Some warm April weather was not enough to lure potential home buyers off the sidelines, as the number of homes sold in 91原创 continued dropping, according to statistics released by the Fraser Valley Real Estate Board (FVREB). 

There were 1,043 sales in April across the region from North Delta through to Mission and Abbotsford, an increase of just one per cent from March, and 29 per cent below sales numbers seen in April 2024.

Meanwhile, the number of homes for sale continues to rise, with more than 10,000 homes listed on the market.

鈥淭ariffs and economic uncertainty continue to weigh heavily on the minds of home buyers in the Fraser Valley,鈥� said Baldev Gill, CEO of the FVREB. 鈥淗owever, with the federal election now behind us and a new administration in place, there鈥檚 cautious optimism that a fresh approach to strengthening the economy could be on the way, which is welcome news for the real estate sector.鈥�

The ratio of sales to listings was at 10 per cent in April, well into what is considered "buyers market" territory. Despite this, and a slump that is now several months old, home prices still haven't budged much. 

The composite benchmark price (the benchmark price is the average price of a "typical" home of its type) was down just 0.2 per cent in April across the region.

91原创 realtor Kim Phillips said she and her team are extremely busy listing homes and holding open houses.

There is more inventory than she's seen in a very long time, Phillips said.

Although the official numbers aren't seeing a dip in prices, Phillips said she is seeing the cost come down.

Phillips is not optimistic about a sudden turnaround this summer.

"I think it's going to be sluggish" she said.

The biggest factor is that people can't afford to buy anything without first selling their own home.

One of the biggest changes in the local market reacently is that a lot of home purchases are being made "subject to sale." In other words, the buyer will only finalize the contract if they manage to sell their own home.

A few years ago, no one worried about that, since selling a home was relatively easy.

In 91原创, sales were down significantly across all three types of housing.

Just 67 single-family homes sold in 91原创 in April, a 34.3 per cent decline from April 2024, and down 15.2 per cent from the 79 houses that sold in March of this year.

As for townhouses, 76 sold in April, a 28.3 per cent drop from a year before, and a 5.6 per cent increase from March.

There were 76 condo sales, down 24.8 per cent year-over-year, and 26.9 per cent down from the month before.

Meanwhile, the number of homes listed for sale continued to rise steadily, with 543 single-family houses for sale, up 35.4 per cent from a year ago, 310 townhouses, a 62.3 per cent year-over-year increase, and 475 condos, up 37.7 per cent year-over-year.

Prices didn't move much, with the benchmark price for a single-family home going up 0.4 per cent to $1,650,700, townhouses dropping 0.7 per cent to $861,800, and condos down 1.4 per cent to $611,200.

Mortgage rates, especially the five-year fixed rate, remain higher than during the pandemic despite recent cuts in the Bank of Canada's prime lending rate. However, organizations such as the BC Real Estate Association are forecasting some reductions over the coming year.