Fraser Valley (With files from Canadian Real Estate Wealth) – Have the new rules on realtors and foreign investors, made an impact on Fraser Valley Real Estate inventory?
According to Steve Randall at Canadian Real Estate Wealth, the answer is, well, not clear.
Fewer home sales in the Fraser Valley is allowing a build up of inventory in the region.
Sales of 1,290 units across all home types were recorded the Fraser Valley Real Estate Board’s MLS, down 33.4% year-over-year and down 11.2% month-over-month.
Active inventory grew by 3.6% month-over-month and 23.9% year-over-year to 7,399 listings. New listings gained 2,921, down 7% from the previous month and down 11.5% from July 2017.
“Despite a much healthier level of inventory, demand continues to be influenced by pricing and market barriers such as the mortgage stress test and rising interest rates,” remarked FVREB Fraser Valley Real Estate Board President John Barbisan of Sutton Realty. “On top of that, summer is busy for people and usually a slow season for real estate.”