Courtesy of Nav Khela

Fraser Valley home sales fall despite Bank of Canada rate cut

$551,100 apartment UP 0.4% year-to-year

$1,528,900 detached UP 0.5% year-to-year

8,350 ACTIVE LISTINGS

$851,100 townhouse UP 0.8% year-to-year

BENCHMARK PRICES

apartment 1,926 1,299 townhouse

detached 3,076

1,317 SOLD LISTINGS

6.3 MONTHS OF INVENTORY

3,418 NEW LISTINGS

15.8% SALES TO ACTIVE LISTING RATIO

BC, July 3, 2024 – The policy rate cut of 25 basis points by the Bank of Canada on June 5 was not enough to rally home sales in the Fraser Valley last month. The Fraser Valley Real Estate Board recorded 1,317 sales in June. While sales remain soft, inventory continued to build for the sixth straight month to 8,350 active listings. “With seasonally slow sales in June and a steady increase in inventory, we’d expect to see affordability improve,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “However, prices in the Fraser Valley remained relatively flat. That said, despite slow sales, properties that are well-priced are finding buyers, and are subsequently selling within three to four weeks.”

New listings dropped in June to 3,418. With a sales-to-active listings ratio of 16 per cent, overall market conditions are balanced. “The June rate cut hasn’t been enough to get buyers off the sidelines,” said FVREB CEO, Baldev Gill. “Current market conditions are such that buyers and sellers are advised to have thoughtful conversations with their REALTOR ® and lending professional, rather than relying on media reports about where interest rates may be heading in the future.” Across the Fraser Valley in June, the average number of days to sell a single-family detached home was 22, while a townhome was 20. Condos took on average, 30 days to sell. Statistics reflect market activity in June 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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