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Inventory levels in the Fraser Valley dipped slightly in August with active listings at 8,626, down one per cent from July, but 37 per cent higher than August 2023.
“Despite two policy rate cuts by the Bank of Canada, buyers are still feeling the squeeze of overall affordability challenges in BC,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “With prices for single-family homes, townhouses and condos holding relatively flat year-over-year, many continue to face challenges buying their first home or moving up in the market, as reflected in seasonally slow August sales.”
Across the Fraser Valley in August, the average number of days to sell a single-family detached home was 33, while for a condo it was 32. Townhomes took, on average, 28 days to sell.
Benchmark prices in the Fraser Valley dipped again in August, with the composite Benchmark price at $992,800.
MLS® HPI Benchmark Price Activity
Single Family Detached: At $1,523,500, the Benchmark price for an FVREB single-family detached home decreased 0.4 per cent compared to July 2024 and decreased 0.4 per cent compared to August 2023.
Townhomes: At $846,300, the Benchmark price for an FVREB townhome decreased 0.3 per cent compared to July 2024 and increased 0.1 per cent compared to August 2023.
Apartments: At $546,200, the Benchmark price for an FVREB apartment/condo decreased 0.9 per cent compared to July 2024 and decreased 0.8 per cent compared to August 2023.
Source: Fraser Valley Real Estate Board
According to the 'MLS® Home Price Index – Fraser Valley August 2024,' while home prices have grown significantly over the past three years, recent trends show a decline over the past year. For example, North Delta apartments have risen 21.3% in three years but dropped 4.5% recently. In North Surrey, townhouses increased by 16.7% over three years but fell 3.7% in the past year. The chart indicates the market is approaching a buyer’s market.
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