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Active listings
increased eight per cent from April to May to 7,904 — up 42 per cent over
May 2023 and 19 per cent above the 10-year average.
Sales, however,
remained seasonally slow, with 1,517 transactions on the Fraser Valley
Real Estate Board’s Multiple Listings Service ® (MLS®) in May, up 3 per
cent from April, but down 11 per cent compared to May 2023. May sales
were 21 per cent below the 10-year average.
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“We are seeing an
influx of inventory this spring, primarily due to slower than usual
spring sales,” said Jeff Chadha, Chair of the Fraser Valley Real Estate
Board. “Growing inventory levels are helping to create a healthy balance
in the market, giving buyers more options, especially as prices continue
to flatten.”
New listings softened
in May, down five per cent from April, to 3,760. With a sales-to-active
listings ratio of 19 per cent, overall market conditions are balanced.
The market is considered balanced when the ratio is between 12 per cent
and 20 per cent.
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“While the consensus
seems to indicate rate cuts in the latter half of the year, there is
considerably less agreement about either magnitude or timing,” said FVREB
CEO Baldev Gill. “We strongly encourage buyers to have comprehensive
discussions with their REALTORS® about market conditions and how they
will impact mortgage rates in the coming year.”
The average number of
days townhomes and single-family detached homes are spending on the
market increased slightly in May. Detached homes are spending 25 days on
the market, up from 23 in April. Townhomes are spending 20 days on the
market, up one day from April, and condos remain steady at 23 days on the
market.
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Benchmark prices in
the Fraser Valley remained flat in May, with the composite Benchmark
price down 0.2 percent from April and down 0.8 per cent from May 2023.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,530,200, the
Benchmark price for an FVREB single-family detached
home increased 0.2 per cent compared to April 2024 and increased 2.9
per cent compared to May 2023.
- Townhomes: At $853,800, the
Benchmark price for an FVREB townhome decreased 0.03
per cent compared to April 2024 and increased 3.4 per cent compared
to May 2023.
- Apartments: At $555,100, the
Benchmark price for an FVREB apartment/condo decreased
0.1 per cent compared to April 2024 and increased 2.9 per cent
compared to May 2023.
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