Fraser Valley home sales plummet despite rate cut

A 25-basis-point rate cut by the Bank of Canada on June 5 failed to boost home sales in the Fraser Valley last month. The Fraser Valley Real Estate Board reported 1,317 sales in June, a 13% drop from May and over 30% lower than last year and the 10-year average.

Inventory increased to 8,350 active listings, up 41% from June 2023. Despite the increased inventory, prices remained stable.

Jeff Chadha, chair of the Fraser Valley Real Estate Board, noted that while affordability should improve with more inventory, prices stayed flat. New listings fell 9% from May to 3,418, with a balanced market ratio of 16%.

The average days to sell were 22 for detached homes, 20 for townhomes, and 30 for condos. Benchmark prices were down 0.5% from May and 3.2% from June 2023.