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.
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.
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.
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.
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.