Fraser Valley home sales fall despite Bank of
Canada rate cut
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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,
down by 13 per cent over last month and by more than 30 per cent
over both last year and the 10-year seasonal average.
While
sales remain soft, inventory continued to build for the sixth
straight month to 8,350 active listings. Active listings
increased 41 per cent over June 2023 and are the highest they’ve
been in five years.
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“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.”
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New listings dropped in June, down nine per cent
from May, to 3,418. With a sales-to-active listings ratio of 16
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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“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.”
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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.
Benchmark prices in the Fraser Valley remained
relatively flat in June, with the composite Benchmark price
down 0.5 percent from May and down 3.2 per cent from June 2023.
MLS® HPI Benchmark
Price Activity
- Single Family Detached: At $1,528,900,
the Benchmark price for an FVREB single-family detached home
decreased 0.1 per cent compared to May 2024 and increased
0.5 per cent compared to June 2023.
- Townhomes: At $851,100, the Benchmark price for
an FVREB townhome
decreased 0.3 per cent compared to May 2024 and increased
0.8 per cent compared to June 2023.
- Apartments: At $551,100,
the Benchmark price for an FVREB apartment/condo decreased 0.7 per
cent compared to May 2024 and increased 0.4 per cent
compared to June 2023.
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👉 For the FULL June Statistics Package click HERE
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