Home sales in the Fraser Valley increased for the first time in five months following a sizable interest rate cut by the Bank of Canada in October.
That’s what the Fraser Valley Real Estate Board (FVRB) says in its latest monthly market report for October 2024, noting 1,330 sales were recorded last month.
That’s up 35 per cent from this September, and 37 per cent year-over-year.
“After waiting it out on the sidelines for a number of months, buyers seem to be finally responding to the series of successive rate cuts by the Bank of Canada,” said Jeff Chadha, FVRB chair, in a news release. “Whether this is an indication of further sales trends, remains to be seen, especially as the feds eye a possible additional cut before year-end.”
New listings declined last month, down five per cent, but increased 26 per cent year-over-year.
Overall, inventory dipped in October three per cent from this September, but up 34 per cent over last year.
“October’s healthy sales boost is a welcome development for buyers and sellers alike,” said Baldev Gill, CEO of the FVRB. “The coming weeks and months will shed more light on whether buyer optimism has returned now that the cycle of interest rate cuts is in full swing.”
According to the FVRB, the benchmark price last month for a single-detached house in North Delta was $1,412,500, down almost four per cent from the previous month.
The October 2024 benchmark price was also up 2.3 per cent from October 2023. That’s a much smaller year-to-year increase compared to the October 2023 benchmark, which saw an eight per cent increase from October 2022.
The October 2024 benchmark price for a townhouse in North Delta was $939,100, down almost five per cent from the previous year, while the benchmark price for a condo was $580,700, almost unchanged from October 2023.
