Metro Vancouver and Fraser Valley homebuyers still hesitant despite Bank of Canada rate cuts

Homebuyers in Metro Vancouver and Fraser Valley remain hesitant despite recent Bank of Canada rate cuts. July 2024 saw home sales drop 5% in Metro Vancouver and 7% in Fraser Valley compared to previous months, with both regions experiencing significant increases in available listings. Benchmark home prices have slightly decreased, with the overall price in Fraser Valley falling below $1 million for the first time since January 2024. Market conditions are balanced, but challenges like high interest rates and the mortgage stress test continue to affect first-time buyers.