Home Sales Activity in Metro Vancouver and Fraser Valley Reflect Buyers’ Market
Recent reports from the real estate sectors of Metro Vancouver and the Fraser Valley continue to point towards a buyers’ market, offering potential buyers a favorable environment for purchasing a home this fall.
According to the September report from the Greater Vancouver Realtors, home sales have decreased compared to August but have risen significantly from the same period last year. The recent policy rate cut by the Bank of Canada on September 17 has further fueled optimism among buyers for the upcoming fall market. Andrew Lis, the director of economics and data analytics at GVR, mentioned that lowering prices, high inventory levels, and attractive borrowing costs are creating ample opportunities for homebuyers in the current market scenario.
In contrast, the Fraser Valley Real Estate Board reported a 3% increase in sales from August, despite a year-over-year decrease. Tore Jacobsen, the FVREB chair, noted that while economic uncertainty has had an impact on the Fraser Valley market, some buyers are showing renewed interest, signaling a positive trend for the fall season.
Notably, the benchmark price for a single-family detached home in the Fraser Valley dropped by 1.2% to $1,420,000 in August, while in Metro Vancouver, the price decreased by 0.9% to $1,933,100.
Keyphrase: Vancouver housing market trends