Inventory of homes in the Fraser Valley reached its highest level of 2016 in September as sales eased.
There were 1,035 sales through the MLS of Fraser Valley Real Estate Board, down 24.4 per cent year-over-year, down 23 per cent compared to August 2016 and below the 10-year average for the month.
“What we’re experiencing is an environment where the summer sizzle has ceased, and demand is producing numbers in-line with what we’ve seen historically. It seems dramatic, as would anything else that wasn’t the incredible, continuous uptick we’ve seen for the last eighteen months,” said Charles Wiebe, Board President.
Inventory reached 6,422 despite the lowest number of new listings for 7 months. That’s a rise of 4.6 per cent compared to the previous month and up 9.2 per cent year-over-year.
The benchmark price of single-family homes in the Fraser Valley soared 37.7 per cent year-over-year to $878,100; townhomes were up 35.8 per cent to $419,300; apartment prices increased 26.5 per cent to $250,000.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: