Benchmark prices fell for the second consecutive month in September, FVREB says
A steady deceleration in sales activity and a healthy rise in new listings has brought the Fraser Valley housing market into balance in September, according to the Fraser Valley Real Estate Board.
“Three months of declining sales [have] seen benchmark prices dip for a second straight month,” the FVREB said in its latest market report.
In September, the region’s single-family detached homes saw their prices drop by 0.6% monthly and increase by 4.6% annually to reach $1.526 million. Townhome values increased by 0.3% monthly and increased by 3.5% annually to $848,600, while apartment prices fell by 1.4% monthly and grew by 3.4% annually to $545,900.
Fraser Valley saw a total of 1,100 sales last month, falling by 13.6% from August despite rising by 22.6% from September 2022.
“With interest rate uncertainty still in play, September sales were slower than the trends for this time of year,” said Baldev Gill, CEO of FVREB.
The Canadian Real Estate Association (CREA) has downgraded its home sales forecast for this year and 2024 as higher interest rates bite and would-be buyers step to the sidelines.https://t.co/Hgiyj4Yyci#breakingnews #mortgageindustry #homesales #interestrates #realestate
— Canadian Mortgage Professional Magazine (@CMPmagazine) July 14, 2023
The region saw 2,860 new listings in September, up by 9.1% from the previous month and up by 25.8% from September last year. Active listings, which have been rising since December 2022, went up by 3.8% to reach 6,532 units last month.
“With inventory levels continuing on a slow and steady rise, together with slow sales, what we are seeing is a more balanced market,” said Narinder Bains, chair of the FVREB. “If this trend continues, increased new listings will help to maintain a balanced market, giving buyers greater choice.”
