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Slower seasonal sales helped build inventory to its highest level since September 2019 in theFraser Valley in May, creating more balanced market conditions for home buyers and sellers.

The Fraser Valley Real Estate Board recorded 1,273 sales on its Multiple Listing Service (MLS®) in August 2023, a decrease of 6.9 per cent compared to July.

After five months of successive increases, real estate sales in the Fraser Valley dropped in response to a combination of continued rising interest rates and the summer sales cycle.

The Fraser Valley real estate market saw strong sales activity in June with levels on par with the 10-year average for the month, amid on-going challenges with supply.

The Fraser Valley real estate market saw an injection of supply in May as new listings surged by more than 40 per cent over April.

Despite inventory shortfalls, housing sales in the Fraser Valley remained steady in April as buyers took advantage of the interest rate hike pause.

House prices in the Fraser Valley posted a slight but positive bump in February after nearly a year of month-over month decreases.

The downward trend in Fraser Valley real estate sales continued in January as further interest rate hikes kept buyers sidelined.

The average sale price of a Canadian home sat at $626,318 last month, a 12 per cent drop from December 2021, reports the CREA.

The Fraser Valley Real Estate Board (FVREB) processed 716 sales on its Multiple Listing Service® (MLS®) in December 2022, down 14.7 per cent from November.