{"id":2137,"date":"2024-09-30T13:37:51","date_gmt":"2024-09-30T17:37:51","guid":{"rendered":"https:\/\/www.caianderson.com\/blog\/?p=2137"},"modified":"2024-10-01T15:28:09","modified_gmt":"2024-10-01T19:28:09","slug":"sales-continue-to-plunge","status":"publish","type":"post","link":"https:\/\/www.caianderson.com\/blog\/2024\/09\/30\/sales-continue-to-plunge\/","title":{"rendered":"Sales Continue to Plunge"},"content":{"rendered":"\n

The Fraser Valley housing market hit the brakes in August as buyers continue to face affordability challenges. <\/p>\n\n\n\n

In August, we saw 1,067 sales<\/strong>\u2014that\u2019s down 13%<\/strong> from July and 30%<\/strong> below the 10-year seasonal average. This makes it the second slowest August in the last decade.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Canadian Sales, Seasonally Adjusted <\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Inventory Check:<\/strong> Active listings dipped slightly to 8,626<\/strong>, down 1%<\/strong> from last month but up 37%<\/strong> compared to last year. While inventory is a bit lower, the market feels like it\u2019s shifting toward a buyer\u2019s market.<\/p>\n\n\n\n

Market Trends:<\/strong> New listings dropped nearly 20%<\/strong> to 2,778<\/strong>. With a sales-to-active listings ratio of 12%<\/strong>, we\u2019re just on the edge of a buyer\u2019s market\u2014last seen in spring 2020.<\/p>\n\n\n\n

Even with two cuts to the Bank of Canada\u2019s policy rate, buyers are still feeling the pinch of high prices. Many are struggling to buy their first home or move up the ladder, which is reflected in these slower sales.<\/p>\n\n\n\n

Baldev Gill, CEO of the FVREB, added, \u201cA lot of buyers are holding off, hoping for more rate cuts. If you\u2019re thinking about jumping into the market, talk to your REALTOR\u00ae and lending pro to get a grip on where rates might be headed.\u201d<\/p>\n\n\n\n

Days on Market:<\/strong> On average, it took 33 days<\/strong> to sell a single-family home, 32 days<\/strong> for condos, and about 28 days<\/strong> for townhomes.<\/p>\n\n\n\n

Benchmark Prices:<\/strong> The overall Benchmark price in the Fraser Valley is now $992,800<\/strong>. Here\u2019s the breakdown:<\/p>\n\n\n\n