### Fraser Valley Sees Cool Summer Market with Second Slowest July Sales in a Decade
SURREY, BC – The Fraser Valley housing market is gradually becoming more favorable for buyers due to slow seasonally-adjusted sales and increasing inventory.
In July, the Fraser Valley Real Estate Board reported 1,230 sales, a 7% decline from the previous month and a 26% decrease compared to the 10-year seasonal average.
Active listings in the Fraser Valley hit a 10-year seasonally adjusted high of 8,731 in July, marking a 5% increase over June and a 41% rise compared to July 2023.
"Despite an overall balanced market, some REALTORS® are observing buyer-favorable conditions in certain areas of the Fraser Valley, where prices have dropped," said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. "This is reflected in the increased time buyers have to view properties before making offers. Well-priced properties are selling quickly, indicating that motivated buyers are still active despite the market slowdown."
New listings in July remained nearly unchanged from June, decreasing by less than half a per cent to 3,412. With a sales-to-active listings ratio of 14%, the market is considered balanced. A balanced market typically has a ratio between 12% and 20%.
"Even with consecutive policy rate cuts by the Bank of Canada, many first-time homebuyers are facing difficult market conditions due to high interest rates, the mortgage stress test, and the need for a significant down payment," said FVREB CEO, Baldev Gill. "We recommend that anyone looking to buy or sell consult with a professional REALTOR® who can navigate the current market conditions effectively."
In July, single-family detached homes in the Fraser Valley took an average of 31 days to sell, while condos sold in an average of 28 days, and townhomes took an average of 25 days.
Benchmark prices in the Fraser Valley slightly declined in July, with the composite Benchmark price dropping below $1 million for the first time since January 2024. The composite Benchmark price now stands at $999,100.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.