Benchmark home prices continue to fall across the region
The Bank of Canada’s outsized interest rate hikes have made themselves felt in the Fraser Valley, which has continued to see muted home sales activity with a 51.3% annual decline in August.
The latest figures from the Fraser Valley Real Estate Board showed that a total of 1,017 home sales took place across the region last month, which was just 2.4% higher compared to July.
“The past several months of rising inventory, combined with a slowing trend in sales, has also seen benchmark prices return to levels not seen since last year,” the FVREB said in its latest report.
In August, the region saw 2,045 new residential listings, representing decreases of 14.3% monthly and 2.9% annually. Total active inventory stood at 5,871 units, down by 8.5% from July but up by 44% from August 2021.
Read more: Canada home sales feel impact of rate hikes
“For the past three months we’ve seen the local market return to a more balanced state,” said Sandra Benz, president of the FVREB. “With the Fraser Valley continuing to settle after months of record sales and prices, we expect to see more activity this coming fall as buyers look to capitalize on the region’s reputation for providing greater value for the real estate dollar.”
Benchmark prices continued to decrease in the region, with single-detached units dropping by 5.1% to around $1.513 million, townhomes declining by 3.9% to $841,900, and apartments falling by 2.1% to $542,000.
The average selling time of residential properties in the Fraser Valley was 33 days for single-family detached homes, 26 days for townhomes, and 25 days for apartments.
