This was despite a consistently depleted inventory of homes
Despite consistently depleted supply, housing sales in the Fraser Valley “remained steady” last month as buyers took advantage of the Bank of Canada’s rate freeze, according to the region’s top housing industry association.
A total of 1,554 residential sales were completed in the market in April, a level that was “virtually unchanged” from March and just 5.1% lower on a year over year basis, new data from the Fraser Valley Real Estate Board showed.
The region saw 2,478 new residential listings in April, down by 3.2% monthly and down by 31.6% annually. The FVREB said that total active inventory stood at 4,632 units, up by 2.2% from March but down by 14% from April 2022.
“Buyers are continuing to find opportunities in the Fraser Valley, even in the face of lower inventories,” said Narinder Bains, chair of the FVREB. “With prices remaining strong, we expect to see inventories increase over the coming months as sellers seek to capitalize on price growth after sitting out for so long.”
On a monthly basis, the composite benchmark home price grew by 2.8% to reach $992,000, with single-family detached homes posting a price increase of nearly 4% during the same period.
“Our members are starting to see a rise in multiple offers on properties as the spring market kicks in,” said Baldev Gill, CEO of the FVREB.