Cool summer market persists in Fraser Valley with second slowest July sales in a decade
July brought the second slowest sales in a decade to the Fraser Valley, with 1,230 recorded sales, marking a 7% decline from June and a 26% drop from the 10-year seasonal average. Inventory reached a 10-year high with 8,731 active listings, up 5% from June and 41% higher than July 2023. The market remains balanced with a sales-to-active listings ratio of 14%, though some areas are beginning to favour buyers. Benchmark prices dipped slightly, with the composite Benchmark price falling below $1 million for the first time since January 2024, now at $999,100. Single-family detached homes saw a small increase to $1,529,600, while townhomes and apartments saw minor decreases to $848,800 and $551,000, respectively. Despite back-to-back rate cuts by the Bank of Canada, high interest rates and the mortgage stress test continue to challenge first-time homebuyers. Properties that are well-priced are selling quickly, indicating motivated buyers are still active. As we move through the summer, expect continued balanced conditions with strategic opportunities for both buyers and sellers. Give us a call to discuss how we can help you navigate these market conditions and achieve your real estate goals.
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What Does The Fraser Valley Real Estate Board Have To Say?
SURREY, BC – Sluggish seasonally-adjusted sales and a continued rise in inventory has the Fraser Valley market slowly shifting to favour buyers.
The Fraser Valley Real Estate Board recorded 1,230 sales in July, down by seven per cent over last month and down by 26 per cent over the 10-year seasonal average.
Inventory levels in the Fraser Valley reached a 10-year seasonally adjusted high in July with active listings at 8,731, up 5 per cent over June and 41 per cent higher than July 2023.
“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. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.
“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.
Benchmark prices in the Fraser Valley dipped slightly in July, with the composite Benchmark price below $1 million for the first time since January 2024. The composite Benchmark price in the Fraser Valley is $999,100.
MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,529,600, the Benchmark price for an FVREB single-family detached home increased 0.1 per cent compared to June 2024 and decreased 0.5 per cent compared to July 2023.
• Townhomes: At $848,800, the Benchmark price for an FVREB townhome decreased 0.3 per cent compared to June 2024 and decreased 0.1 per cent compared to July 2023.
• Apartments: At $551,000, the Benchmark price for an FVREB apartment/condo remained flat compared to June 2024 and decreased 0.3 per cent compared to July 2023.
Find the July 2024 Statistics Package HERE.
