RSS

Fraser Valley Stats June 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, 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.

“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, 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.


“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.
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.


For more Fraser Valley Stats CLICK HERE.

Comments:

No comments

Post Your Comment:

Your email will not be published
RSS

Fraser Valley Stats June 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, 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.

“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, 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.


“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.
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.


For more Fraser Valley Stats CLICK HERE.

Comments:

No comments

Post Your Comment:

Your email will not be published
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.