Fraser Valley Real Estate Board’s (FVREB) June statistics report shows a notable decline in home sales despite the Bank of Canada’s 25 basis point policy rate cut. Sales, totalling 1,317, fell by 13% from the previous month and over 30% compared to last year and the 10-year seasonal average. Inventory, however, continued to build, reaching 8,350 active listings—a 41% increase from June 2023 and the highest in five years.
New listings dropped 9% from May, totalling 3,418, while the sales-to-active listings ratio stood at 16%, indicating balanced market conditions (12-20% range). Despite slow sales, well-priced properties were selling within three to four weeks.
The composite benchmark price decreased slightly by 0.5% from May and 3.2% from June 2023. June benchmark prices for the three housing categories were:
- Single-family: $1,528,900, a 0.1% decrease from May and a 0.5% increase from June 2023.
- Townhomes: $851,100, down 0.3% from May but up 0.8% from June 2023.
- Apartments: $551,100, a 0.7% decrease from May and a 0.4% increase from June 2023.
The areas with the highest benchmark price changes were South Surrey & White Rock, with a 1.4% increase to $1,973,300 for detached homes, and North Delta, with a 1.6% increase to $954,800 for townhomes. The areas with the largest drops in benchmark price were Abbotsford, where the benchmark price for detached homes decreased by 1.1% to $1,227,400, and Cloverdale, with a 2.7% decrease to $591,100 for apartments.
