Mission Real Estate Statistics: June 2024
Despite a recent policy rate cut of 25 basis points by the Bank of Canada on June 5, Fraser Valley home sales experienced a decline. In June, the Fraser Valley Real Estate Board recorded 1,317 sales, a decrease of 13% from May and over 30% from June 2023. This drop reflects ongoing market adjustments and a cautious approach from buyers amid changing economic conditions.
The market saw a significant increase in inventory, marking the sixth consecutive month of rising numbers. Active listings hit 8,350 in June 2024, the highest they’ve been in five years, showing a 41% increase compared to June 2023. New listings, however, dropped by 16% from May, resulting in 3,418 new listings for the month.
Jeff Chahal, Chair of the Fraser Valley Real Estate Board, highlighted the seasonal slowdown typically seen in June, coupled with affordability challenges. Nevertheless, the current market offers ample opportunities for well-prepared buyers, especially with homes selling within two weeks of listing.
Pricing Trends
The benchmark prices across various property types showed minimal fluctuations:
• Single Family Detached Homes: The benchmark price stood at $1,528,900, a decrease of 3.2% from June 2023.
• Townhomes: The benchmark price was $851,100, reflecting a slight decrease of 0.3% from June 2023.
• Apartments: The benchmark price for apartments was $551,100, down 0.7% from May 2024 and 0.4% from June 2023.
The overall average price for properties in the Fraser Valley was $1,010,994, indicating a subtle market correction.
Local Insights
Breaking down the statistics by areas:
• Abbotsford: Recorded 74 sales, with a median price for single-family homes at $1,027,500.
• Mission: Had 32 sales, with the benchmark price for single-family homes at $1,055,000.
What This Means For You
For potential homebuyers, the current market offers a window of opportunity with increased inventory and stable pricing. It’s a buyer’s market, especially for those ready to act swiftly. Sellers, on the other hand, should focus on presenting their properties in the best possible light to attract the right buyers quickly.
For investors, the current trend indicates a more balanced market with potential for long-term gains, particularly in areas showing stable price movements and consistent demand.
The Fraser Valley real estate market in June 2024 presents a mixed bag of opportunities and challenges. With the Bank of Canada’s rate cut yet to fully impact the market, we anticipate potential shifts in buyer activity in the coming months.
Whether you’re buying, selling, or investing, I’m here to guide you every step of the way. Feel free to reach out if you have any questions or need advice — 604 302 0177 or [email protected]. Let’s talk!