Falling prices open the door for Fraser Valley move-up buyers
A modest increase in Fraser Valley home sales in May suggests buyers remain engaged, albeit cautiously as economic uncertainty continues to temper the pace of the spring market.
The Fraser Valley Real Estate Board recorded 1,124 sales on its Multiple Listing Service® (MLS®) in May, a
0.5 per cent increase from April, but five per cent below the same month last year. Single-family homes
remained the most active segment of the Fraser Valley market in May, generating more sales than
townhouses and apartments.
“We’re seeing limited activity from first-time buyers right now, with much of the market being driven by homeowners looking to move up,” said Ishaq Ismail, Chair of the Fraser Valley Real Estate Board. “As prices
in the detached segment have become more attainable, buyers with existing equity are finding opportunities to transition into larger homes and market segments that were out of reach just a few years ago.”
Sellers were less active in May, with new listings falling both month-over-month and year-over-year as
some homeowners appear to be waiting for stronger market conditions before listing.
However, the Fraser Valley continues to offer buyers an abundance of choice, with 10,140 active listings on
the market in May, keeping inventory well above historical norms.
“Many households are understandably approaching major financial decisions with caution right now,” said
Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Between economic uncertainty, concerns about job
security, and the continued pressure of higher everyday costs, confidence has been slow to recover. At the
same time, buyers who are financially prepared are finding some of the most favourable market conditions we’ve seen in some time.”
Here's a brief overview in various regions 📈📊📉 To see more regions contact me JBaxter@HomelifeBC.com I'd be happy to send you more information!