Despite the Bank of Canada cutting its prime interest rate last month, the Fraser Valley Real Estate Board (FVREB) says it has done little to kick-start home sales in the region.
The FVREB says Wednesday that the region recorded 1,317 sales in June, down by 13 per cent over the previous month, and down by more than 30 per cent over 2023.
“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 FVREB.
“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.”
The real estate board says listings in the Fraser Valley have continued to climb for the sixth straight month to 8,350 active listings in June. The board says the number of listings is the highest they’ve been in five years.
“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.”
The benchmark price for a single-family home in the Valley dropped by 0.1 per cent, the board says, coming in at $1,528,900.
Meanwhile, a townhome in the Valley’s benchmark price is $851,100, with condos coming in around $551,100, the real estate board says.