{"id":24728,"date":"2024-10-04T10:10:48","date_gmt":"2024-10-04T17:10:48","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=24728"},"modified":"2024-10-04T08:38:42","modified_gmt":"2024-10-04T15:38:42","slug":"fraser-valley-housing-market-factors-in-affordability-challenges-the-anticipation-of-more-interest-rate-cuts","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/10\/fraser-valley-housing-market-factors-in-affordability-challenges-the-anticipation-of-more-interest-rate-cuts\/","title":{"rendered":"Fraser Valley Housing Market Factors in Affordability Challenges &#038; The Anticipation of More Interest Rate Cuts"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2014 With active inventories hitting levels not seen in 10 years and sales 30% below the 10-year average, Fraser Valley real estate is building towards a buyer\u2019s market if sales continue to lag.<\/p>\n<p style=\"text-align: justify;\">The Fraser Valley Real Estate Board recorded 982 sales in September, down by 8% over August and by more than 10% over September 2023. Again, seasonally adjusted sales were the second slowest in a decade in the Fraser Valley.<\/p>\n<p style=\"text-align: justify;\">\u201cWith three rate cuts already and more expected before the end of the year, buyers are watching the market closely to time their purchasing decisions,\u201d said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. \u201cThe current conditions should favour buyers, particularly in the detached market, however until we start to see some movement in asking prices, properties will continue to sit on the market for extended periods as both buyers and sellers await the next rate announcement.\u201d<\/p>\n<p style=\"text-align: justify;\">New listings rose in September, up 21% to 3,352, an increase of 17% year-over-year. Overall inventory increased five per cent from August to September to 9,045, up 39% over last year. The combination of declining sales and rising inventories has helped to create balanced, and in some cases, buyers\u2019, market conditions in the Fraser Valley.<\/p>\n<p style=\"text-align: justify;\">\u201cWe know the demand is there among Fraser Valley buyers,\u201d said Baldev Gill, CEO of the Fraser Valley Real Estate Board. \u201cAfter months on the sidelines, buyers want to get into the market but many also need to sell before they can buy. When you factor in affordability challenges and the anticipation of more interest rate cuts, we are seeing persistent weakness in the market. In conditions like these, we encourage buyers and sellers alike to talk to their REALTOR\u00ae to assess the risks and opportunities before making a decision.\u201d<\/p>\n<p style=\"text-align: justify;\">Across the Fraser Valley in September, the average number of days to sell a single-family detached home was 35, while for a condo it was 37. Townhomes took, on average, 30 days to sell.<\/p>\n<p style=\"text-align: justify;\">Benchmark prices in the Fraser Valley dipped again in September, with the composite Benchmark price down 1.4% to $978,800.<\/p>\n<p style=\"text-align: justify;\"><strong>MLS\u00ae HPI Benchmark Price Activity<\/strong><\/p>\n<p style=\"text-align: justify;\">\u2022 Single Family Detached : At $1,501,100, the Benchmark price for an FVREB single-family detached home decreased 1.5% compared to August 2024 and decreased 1.3% compared to September 2023.<br \/>\n\u2022 Townhomes : At $834,400, the Benchmark price for an FVREB townhome decreased 1.4% compared to August 2024 and decreased 1.6% compared to September 2023.<br \/>\n\u2022 Apartments : At $545,000, the Benchmark price for an FVREB apartment\/condo decreased 0.2% compared to August 2024 and increased 0.4% compared to September 2023.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/Package202409.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the September 2024 stats package.<\/p>\n<p><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/sluggish-sales-and-rising-inventories-see-fraser-valley-moving-toward-a-buyers-market\/\" target=\"_blank\" rel=\"noopener\">Sluggish Sales and Rising Inventories See Fraser Valley Moving Toward A Buyer&#8217;s Market<\/a> by FVREB<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2014 With active inventories hitting levels not seen in 10 years and sales 30% below the 10-year average, Fraser Valley real estate is building towards a buyer\u2019s market &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/10\/fraser-valley-housing-market-factors-in-affordability-challenges-the-anticipation-of-more-interest-rate-cuts\/\">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-24728","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>Fraser Valley Housing Market Factors in Affordability Challenges &amp; The Anticipation of More Interest Rate Cuts &#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\/10\/fraser-valley-housing-market-factors-in-affordability-challenges-the-anticipation-of-more-interest-rate-cuts\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Fraser Valley Housing Market Factors in Affordability Challenges &amp; 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