The Fraser Valley residential resale market continued its cooling trend in August as affordability challenges persist for homebuyers.
The Fraser Valley Real Estate Board reported 1,067 sales in August, down 13% from the previous month and 30% below the 10-year seasonal average. This marks the second slowest seasonally adjusted sales in a decade.
Inventory dipped slightly with 8,626 active listings, down 1% from July, but still 37% higher than August 2023 levels.
“Despite the Bank of Canada's two recent rate cuts, buyers are still grappling with affordability challenges in BC,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Prices for single-family homes, townhouses, and condos remain relatively flat year-over-year, leaving many potential buyers struggling to break into the market, as reflected in August’s slow sales.”
New listings dropped by nearly 20% in August to 2,778. With a sales-to-active listings ratio at 12%, market conditions are close to a buyer's market, which last occurred in spring 2020. Notably, the Bank of Canada reduced rates again, with a 0.25% decrease to 4.25%, marking the third consecutive cut this year!
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**What does this mean for you?**
We could see a boost in consumer confidence, and this might be the push some buyers need to get off the fence and start making offers!
While we’re not completely out of the woods yet, we’re definitely moving in the right direction.
**If you've been thinking of selling, NOW might be the perfect time!** Call me today and let’s discuss how we can make the most of this market shift!