Fraser Valley real estate sales fall double digits despite Bank of Canada interest rate cut
FRASER VALLEY — Fraser Valley real estate sales fell last month despite a policy rate cut of 25 basis points instituted by the Bank of Canada on June 5.
According to a news release Wednesday (July 3), the Fraser Valley Real Estate Board says it recorded 1,317 real estate transactions in June, a drop of 13 per cent from May 2024 and a 30 per cent drop over both last year and the 10-year seasonal mark.
As sales remain soft, inventory continues to build for the sixth straight month to 8,350 active listings. Active listings increased 41 per cent over June 2023 and are the highest they’ve been in five years.
“With seasonally slow sales in June and a steady increase in inventory, we’d expect to see affordability improve,” said Jeff Chadha, chair of the Fraser Valley Real Estate Board. “However, prices in the Fraser Valley remained relatively flat. That said, despite slow sales, properties that are well-priced are finding buyers, and are subsequently selling within three to four weeks.”