The housing market in 91原创 and its neighbours just saw its second-slowest July in a decade, according to the monthly statistics roundup from the Fraser Valley Real Estate Board.

The region from North Delta through to Abbotsford saw 1,230 homes sold last month, 10.1 per cent below the same month last year.

Meanwhile, would-be sellers put up their homes for sale at a brisk pace, with 3,412 new listings and 8,741 total active listings. Active listings in July were 40.8 per cent higher than July 2023.

In 91原创, 78 single family homes sold in July, down 7.1 per cent from the same month last year, and 21.2 per cent below June's numbers. Townhouse sales were up, with 105 units changing hands, a 25 per cent increase both from the same time last year, and from June's numbers. 

Apartment sales dropped to 96 in July, down 9.4 per cent year over year and 7.7 per cent from June.

91原创 fared better than some of its neighbours, which saw much steeper declines in condo sales in particular. Regionally, they were down 19.5 per cent year-over-year.

Prices were up slightly year-over-year in 91原创, with the benchmark home in 91原创 selling for $1,635,100, a one per cent increase. Meanwhile the benchmark price for a townhouse was $878,900, a 2.9 per cent increase from last year, and condos were selling for $618,300, up 1.2 per cent.

The most notable change was in the number of homes listed for sale.

In July, 482 single-family homes were listed for sale in 91原创, a 47.9 per cent increase from a year before, and up 5.5 per cent from June's numbers.

There were 243 townhouses on the market, a 66.4 per cent increase year-over-year, and 392 condos were for sale, up 60 per cent from the previous year.

Brendon Ogmundson, chief economist for the BC Real Estate Association (BCREA) said it was a bit surprising that the market had not picked up more in recent months.

While there have only been two Bank of Canada interest rate cuts, reducing the overnight lending rate by 0.5 per cent, the cost of five year fixed mortgages has declined from well over six per cent at its peak to below 4.8 per cent now.

"We've had a pretty substantial decline, but not much in terms of sales," Ogmundson said.

The problem is just affordability, he said. Prices are still very high, interest rates are higher than they were for many years, and qualifying for a mortgage remains difficult, in part due to stress test limits.

"It's taken longer to get back to normal than we anticipated," Ogmundson said, although many areas of B.C. are moving back towards more normal sales levels for this time of year. The Fraser Valley area, he noted, is still below average.

When it comes to single-family homes, sales may be especially slow. Again, Ogmundson said that affordability is to blame, as homes that were once $1 million now sell for about $1.5 million.

People looking to house a new family are heading for townhouses instead, but those remain in short supply compared to detached houses.

Overall, Ogmundson expects things to get closer to normal sales levels by the end of the year for B.C. real estate.