Below is the latest monthly update on broad housing market activity in the Fraser Valley region, just outside of Metro Vancouver. Key takeaways include:
- sales at 1,368 being down compared to the prior month by 29% but 38% higher than July 2022.
- inventory of active home listings climbing up meaningfully, to over 6,000 listings
- buyers and sellers are becoming more cautious and reflective on their next move, in the context of higher interest rates challenging affordability
- the summer months are typically a slower activity time and this year is no different.
- benchmark prices were up ever so slightly for the sixth straight month
- the sales-to-active listings ratios indicate a balanced market for detached homes (17%), while apartments (36%) and townhomes (especially at 45%) are firmly in a seller's market
If you are looking for more detailed information on the housing market in the Fraser Valley, don't hesitate to contact me for assistance.