The policy rate cut of 25 basis points by the Bank of Canada on June 5 was not enough to
rally home sales in the Fraser Valley last month.

The Fraser Valley Real Estate Board recorded 1,317 sales in June, down by 13 per cent over last month and by more than 30 per cent over both last year and the 10-year seasonal average.
While sales remain soft, inventory continued to build for the sixth straight month to 8,350 active listings. Active listings increased 41 per cent over June 2023 and are the highest they’ve been in five years.

“With seasonally slow sales in June and a steady increase in inventory, we’d expect to see affordability
improve,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “However, prices in the Fraser
Valley remained relatively flat. That said, despite slow sales, properties that are well-priced are finding
buyers, and are subsequently selling within three to four weeks.”

New listings dropped in June, down nine per cent from May, to 3,418. With a sales-to-active listings ratio of 16 per cent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“The June rate cut hasn’t been enough to get buyers off the sidelines,” said FVREB CEO, Baldev Gill.
“Current market conditions are such that buyers and sellers are advised to have thoughtful conversations with their REALTOR® and lending professional, rather than relying on media reports about where interest rates may be heading in the future.”

Across the Fraser Valley in June, the average number of days to sell a single-family detached home was 22, while a townhome was 20. Condos took on average, 30 days to sell.
Benchmark prices in the Fraser Valley remained relatively flat in June, with the composite Benchmark price down 0.5 percent from May and down 3.2 per cent from June 2023.

MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,528,900, the Benchmark price for an FVREB single-family detached
home decreased 0.1 per cent compared to May 2024 and increased 0.5 per cent compared to June
2023.
• Townhomes: At $851,100, the Benchmark price for an FVREB townhome decreased 0.3 per cent
compared to May 2024 and increased 0.8 per cent compared to June 2023.
• Apartments: At $551,100, the Benchmark price for an FVREB apartment/condo decreased 0.7 per
cent compared to May 2024 and increased 0.4 per cent compared to June 2023.

For more Fraser Valley Stats CLICK HERE.

Metro Vancouver home sales registered on the MLS® remained below seasonal and historical averages in June. With reduced competition among buyers, inventory has continued to accumulate to levels not seen since the spring of 2019.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region
totalled 2,418 in June 2024, a 19.1 per cent decrease from the 2,988 sales recorded in June
2023. This was 23.6 per cent below the 10-year seasonal average (3,166).

“The June data continued a trend we’ve been watching where buyers appear hesitant to
transact in volumes we consider typical for this time of year, while sellers remain keen to
bring their properties to market,” Andrew Lis, GVR’s director of economics and data analytics
said. “This dynamic is bringing inventory levels up to a healthy range not seen since before
the pandemic. This trend is providing buyers more selection to choose from and driving all
market segments toward balanced conditions.”

There were 5,723 detached, attached and apartment properties newly listed for sale on the
MLS® in Metro Vancouver in June 2024. This represents a 7 per cent increase compared to
the 5,347 properties listed in June 2023. This total is 3 per cent above the 10-year seasonal
average (5,554).

The total number of properties currently listed for sale on the MLS® system in Metro
Vancouver is 14,182, a 42 per cent increase compared to June 2023 (9,990). This total is 20.3
per cent above the 10-year seasonal average (11,790).

Across all detached, attached and apartment property types, the sales-to-active listings ratio
for June 2024 is 17.6 per cent. By property type, the ratio is 13.1 per cent for detached homes,
21.1 per cent for attached, and 20.3 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the
ratio dips below 12 per cent for a sustained period, while home prices often experience
upward pressure when it surpasses 20 per cent over several months.

“With an interest rate announcement from the Bank of Canada in July, there is a possibility of
another cut to the policy rate this summer. This is yet another factor tilting the market in
favour of buyers, even if the boost to affordability is modest,” Lis said. “But June’s lower-than normal transaction volumes suggest many buyers remain hesitant, which has allowed
inventory to accumulate and has kept a lid on upward price pressure across market
segments. With that said, the transaction-level data do show that well-priced properties are still selling quickly, suggesting astute buyers are able to spot value and act when opportunities arise.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,207,100. This represents a 0.5 per cent increase over June2023 and a 0.4 per cent decrease compared to May 2024.

Sales of detached homes in June 2024 reached 694, a 18.2 per cent decrease from the 848
detached sales recorded in June 2023. The benchmark price for a detached home is
$2,061,000. This represents a 3.7 per cent increase from June 2023 and a 0.1 per cent
decrease compared to May 2024.

Sales of apartment homes reached 1,245 in June 2024, a 20.9 per cent decrease compared to
the 1,573 sales in June 2023. The benchmark price of an apartment home is $773,400. This
represents a 1 per cent increase from June 2023 and a 0.4 per cent decrease compared to
May 2024.

Attached home sales in June 2024 totalled 456, a 16.6 per cent decrease compared to the 547
sales in June 2023. The benchmark price of a townhouse is $1,138,100. This represents a 3 per
cent increase from June 2023 and a 0.6 per cent decrease compared to May 2024.

For more stats and details CLICK HERE.

Slower seasonal sales helped build inventory to its highest level since September 2019 in the Fraser Valley in May, creating more balanced market conditions for home buyers and sellers. The increase in supply over the past several months has further contributed to a softening of price growth, which is good news for buyers.

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. Sales, however, remained seasonally slow, with 1,517 transactions on the Fraser Valley Real Estate Board’s Multiple Listings Service ® (MLS®) in May, up 3 per cent from April, but down 11 per cent compared to May 2023. May sales were 21 per cent below the 10-year average.

“We are seeing an influx of inventory this spring, primarily due to slower than usual spring sales,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Growing inventory levels are helping to create a healthy balance in the market, giving buyers more options, especially as prices continue to flatten.”

New listings softened in May, down five per cent from April, to 3,760. With a sales-to-active listings ratio of 19 per cent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“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,” said FVREB CEO Baldev Gill. “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.”

The average number of days townhomes and single-family detached homes are spending on the market increased slightly in May. Detached homes are spending 25 days on the market, up from 23 in April. Townhomes are spending 20 days on the market, up one day from April, and condos remain steady at 23 days on the market.

Benchmark prices in the Fraser Valley remained flat in May, with the composite Benchmark price down 0.2 percent from April and down 0.8 per cent from May 2023. MLS® HPI Benchmark Price Activity • Single Family Detached: At $1,530,200, the Benchmark price for an FVREB single-family detached home increased 0.2 per cent compared to April 2024 and increased 2.9 per cent compared to May 2023. • Townhomes: At $853,800, the Benchmark price for an FVREB townhome decreased 0.03 per cent compared to April 2024 and increased 3.4 per cent compared to May 2023. • Apartments: At $555,100, the Benchmark price for an FVREB apartment/condo decreased 0.1 per cent compared to April 2024 and increased 2.9 per cent compared to May 2023.

For more Fraser Valley Stats, CLICK HERE.

The number of transactions on the Multiple Listing Service® (MLS®) declined in May compared to what is typical for this time of year in Metro Vancouver.

This shift has allowed the inventory of homes available for sale to continue to
accumulate with over 13,000 homes now actively listed on the MLS® in the region.
The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled
2,733 in May 2024, a 19.9 per cent decrease from the 3,411 sales recorded in May 2023. Last
month’s sales total was also down 19.6 per cent from the 10-year seasonal average for May
(3,398).

“The surprise in the May data is that sales have come in softer than what we’d typically
expect to see at this point in the year, while the number of newly listed homes for sale is
carrying some of the momentum seen in the April data,” Andrew Lis, GVR’s director of
economics and data analytics said. “It’s a natural inclination to chalk these trends up to one
factor or another, but what we’re seeing is a culmination of factors influencing buyer and
seller decisions in the market right now. It’s everything from higher borrowing costs, to worries
about the economy, to policy interventions imposed by various levels of government.”

There were 6,374 detached, attached and apartment properties newly listed for sale on the
MLS® in Metro Vancouver in May 2024. This represents a 12.6 per cent increase compared to
the 5,661 properties listed in May 2023 and a seven per cent increase compared to the 10-year
seasonal average (5,958).

The total number of properties currently listed for sale on the MLS® system in Metro
Vancouver is 13,600, a 46.3 per cent increase compared to May 2023 (9,293). This total is also
up 19.9 per cent above the 10-year seasonal average (11,344).

Across all detached, attached and apartment property types, the sales-to-active listings ratio
for May 2024 is 20.8 per cent. By property type, the ratio is 16.8 per cent for detached homes,
25.1 per cent for attached, and 22.5 per cent for apartment properties.
Analysis of the historical data suggests downward pressure on home prices occurs when the
ratio dips below 12 per cent for a sustained period, while home prices often experience
upward pressure when it surpasses 20 per cent over several months.

“With market trends now tilting back toward more balanced conditions, as the number of
new listings outpaces the number of sales, we should expect to see slower price growth over
the coming months,” Lis said. “Up until recently, prices were climbing modestly across all
market segments. But with rising inventory levels and softening demand, buyers who’ve been waiting for an opportunity might have more luck this summer, even if borrowing costs remain elevated.”

The MLS® Home Price Index (HPI) composite benchmark price3 for all residential properties in Metro Vancouver is currently $1,212,000. This represents a 2.3 per cent increase over May 2023 and a 0.5 per cent increase compared to April 2024. Sales of detached homes in May 2024 reached 846, an 18.9 per cent decrease from the 1,043 detached sales recorded in May 2023. The benchmark price for a detached home is $2,062,600. This represents a 5.9 per cent increase from May 2023 and a 1.3 per cent increase compared to April 2024.

Sales of apartment homes reached 1,338 in May 2024, a 22.7 per cent decrease compared to the 1,730 sales in May 2023. The benchmark price of an apartment home is $776,200. This represents a 2.2 per cent increase from May 2023 and a 0.3 per cent decrease compared to April 2024.

Attached home sales in May 2024 totalled 523, a 14 per cent decrease compared to the 608 sales in May 2023. The benchmark price of a townhouse is $1,145,500. This represents a 5.2 per cent increase from May 2023 and a 0.9 per cent increase compared to April 2024.

For more monthly stats CLICK HERE.

VANCOUVER, BC – May 2, 2024 – Actively listed homes for sale on the MLS® in Metro
Vancouver1 continued climbing in April, up 42 per cent year-over-year, breaching the 12,000
mark, a number not seen in the region since the summer of 2020.

Greater Vancouver REALTORS® (GVR)2 reports that residential sales3 in the region totalled
2,831 in April 2024, a 3.3 per cent increase from the 2,741 sales recorded in April 2023. This was
12.2 per cent below the 10-year seasonal average (3,223).

“It’s a feat to see inventory finally climb above 12,000. Many were predicting higher inventory
levels would materialize quickly when the Bank of Canada began its aggressive rate hikes,
but we’re only seeing a steady climb in inventory in the more recent data,” Andrew Lis, GVR’s
director of economics and data analytics said. “The surprise for many market watchers has
been the continued strength of demand along with the fact few homeowners have been
forced to sell in the face of the highest borrowing costs experienced in over a decade.”

There were 7,092 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in April 2024. This represents a 64.7 per
cent increase compared to the 4,307 properties listed in April 2023.
This was 25.8 per cent above the 10-year seasonal average (5,637).

The total number of properties currently listed for sale on the MLS® system in Metro
Vancouver is 12,491, a 42.1 per cent increase compared to April 2023 (8,790).
This is 16.7 per cent above the 10-year seasonal average (10,704).

Across all detached, attached and apartment property types, the sales-to-active listings ratio
for April 2024 is 23.5 per cent. By property type, the ratio is 17.6 per cent for detached homes,
31.0 per cent for attached, and 26.0 per cent for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the
ratio dips below 12 per cent for a sustained period, while home prices often experience
upward pressure when it surpasses 20 per cent over several months.

“Another surprising story in the April data is the fact prices continue climbing across most
segments with recent increases typically in the range of one to two per cent month-overmonth,” Lis said. “The one segment that didn’t see an uptick in prices in April were
apartments, which saw a 0.1 per cent decline month-over-month. This moderation is likely
due to a confluence of factors impacting this more affordability sensitive segment of the
market, particularly the impact of higher mortgage rates and the recent boost to inventory
levels, tempering competition somewhat.”

The MLS® Home Price Index composite benchmark price for all residential properties in
Metro Vancouver is currently $1,205,800. This represents a 2.8 per cent increase over April
2023 and a 0.8 per cent increase compared to March 2024.

Sales of detached homes in April 2024 reached 814, a 0.7 per cent increase from the 808
detached sales recorded in April 2023. The benchmark price for a detached home is
$2,040,000. This represents a 6.3 per cent increase from April 2023 and a 1.6 per cent
increase compared to March 2024.

Sales of apartment homes reached 1,416 in April 2024, a 0.2 per cent increase compared to
the 1,413 sales in April 2023. The benchmark price of an apartment home is $776,500. This
represents a 3.2 per cent increase from April 2023 and a 0.1 per cent decrease compared to
March 2024.

Attached home sales in April 2024 totalled 580, a 16 per cent increase compared to the 500
sales in April 2023. The benchmark price of a townhouse3 is $1,127,200. This represents a 4.3
per cent increase from April 2023 and a 1.3 per cent increase compared to March 2024.

For market stats CLICK HERE!

SURREY, BC – Supply of available homes in the Fraser Valley market continued to build last month,
however buyers remained relatively hesitant, leading to a cooler resale market in April.
The Fraser Valley Real Estate Board recorded 1,471 transactions on its Multiple Listings Service® (MLS®) in
April, up 5 per cent from March, but off by 5 per cent compared to April 2023.
While sales were the third lowest recorded for an April in the last decade, inventory continues to build,
reaching levels not seen since September 2020. Active listings were 7,313, up by 18 per cent over last
month and 17 per cent above the 10-year average.
“We are seeing a relatively calm and balanced market right now,” said Jeff Chadha, Chair of the Fraser
Valley Real Estate Board. “Which means buyers have time to shop around and purchase a home without
the pressure of a few years ago, and while prices are holding fairly steady across all property types.”
New listings helped bolster overall inventory, increasing 33 per cent in April, to 3,976. With a sales-to-active
listings ratio of 20 per cent, overall market conditions are balanced. The market is considered balanced
when the ratio is between 12 per cent and 20 per cent.
“There is a lot of caution in the market right now,” said FVREB CEO Baldev Gill. “Buyers are hesitant to
purchase a home until the Bank of Canada lowers its rate — however we encourage anyone looking to get
into the market to talk to their REALTOR® and their financial professional about what rates are available
today.”
The average number of days homes are spending on the market continues to decline, with single-family
detached homes spending 23 days on the market, down from 27 days in March, apartments spending 23
days on the market, down from 26 days in March and townhomes moving more quickly at 19 days, down
from 20 days on the market in March.
Overall Benchmark prices edged up again in April, by 0.5 per cent from March and up 1.5 per cent over
April 2023.
MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,532,700, the Benchmark price for an FVREB single-family detached
home increased 1.0 per cent compared to March 2024 and increased 5.3 per cent compared to
April 2023.
• Townhomes: At $854,700, the Benchmark price for an FVREB townhome increased 0.9 per cent
compared to March 2024 and increased 4.9 per cent compared to April 2023.
• Apartments: At $561,900, the Benchmark price for an FVREB apartment/condo increased 1.2 per
cent compared to March 2024 and increased 5.7 per cent compared to April 2023.

For more stat details CLICK HERE

Home sales registered on the MLS® in Metro Vancouver declined 3.8 per cent year over year in September, suggesting recent reductions in borrowing costs are having a limited effect in spurring...

– Home sales registered on the MLS® in Metro
Vancouver remained below their ten-year seasonal averages in August as summer holidays
come to a close.
Greater Vancouver REALTORS® (GVR) reports...

The Fraser Valley residential resale market slowed again in August, as homebuyers continue
to face affordability challenges.
The Fraser Valley Real Estate Board recorded 1,067 sales in August, down by 13...