With active inventories hitting levels not seen in 10 years and sales 30 per cent below the 10- year average, Fraser Valley real estate is building towards a buyer’s market if sales continue to lag.
That’s what the Fraser Valley Real Estate Board (FVRB) says in its monthly market report for September 2024, noting sales last month were down by eight per cent over the previous month, and by more than 10 per cent over September 2023.
Seasonally adjusted sales were the second slowest in a decade in the Fraser Valley.
“With three rate cuts already and more expected before the end of the year, buyers are watching the market closely to time their purchasing decisions,” said Jeff Chadha, Chair of the FVRB, in a news release. “The current conditions should favour buyers, particularly in the detached market, however until we start to see some movement in asking prices, properties will continue to sit on the market for extended periods as both buyers and sellers await the next rate announcement.”
New listings rose in September from the previous month, while the overall inventory increased five per cent from August to September and up 39 per cent compared to September 2023.
Baldev Gill, FVRB CEO, said when affordability challenges and the anticipation of more interest rate cuts are factored, people are seeing persistent weakness in the market.
According to the FVRB, the September 2024 benchmark price for a single-detached house in North Delta was $1,468,200, up just over five per cent from September 2024. The benchmark price last month for a North Delta townhouse and condo was $929,700 and $581,300 respectively, both down from the previous year.
