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While sales were the
third lowest recorded for an April in the last decade, inventory
continues to build, reaching levels not seen since September 2020. Active
listings were 7,313, up by 18 per cent over last month and 17 per cent
above the 10-year average.
“We are seeing a
relatively calm and balanced market right now,” said Jeff Chadha, Chair
of the Fraser Valley Real Estate Board. “Which means buyers have time to
shop around and purchase a home without the pressure of a few years ago,
and while prices are holding fairly steady across all property types.”
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New listings helped
bolster overall inventory, increasing 33 per cent in April, to 3,976.
With a sales-to-active listings ratio of 20 per cent, overall market
conditions are balanced. The market is considered balanced when the ratio
is between 12 per cent and 20 per cent.
“There is a lot of
caution in the market right now,” said FVREB CEO Baldev Gill. “Buyers are
hesitant to purchase a home until the Bank of Canada lowers its rate —
however we encourage anyone looking to get into the market to talk to
their REALTOR® and their financial professional about what rates are
available today.”
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The average number of
days homes are spending on the market continues to decline, with
single-family detached homes spending 23 days on the market, down from 27
days in March, apartments spending 23 days on the market, down from 26
days in March and townhomes moving more quickly at 19 days, down from 20
days on the market in March.
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Overall Benchmark
prices edged up again in April, by 0.5 per cent from March and up 1.5 per
cent over April 2023.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,532,700, the
Benchmark price for an FVREB single-family detached home
increased 1.0 per cent compared to March 2024 and increased 5.3 per
cent compared to April 2023.
- Townhomes: At $854,700, the
Benchmark price for an FVREB townhome increased 0.9
per cent compared to March 2024 and increased 4.9 per cent compared
to April 2023.
- Apartments: At $561,900, the
Benchmark price for an FVREB apartment/condo increased
1.2 per cent compared to March 2024 and increased 5.7 per cent
compared to April 2023.
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