METRO VANCOUVER - Home sales in the Fraser Valley were the slowest they’ve been in May since 2001, the Fraser Valley Real Estate Board reported Tuesday.
Sales were down 15 per cent compared to sales in May last year, but up one per cent from this April.
The number of properties for sale was also the highest it’s been this year, but slightly lower than the number for sale last year.
Ron Todson, president of the FVREB, called it a “transitioning market.”
“Sales are about 20 per cent lower than normal for this time of year, while the number of new listings coming on stream is right on average,” Todson said.
Despite the low numbers of sales, prices are stable in the Fraser Valley, Todson said. The benchmark price of a single family detached home in the Fraser Valley was $549,200 in May, an increase of 0.2 per cent from the same month last year. The benchmark price of a townhouse is $298,000, down 2.9 per cent year-over-year, while the benchmark price of an apartment was virtually unchanged at $203,400.
FVREB covers North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.
The numbers from the Real Estate Board of Greater Vancouver are expected this afternoon.
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