Home buyers in the Fraser Valley have more choice heading into the spring market with inventory levels for March at the highest they’ve been in the past five years. Interestingly, even with more homes on the market, March sales were 31% below the 10-year average and the second lowest recorded for a March in a decade.
With inventory building, buyers now have more opportunities in both the detached and attached markets compared to one year ago. However, despite increased options, some buyers may still be waiting on the sidelines for the financing landscape to further settle before they feel comfortable getting back into the market. The next time the BOC meets is June 5th. There is a pretty even split between those who think rates will hold vs. those who believe we will see a rate decrease.
Active listings
Active listings were 6,197, up by 11% over last month and by 37% over March 2023.
Rising Cost of Living in BC
With the rising cost of housing and living in BC, people are turning towards other areas for both personal and investment. The Canadian population growth is the largest in Alberta.
