Declining sales through the summer months and increasing inventory finds the Fraser Valley market the closest it’s been to a buyer’s market since the spring of 2020.
August sales stood at 1,067 as recorded on the Fraser Valley Real Estate Board’s Multiple Listings Service®, a 13 per cent decrease from July and 16 per cent below August 2023. Sales were 30 per cent below the 10-year seasonal average and were the second slowest sales for August in a decade.
As REALTORS® are aware, sales may be slow but overall activity with steady summer listings has kept inventory levels at a 10-year seasonally adjusted high, with 8,626 active listings in August, a 37 per cent increase over this time last year. Active listings held mostly steady in August, down 1.2 per cent, despite a 19 per cent drop in new listings.
Sales-to-Active Ratio
The sales-to-active listings ratio has been declining since March and is currently at 12 per cent, putting the Fraser Valley on the edge of a buyer’s market. The market is considered balanced when the ratio is between 12 and 20 per cent.
Detached: 12% (no change from July)
Townhouses: 19% (down 7% from July)
Apartments: 15% (down 3% from July)
Benchmark Prices
The composite Benchmark price in the Fraser Valley remains below $1 million, at $992,800, and has declined 3.8 per cent since 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.”
Benchmark prices for detached, townhouses, and condos remained relatively flat from July to August.
Detached: $1,523,500 -0.4%
Townhouse: $846,300 -0.3%
Apartment: $546,200 -0.9%
To learn more about HPI Benchmark prices by sub-area, click here.
Days on Market
The average number of days to sell a single-family detached home in August was 33 (up from 31 in July), while a townhouse was 28 (up from 25 in July). On average, condos sold in 32 days (up from 28 in July).
For a more detailed look at the Fraser Valley market, click here to view the Monthly Statistics Package.