Many may have been hoping that real estate market activity would improve after the Bank of Canada began cutting its policy interest rate, but that has yet to occur in the Fraser Valley, according to newAccording to the FVREB, a grand total of 1,230 sales were recorded in July, which represents a 7% decrease fromOn the other side of the equation, July saw 3,412 new listings added to the market, and that figure is about flat from June, bringing the total amount of active listings in the Fraser...
For the sales-to-new-listings ratio, a ratio of 40% or lower is considered a buyers' market, a ratio of 55% or higher is considered a sellers' market, and anything in between is considered a sign of market balance. With 1,230 home sales and 8,731 total active listings after July, the sales-to-active-listings ratio is now at 14.1% after being at 15.7% after July, again indicating movement towards buyers' market territory, although the market may still be at a balance.Following July, the composite residential benchmark price is now $999,100, which is the first time it has fell under $1M since January 2024.
"Amidst an overall balanced market, some REALTORS® are experiencing pockets within the Fraser Valley that favour buyers, where prices have come down," said FVREB Chair Jeff Chadha. "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.