returned now that the cycle of interest rate cuts is in full swing.” Across the Fraser Valley in October, the average number of days to sell a single-family detached home was 34, while for a condo it was 32. Townhomes took, on average, 29 days to sell. Statistics reflect market activity in October 2024 | Source: FVREB ® Fraser Valley Real Estate Board | Market values stated are of the benchmark of Fraser Valley and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

NAV KHELA REALTOR ® , PREC Cell: Office: Email: Website: 604.700.8568 778.387.0367 nav.khela@exprealty.com navkhela.ca

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