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Fraser Valley home sales see 2nd slowest April in 10 years

Click to play video: 'Buyer’s market as some Metro Vancouver condo prices coming down' Buyer’s market as some Metro Vancouver condo prices coming down
WATCH: Metro Vancouver is finally getting a break on real estate: the latest figures show April sales at nearly 50 per cent below the ten-year average. As Aaron McArthur reports, at least one new condo development is even offering discount prices – May 3, 2019

The Lower Mainland real estate slowdown isn’t just hitting Metro Vancouver as both sales and prices slipped in the Fraser Valley in April.

The Fraser Valley Real Estate Board (FVREB) says April 2019 was its second slowest April in a decade.

READ MORE: Metro Vancouver home prices slide again, April sales 43% below 10-year average

The valley saw sales drop 19 per cent over April 2018, though the region did get a spring bump of 13 per cent from March of this year.

Sales aren’t the only thing softening in the region.

Fraser Valley Real Estate Board

The benchmark price of a detached home in the Fraser Valley was $964,600, down 4.8 per cent from April 2018 and up 0.2 per cent from March 2019.

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For townhouses, the benchmark price sat at $521,800, down 5.1 per cent year over year and up 0.9 per cent from March 2019.

READ MORE: Metro Vancouver home prices dip again in March, sales at historic low — real estate board

The benchmark price for an apartment was $420,700, down six per cent year over year and up 0.6 per cent from March 2019.

As in Metro Vancouver, the slowing market is also causing inventory to pile up, with an 18 per cent jump in new listings over March of this year and a one per cent bump from April of last year.

Total listings were up 12 per cent from March of this year and a whopping 38.9 per cent from last April.

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