July Market Review: Sluggish Sales and Rising Inventory Has Market Shifting in Buyers’ Favour

The summer heat that has hit the Fraser Valley isn’t translating into a hot resale market, with July sales down from both last month, last year, and well below the seasonal average.

Despite a second 25-basis point cut by the Bank of Canada, Board sales dropped seven percent in July, to 1,230 — that’s 26 per cent below the 10-year average and the second slowest July sales in a decade.

While sales continued to slow, inventory climbed for the seventh straight month, with active listings up five per cent over June and the highest they’ve been since October 2014, at 8,731. New listings held steady month-over-month, down just 0.2 per cent to 3,412.

“Amidst an overall balanced market, some REALTORS® are experiencing pockets within the Fraser Valley that favour buyers, where prices have come down,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “This is evident in the amount of time buyers have to view a property before considering making an offer. Properties that are well-priced are selling quickly, suggesting motivated buyers are active in the market, despite the slowdown.”

Sales-to-Active Ratio

The Fraser Valley market remained in balance, with an overall sales-to-active listings ratio of 14 per cent in July, however, that ratio has been steadily dropping since March when it was 23 per cent.

The market is considered balanced when this ratio is between 12 and 20 per cent.

Detached: 12% (down 3% from June)
Townhouses: 26% (no change from June)
Apartments: 18% (down 3% from June)

Benchmark Prices

The composite Benchmark price in the Fraser Valley slipped below $1 million in July, to $999,100. It’s the first time the composite price has been below $1 million since January 2024.

Benchmark prices for detached, townhouses, and condos remained relatively flat in July.

Detached: $1,529,600    +0.1%
Townhouse: $848,800   -0.3%
Apartment: $551,000   0.0% (no change)

The composite Benchmark price is down four per cent year-over-year.

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 July was 31 (up from 22 in June), while a townhouse was 25 (up from 20 in June). On average, condos sold in 28 days (down from 30 in June).

For a more detailed look at the Fraser Valley market, click here to view the Monthly Statistics Package.