British Columbia: Despite a recent Bank of Canada prime interest rate cut, the Fraser Valley Real Estate Board (FVREB) and Greater Vancouver Realtors report that home sales remain sluggish. In June, Fraser Valley recorded 1,317 sales, down 13% from May and over 30% year-over-year. Inventory rose to 8,350 active listings, the highest in five years, while the benchmark price for a single-family home fell 0.1% to $1,528,900.
In Greater Vancouver, June saw 2,418 sales, a 19.1% drop from the previous year and 23.6% below the 10-year seasonal average. Inventory surged 42% year-over-year to 14,182 homes. The composite benchmark home price was $1,207,100, up 0.5% from last year but down 0.4% from May. Realtors advise buyers and sellers to consult professionals due to the uncertain market conditions.