MORE CHOICE, LOWER PRICES GIVING HESITANT FRASER VALLEY HOMEBUYERS OPTION
Fraser Valley home buyers remained cautious despite continued weakening prices, as September sales failed to keep pace with the seasonal rise in new listings.
“Prices continue to soften, with some areas of the Fraser Valley seeing more significant declines,” said Ishaq Ismail, Chair of the Fraser Valley Real Estate Board. “The Benchmark price for a single-family home is now $460,000 below its March 2022 peak. For buyers who are in a position to act, this represents a significant shift in affordability and may create an opportunity for some households to move into a different segment of the market.”
The Fraser Valley has spent most of the last two years in a buyer’s market with no change in September.
“Buyers have been waiting for months for greater economic certainty,” said Anthony Boone, Interim CEO of
the Fraser Valley Real Estate Board. “But a succession of economic shocks have conspired to weigh on consumer confidence, keeping many buyers on the sidelines. Despite lower prices and more choice, buyers remain cautious, and that is being reflected in the pace of sales.”
Across the Fraser Valley in September, the average number of days to sell a condo was 46 days, while a single-family detached home was 45 days. Townhomes took, 38 days to sell.
Here is a brief overview in various regions📈📊📉To see more regions contact me Jan.Baxter@live.ca I'd be happy to send you more information!