Following the small interest rate reduction in June, sellers were hopeful for an uptick in buyer engagement, which unfortunately did not happen. Potential buyers are still hesitant to make a move in the market. Despite a surge in inventory levels and seasonally slow sales, home prices have remained steady. Properties that are competitively priced are seeing success in selling. View the full report here. If you would like to know more about the current market conditions in your specific area, contact me.

FVREB SURREY, BC – 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. 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...