Vancouver and Fraser Valley home sales deepen buyer’s market
With 9,787 active listings – 33% above the 10-year seasonal average – and a sales-to-active listings ratio of 10%, the region remains firmly in buyer’s market territory.
“We’re seeing a bit of a tug-of-war between buyers and sellers right now,” said Ishaq Ismail, FVREB chair.
“Some buyers are seeing an opportunity to negotiate below asking price, while sellers who need to sell are more likely to accept lower offers.”
The Fraser Valley’s composite benchmark price fell 0.9% in August to $869,900, a 7% annual decline, with detached homes, townhomes, and apartments each dropping between 7.1% and 8.9% year over year.
“Ample selection, softening prices, and stable mortgage rates are considered favourable buying conditions,” Lis said, “but they haven’t been enough to bring many buyers off the sidelines. While the renewed trade tensions with the USA are an unwelcome distraction for the market, we still believe the main drivers of this soft market are the slowdown in immigration to our region, reduced investor demand, and mortgage rates that aren’t low enough to incentivize robust buying activity.”
