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Interest rate cut fails to boost Langley housing sales

Slow pace of sales continued through June
Home sales remained sluggish and prices were mostly flat in Langley through June.

Langley didn't see a big increase in home sales in June, despite the Bank of Canada cutting interest rates early in the month.

According to the Fraser Valley Real Estate Board's (FVREB) monthly statistics, home sales across the region were 30 per cent below this time last year, as well as 30 per cent below the 10-year sales average.

"There's not a lot of movement in the market," said local realtor David Tsen. 

He noted that in Willoughby in June, usually a very hot market, just 10 to 12 single family homes sold. Most of the sales are at the lower price end, in condos, townhouses, and lower-priced houses.

Despite more homes still coming up for sale, and fewer of them finding buyers, prices stayed fairly flat.

“With seasonally slow sales in June and a steady increase in inventory, we’d expect to see affordability improve,” said Jeff Chadha, chair of the FVREB. “However, prices in the Fraser Valley remained relatively flat."

He said that despite slow sales, well-priced properties were finding buyers in about three to four weeks.

In Langley, sales of detached houses were down much more sharply than sales of condos and townhouses.

In June, 99 single-family homes sold in Langley, down 39.3 per cent from the same month last year. That was also down 23.3 per cent from May's sales.

There were 84 townhouses sold in Langley in June, a 21.5 per cent drop year-over-year, and down 3.4 per cent from May. 

Condo sales came in at 104 for June, down 21.8 per cent from June 2023, but up 6.1 per cent from May's numbers.

The price of a typical home has also barely budged, even as inflation has been higher than normal for the last few years.

The benchmark price – the average price for a "typical" dwelling – for a single family home in Langley was $1,637,500 in June, up 2.3 per cent from the year before, and down 0.8 per cent from May. The benchmark for townhouses was $872,600, up 3.2 per cent year-over-year, down 0.2 per cent from a month before. Condo prices were at $618,100, up 2.4 per cent from June 2023, and down 0.3 per cent from May.

The number of homes actively listed for sale was still much higher than at this time last year, although the number of new listings dipped from May.

There were 457 single family homes listed for sale in June, 45.5 per cent more than last year, 252 townhouses, 93.8 per cent more than May 2023, and 356 condos, up 63.3 per cent year-over-year.

There had been some hope among those selling homes that the quarter-point interest rate cut by the Bank of Canada in June would have sparked more interest from home buyers. But Tsen said it wasn't enough.

"We probably need another half per cent or a full per cent," he said.

For those who absolutely have to sell their homes because of major life events, the market is not great if they bought in the last four years, when prices were at their peak.

"A lot of them are selling at a loss," Tsen said.



Matthew Claxton

About the Author: Matthew Claxton

Raised in Langley, as a journalist today I focus on local politics, crime and homelessness.
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