SURREY, B.C. – Real estate inventory in the Fraser Valley in B.C.’s Lower Mainland is at its highest level since September 2019 due to slower seasonal sales.
Active listings increased eight per cent from April to May to 7,904, up 42 per cent over May 2023 and 19 per cent above the 10-year average, a release said.
Sales remained slow however with 1,517 transactions on the Fraser Valley Real Estate Board’s (FVREB) Multiple Listings Service in May, up three per cent from April but down 11 per cent compared to May 2023. May sales were 21 per cent below the 10-year average, the release said.
“We are seeing an influx of inventory this spring, primarily due to slower-than-usual spring sales. Growing inventory levels are helping to create a healthy balance in the market, giving buyers more options, especially as prices continue to flatten,” FVREB chair Jeff Chadha said in a statement.
The average number of days townhomes and single-family detached homes are spending on the market increased slightly in May, the release said. Detached homes are spending 25 days on the market, up from 23 in April and townhomes are spending 20 days on the market, up one day from April, with condos steady at 23 days on the market.
“While the consensus seems to indicate rate cuts in the latter half of the year, there is considerably less agreement about either magnitude or timing. We strongly encourage buyers to have comprehensive discussions with their realtors about market conditions and how they will impact mortgage rates in the coming year,” FVREB CEO Baldev Gill added.
Fraser Valley benchmark prices remained flat in May with the composite benchmark price down 0.2 per cent from April and down 0.8 per cent from May 2023.
Recent Comments