Market Report June 2024 

Fraser Valley Real Estate Update

A Flourishing Spring/Summer Market
Welcome to June! I've made a few changes in the way that this newsletter looks and reads, I hope you enjoy them. If you do, let me know!

As we revel in the lovely early summer vibes of the Fraser Valley, I'm thrilled to share some positive developments in our real estate market. This May, we've seen inventory build to levels we haven't observed in nearly five years, creating a balanced and buyer-friendly market.

Inventory and Sales: A Closer Look

This past May, the active listings in the Fraser Valley soared to 7,904, marking an increase of 8% from April and a notable 19% rise from last May. This expansion in inventory has softened the price growth slightly, giving buyers more options and time to make their decisions without the rush.

Although the number of transactions this May remained steady with 1,517 sales, it's a slight dip of 11% compared to last year but a 3% increase from April. This tells us that while the market is quieter than last spring, it's still very much active and dynamic.

Market Dynamics and Buyer Opportunities

We're experiencing a welcome influx of inventory this spring, primarily driven by slower seasonal sales but also by an ongoing demand that keeps our market lively. With a current sales-to-active listings ratio of 19%, we're in a balanced market zone, which offers a healthy environment for both buying and selling.

Interest Rate Watch

The Bank of Canada made a strategic move on June 5th, reducing the policy interest rate by 25 basis points to 4.75%. This decision, aimed at stimulating the economy, marks the first rate cut since March 2020 and is a significant shift from the previous steady rate of 5%. Real estate professionals and homeowners alike are encouraged by this change, as it promises to make borrowing more affordable, likely increasing buyer activity and energizing the market further.

Housing Insights

Detached homes are spending a bit more time on the market, averaging 25 days, up slightly from April. Townhomes and condos are seeing steady days on the market, which indicates a consistent demand across different housing types. This is an ideal time for buyers who are looking to find a home that truly fits their needs without feeling pressured by a fast-moving market.

What's Ahead?

As we continue into the summer, the Fraser Valley real estate market is poised for continued activity, thanks to the high inventory levels and the potential for more favorable interest rates. Whether you're looking to buy or sell, the current conditions provide great opportunities for making a strategic move in the real estate landscape.

As always, I'm here to provide you with the latest insights and guide you through the ever-evolving real estate environment. Let's make the most of this vibrant market together!