The Fraser Valley residential resale market slowed again this August, as home buyers continue to face affordability challenges.
That’s according to the latest monthly market report from The Fraser Valley Real Estate Board (FVRB), noting it recorded 13 per cent fewer sales last month over the previous month.
August 2024 sales were also down by 30 per cent over the 10-year seasonal average and were the second slowest seasonally adjusted sales in a decade.
Inventory levels in the Fraser Valley also dipped slightly this August with active listings down one per cent from July, but 37 per cent higher than August 2023.
“Despite two policy rate cuts by the Bank of Canada, buyers are still feeling the squeeze of overall affordability challenges in B.C.,” said Jeff Chadha, Chair of the FVRB, in a news release. “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.”
Buyers continued to wait on the sidelines in anticipation of more cuts to the Bank of Canada’s policy rate, the FVRB notes.
According to the FVRB, the August 2024 benchmark price for a single-detached house in Ladner was $1,473,600, unchanged from the previous month. Last month’s benchmark price was up 4.2 per cent compared to August 2023, and up 8.9 per cent compared to August 2022.
Meanwhile, the benchmark price last month for a North Delta townhouse and condo was $956,900 and $575,500 respectively.
