Key indicators show promising trends, including a doubling of new listings, reflecting renewed confidence in the market.

Highlights:

1. Steady Interest Rates: Interest rates remained stable, providing a favourable environment for both buyers and sellers.

2. Market Recovery: The market rebounded with an increase in home sales, breaking a six-month decline streak. This positive shift suggests renewed activity and confidence among buyers.

3. Balanced Pricing: Home prices remained relatively flat, creating a balanced market. This equilibrium benefits both buyers and sellers, offering stability and reasonable pricing.

4. Days on Market: The average number of days on the market varied across property types. Single-family detached homes spent 44 days, apartments 41 days, and townhomes moved quickly at 33 days, providing insights into the pace of transactions.

5. Local Insights: If you're curious about how the market is faring in your neighbourhood, contact me for personalized insights and information tailored to your...

FVREB SURREY, BC – After five months of successive increases, real estate sales in the Fraser Valley dropped in response to a combination of continued rising interest rates and the summer sales cycle. The Fraser Valley Real Estate Board processed 1,368 sales in July on its Multiple Listing Service® (MLS®), a decrease of 29.3 per cent below June, but still 37.8 per cent above July 2022. July new listings, at 2,855, were also down by 16.6 per cent compared to last month but 19.7 per cent higher than July 2022 levels, and virtually on par with the ten-year average. Active listings continued to climb, increasing by 4.3 per cent over June, bringing the total inventory available for sale in the region to 6,199.

Summer is usually a slower period in the real estate sector and coupled with higher interest rates we’re seeing less traffic and fewer multiple offers as buyers and sellers re-evaluate their moving plans. In changing markets there is always opportunity; the Fraser Valley Market for detached...