Market Update & Interest Rate Held at 5%

(September 07, 2023 )

The Fraser Valley Real Estate Board (FVREB) released the latest housing market statistics for August earlier this week showing a slight drop in real estate sales for the second month in a row in the Fraser Valley.
We took a closer look at the statistics for the Langley area below. While Home sales were slow in Langley last month, the Benchmark price has now surpassed that of August 2022. Condo sales were up last month 56% in Langley over the same time last year, and the Benchmark price has surpassed August 2022 as well.

With the Bank of Canada's decision yesterday to hold the interest rate at 5%, the fall months could be quite busy for real estate.

“We expect to see market activity pick up heading into the fall months,” said FVREB CEO, Baldev Gill.

For a more detailed look at your neighbourhood, call Joanne Bonetti 604-309-5453 or visit our website for up-to-date market information