{"id":24579,"date":"2024-09-10T11:11:11","date_gmt":"2024-09-10T18:11:11","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=24579"},"modified":"2024-09-10T08:53:32","modified_gmt":"2024-09-10T15:53:32","slug":"interest-rate-cuts-will-lead-to-more-homes-being-built-busier-market-in-fraser-valley","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/09\/interest-rate-cuts-will-lead-to-more-homes-being-built-busier-market-in-fraser-valley\/","title":{"rendered":"Interest Rate Cuts will Lead to More Homes Being Built &#038; Busier Market in Fraser Valley"},"content":{"rendered":"<p style=\"text-align: justify;\">Housing sales did not pick up in August across Langley, but a regional builder says interest rate cuts will likely lead to a busier market in 2025.<\/p>\n<p style=\"text-align: justify;\">The Fraser Valley Real Estate Board (FVREB) released their monthly statistics on sales and home listings for August on Sept. 4, showing that Langley had yet another slow month.<\/p>\n<p style=\"text-align: justify;\">There were 75 sales of single-family homes in Langley in August, down 9.6% from the previous year, and down 3.8% from July.<\/p>\n<p style=\"text-align: justify;\">Townhouses saw just 63 sales, an 18.2% decline from the same month last year, and a whopping 40% drop from July&#8217;s sales numbers. There were 86 condos sold, which was down 14% from the previous August, and 10.4% down from July&#8217;s numbers.<\/p>\n<p style=\"text-align: justify;\">The number of homes listed for sale remained much higher than a year ago, but were largely flat compared to July.<\/p>\n<p style=\"text-align: justify;\">There were 463 single family homes listed for sale in Langley, 33.8% more than in the same month last year, down 3.9% from July. A total of 248 townhouses were listed, 83.7% more than a year ago, and up 2.1% from July. As for condos, 401 were listed, 54.8% more than in August 2023, and up 2.3% from July.<\/p>\n<p style=\"text-align: justify;\">The relatively slow sales and decent selection may have resulted in prices only rising slightly, or staying close to flat, for all three housing types.<\/p>\n<p style=\"text-align: justify;\">The benchmark price for a single family home in Langley was $1,647,300 in August, up just 1.2% from the same month last year. Townhouses rose 2.6% year-over-year, to $884,700, and condos inched up 0.% over the same period, at a benchmark of $611,600.<\/p>\n<p style=\"text-align: justify;\">The same day the FVREB released its newest data, the Bank of Canada announced its third interest rate cut of the year, reducing its key overnight lending rate to 4.25%.<\/p>\n<p style=\"text-align: justify;\">Derek Fenton, a vice-president at homebuilder Zenterra Developments, noted that the difference for people shopping for a mortgage last week, versus this week, will be minimal. The interest rate cut was widely expected and &#8220;most of it was priced-in,&#8221; said Fenton.<\/p>\n<p style=\"text-align: justify;\">But the bigger picture is that the overall sentiment is that inflation is under control. The Bank of Canada has signalled that more rate cuts are likely.<\/p>\n<p style=\"text-align: justify;\">In the near term, that means people will be able to qualify for mortgages worth more than they would have been able to a year ago.<\/p>\n<p style=\"text-align: justify;\">&#8220;People were looking for a sign, and people were looking for direction,&#8221; said Fenton.<\/p>\n<p style=\"text-align: justify;\">He said that the market this fall will be very telling for local housing.<\/p>\n<p style=\"text-align: justify;\">For builders, it means sales will go up, which makes it easier to get new housing projects started.<\/p>\n<p style=\"text-align: justify;\">&#8220;It&#8217;s going to lead to more homes being built,&#8221; said Fenton.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.langleyadvancetimes.com\/local-news\/housing-close-to-buyers-market-in-fraser-valley-7518055\" target=\"_blank\" rel=\"noopener\">Housing Close to Buyers Market in Fraser Valley<\/a> by Matthew Claxton | Langley Advance Times<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Housing sales did not pick up in August across Langley, but a regional builder says interest rate cuts will likely lead to a busier market in 2025. The Fraser Valley &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/09\/interest-rate-cuts-will-lead-to-more-homes-being-built-busier-market-in-fraser-valley\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,13],"tags":[],"class_list":["post-24579","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Interest Rate Cuts will Lead to More Homes Being Built &amp; Busier Market in Fraser Valley &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2024\/09\/interest-rate-cuts-will-lead-to-more-homes-being-built-busier-market-in-fraser-valley\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Interest Rate Cuts will Lead to More Homes Being Built &amp; Busier Market in Fraser Valley &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Housing sales did not pick up in August across Langley, but a regional builder says interest rate cuts will likely lead to a busier market in 2025. 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