Despite abundant inventory and lower prices, home sales in the Fraser Valley continue to be slow.
That’s according to the latest monthly market report from the Fraser Valley Real Estate Board (FVRB), which notes sales this June had not changed as economic uncertainty continued to be the main driver in buying decisions.
The report notes sales on the Multiple Listing Service (MLS) last month were up one per cent from May, but nine per cent below sales from June 2024, and 33 per cent below the 10-year average.
The Fraser Valley remains in a buyer’s market with the supply of available homes continuing to build.
Active listings approached 11,000 in June, a two per cent increase over this May, and 30 per cent above levels from this time last year.
“For buyers who can tolerate the current economic uncertainty, this market offers some very real opportunities,” said Tore Jacobsen, FVRB Chair, in a news release. “With more homes to choose from and softening prices, it’s a uniquely favourable time to make a move in the Fraser Valley, particularly for first-time buyers.”
Baldev Gill, FVRB CEO, said it may be an opportunity for government to revisit policy decisions of the past, which may have served their purposes under different market conditions.
There have been recent calls by some in the real estate industry for opening back parts of the market to foreign investment or buyers.
According to the FVRB, the June 2025 benchmark price for a single-detached house in North Delta was $1,323,600, unchanged from the previous month, while down almost nine per cent from the June 2024.
The benchmark price last month for a North Delta townhouse and condo was $921,900 and $558,000 respectively, both down five per cent from the previous year.
