Courtesy of Sherman Foster

Cool summer market persists in Fraser Valley with second slowest July sales in a decade

$551000 apartment DOWN 0.3% year-to-year

$1,529,600 detached DOWN 0.5% year-to-year

8,731 ACTIVE LISTINGS

$848,800 townhouse DOWN 0.1% year-to-year

BENCHMARK PRICES

apartment 2,057 1,376 townhouse

detached 3,258

1,230 SOLD LISTINGS

7.0 MONTHS OF INVENTORY

3,412 NEW LISTINGS

14.0% SALES TO ACTIVE LISTING RATIO

BC, August 2, 2024 – The Fraser Valley Real Estate Board recorded 1,230 sales in July. Inventory levels in the Fraser Valley reached a 10-year seasonally adjusted high in July with active listings at 8,731. “Amidst an overall balanced market, some REALTORS ® are experiencing pockets within the Fraser Valley that favour buyers, where prices have come down,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “This is evident in the amount of time buyers have to view a property before considering making an offer. Properties that are well-priced are selling quickly, suggesting motivated buyers are active in the market despite the slowdown.” New listings were flat in July, down by less than half a per cent from June, to 3,412. With a sales-to-active listings ratio of 14 per cent, overall market conditions are balanced.

“Despite back-to-back policy rate cuts by the Bank of Canada, many first-time homebuyers are still facing challenging market conditions — high interest rates, the mortgage stress test and the need for a substantial down payment,” said FVREB CEO, Baldev Gill. “While we wait for the rate cuts to take effect, we encourage anyone looking to buy or sell to speak with a professional REALTOR ® , who has the knowledge and expertise to navigate the current market.” Across the Fraser Valley in July, the average number of days to sell a single-family detached home was 31, while for a condo it was 28. Townhomes took, on average, 25 days to sell. Statistics reflect market activity in July 2024 | Source: FVREB ® Fraser Valley Real Estate Board | Market values stated are of the benchmark of Fraser Valley and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

S HERMAN F OSTER SALES REPRESENTATIVE MASTER MEDALLION MEMBER

Cell. 604-290-7208 shermanfoster1@gmail.com www.shermanfoster.com

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