Fraser Valley Housing Markey Statistics July 2024

The Fraser Valley market is gradually shifting to favor buyers due to sluggish seasonally-adjusted sales and a continual rise in inventory.

The Fraser Valley Real Estate Board (FVREB) reported 1,230 sales in July, a 7% decrease from the previous month and a 26% decline from the 10-year seasonal average.

In July, inventory levels in the Fraser Valley hit a 10-year seasonally adjusted high with 8,731 active listings, up 5% from June and 41% higher than July 2023.

"Amidst an overall balanced market, some REALTORS® are seeing areas within the Fraser Valley that favor buyers, with reduced prices," said Jeff Chadha, Chair of the FVREB. "This is reflected in the longer time buyers have to view properties before making offers. Well-priced properties are still selling quickly, indicating motivated buyers are active despite the slowdown."

New listings in July were nearly unchanged from June, with a slight decrease of less than half a percent, totaling 3,412. With a sales-to-active listings ratio of 14%, the market remains balanced, typically defined as a ratio between 12% and 20%.

"Despite consecutive rate cuts by the Bank of Canada, many first-time buyers continue to face challenging market conditions, including high interest rates, the mortgage stress test, and the need for substantial down payments," said FVREB CEO Baldev Gill. "While we wait for the rate cuts to take effect, we advise anyone looking to buy or sell to consult with a professional REALTOR® who has the expertise to navigate the current market."

In July, single-family detached homes in the Fraser Valley took an average of 31 days to sell, condos took 28 days, and townhomes took 25 days.

Benchmark prices in the Fraser Valley slightly dipped in July, with the composite Benchmark price falling below $1 million for the first time since January 2024, now at $999,100.

**MLS® HPI Benchmark Price Activity:**
- **Single Family Detached:** The Benchmark price increased 0.1% from June 2024 to $1,529,600, but decreased 0.5% from July 2023.
- **Townhomes:** The Benchmark price decreased 0.3% from June 2024 to $848,800, and decreased 0.1% from July 2023.
- **Apartments:** The Benchmark price remained flat from June 2024 at $551,000, but decreased 0.3% from July 2023.