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“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.”
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New listings declined
in October, down 5 per cent to 3,194, but increased 26 per cent
year-over-year. Overall inventory dipped in October to 8,799, down three
per cent from September, but up 34 per cent over last year. Rising sales
and steady inventory levels have the Fraser Valley in a balanced market
with a sales-to-active ratio of 15 per cent. The market is considered to
be balanced when the ratio is between 12 per cent and 20 per cent.
“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.”
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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.
Benchmark prices in
the Fraser Valley dipped for the seventh straight month in October, with
the composite Benchmark price down 0.7 per cent to $971,700.
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MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,488,000, the
Benchmark price for an FVREB single-family detached home
decreased 0.9 per cent compared to September 2024 and decreased 0.6
per cent compared to October 2023.
- Townhomes: At $832,200, the
Benchmark price for an FVREB townhome decreased 0.3 per
cent compared to September 2024 and decreased 1.4 per cent compared
to October 2023.
- Apartments: At $543,300, the
Benchmark price for an FVREB apartment/condo decreased
0.3 per cent compared to September 2024 and increased 0.1 per cent
compared to October 2023.
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