The Fraser Valley housing market in 11 charts — July, 2024

House prices start to dip in the western Fraser Valley

This story first appeared in the July 10, 2024, edition of the Fraser Valley Current newsletter. Subscribe for free to get Fraser Valley news in your email every weekday morning.

Housing is still expensive, but home prices have actually begun to decline—at least in the western part of the valley, according to figures released by local real estate boards.

With fewer sales, compared to the numbers of homes for sale, the increase in supply may be making a dent in local house prices. We have compiled 11 different custom charts on the state of the local housing market to look at what is happening.

This new feature will be a recurring segment in The Current, but the charts are still a work in progress, so let us know what other data you might like to see.

If you want the raw data you can find it here: Fraser Valley Real Estate Board | Chilliwack and District Real Estate Board.

Benchmark prices for typical homes

The “benchmark price” reflects the going rate for a “typical” detached house, townhome, or apartment, as defined by each real estate board. This is an attempt to create an apples-to-apples price comparison. You can see how the Chilliwack real estate board describes its benchmark detached house here.

In Langley and Abbotsford, benchmark prices and other measures have begun to dip. Although home prices in Mission and Chilliwack have remained largely steady, those housing markets often eventually follow trends in communities closer to Vancouver.

City-by-city

Benchmark prices can be relatively slow to adjust to changes in the market, but avoid other factors that can skew raw measures, including the median and average prices of homes.

The median is the price of the detached home/apartment/townhome that is in the middle of the month’s tally—half the homes sold were more expensive and half were less expensive. The “average” is a simple mean, where you add all the prices together and divide them by the number of houses.

Both measures provide broad and early indications about the status of the housing market, but can be distorted by the composition of the homes sold in a given month. If an abnormally large number of older (or newer) homes sell in a particular month, that can cause both numbers to change, even if house prices as a whole are static. But that flaw can also be an asset: those figures also suggest when buyers are seeking out homes in certain price ranges. That, in turn, can impact prices as a whole.

In Abbotsford and Langley, prices have broadly fallen compared to the spring, though Langley’s apartment market could be an exception.

Sales and listings

These charts compare the number of new listings to the number of sales in each communities. The larger the pale-green slice of the pie, the more competition there is for each type of home. Across the valley, fewer homes are being sold for each new listing, suggesting a weakening of the housing market.

This story first appeared in the ____ edition of the Fraser Valley Current newsletter. Subscribe for free to get Fraser Valley news in your email every weekday morning.

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