Real estate groups in Metro Vancouver, Fraser Valley predicting stronger fall market

Home sales activity in Metro Vancouver and the Fraser Valley still indicates a buyers’ market, according to monthly reports.

The Greater Vancouver Realtors report for September shows sales down from August, but up year-over-year from the previous September.

The group says the Bank of Canada’s policy rate cut on Sept. 17 should make buyers optimistic about the fall market.

“Easing prices, near-record high inventory levels, and increasingly favourable borrowing costs are offering those looking to purchase a home this fall with plenty of opportunity,” said Andrew Lis, GVR’s director of economics and data analytics.

Meanwhile, the Fraser Valley Real Estate Board says sales were up 3 per cent from August, but down year-over-year.

“While recent economic uncertainty seems to have weighed more heavily here in the Fraser Valley, some buyers are beginning to re-engage in the market, a positive signal heading into the fall,” said Tore Jacobsen, FVREB chair.

The benchmark price for a single-family detached home in the Fraser Valley dropped 1.2 per cent to $1,420,000 in August. The price in Metro Vancouver dropped 0.9 per cent to $1,933,100.