August Market Data & Eye on the Market

In late summer fashion, home sales in the Fraser Valley slowed in August.

As members know, high interest rates are keeping some buyers to the sidelines, with new buyers working towards qualifying for a mortgage.

But with slowing sales and increasing inventory, buyers who are able to purchase a home have more options. Active listings rose again in August, up 1.5 per cent to 6,291 – the highest Active listings have been this high since July 2022.

With some buyers and sellers hesitating following a July rate hike, new listings dropped to 2,622, down 8.2 per cent, but still 4 per cent above the 10-year average.

Benchmark prices remain relatively unchanged compared to July, down 0.9 per cent for all property types. When compared to this time last year, prices are down just 0.2 per cent.

For more details on market data in the region for August, watch Eye on the Market with Board Chair Narinder Bains.

And click here to view the Monthly Statistics Package.