Home buyers in the Fraser Valley continue to face favourable buying conditions, but the persistent gap between buyers’ and sellers’ price expectations continues to slow the market.
Sales dipped less than half a per cent in July, down 0.4 per cent to 1,190 — down 3.3 per cent from July 2024, and 23 per cent below the 10-year average.
With active listings still above 10,000, and amid stagnant sales, the market continues to favour buyers with a sales-to-active listings ratio of 11 per cent. The market is considered balanced when this ratio is between 12 per cent and 20 per cent.
Sales-to-Active Ratio
Detached: 10% (down 1% from June)
Townhouses: 17% (no change from June)
Apartments: 14% (up 1% from June)
New listings typically slow in the summer months, down 4.6 per cent in July to 3,453, as many people enter holiday mode.
Benchmark Prices
The composite Benchmark price in the Fraser Valley declined for the fourth straight month, down 0.7 per cent to $944,700.
Change in price: month-to-month
Detached: $1,451,100 -0.5%
Townhouse: $814,900 -1.2%
Apartments: $519,300 -1.4%
Days on Market
Across the Fraser Valley in July, the average number of days to sell both a single-family detached home and a condo was 38 days. Townhomes took, on average, 35 days
To learn more about HPI Benchmark prices by sub-area, click here. For a more detailed look at the Fraser Valley market watch Eye on the Market or click here to view the Monthly Statistics Package.