Lower Mainland condominium-apartment sales declined significantly between January and August, according to Remax.

Three Bank of Canada interest-rate cuts have had little effect on the Greater and the Fraser Valley condo sectors, said the company. Sales were well down from the same period a year earlier.

(Most real estate company reports cover the two areas in one blanket report, calling the region the Greater Vancouver or Metro Vancouver, and include Fraser Valley statistics. But in this case, Remax, categorized the Fraser Valley as a separate area and provided statistics for both Greater Vancouver and the valley. Together, the two areas effectively comprise the entire Lower Mainland.)

The company’s recently released condo report shows that sales in Greater Vancouver declined 8% year-over-year to 9,248. Meanwhile, Fraser Valley sales fell 8.5% year-over-year to just 3,130.

“Home-buying activity started with a bang in both Greater Vancouver and the Fraser Valley this year as the anticipation of interest rate cuts in April fuelled momentum,” said Remax. “When it became evident that interest rates would hold steady until June or July, the wind was sucked from the market sales.”

Conversely, the Fraser Valley saw the biggest year-over-year increase in condo listings in the country: 58.7%.

Several areas in Greater Vancouver experienced sales increases, including Port Coquitlam and New Westminster. Although more interest-rate cuts are likely, prospective buyers are still “skittish,” and would-be sellers are reluctant to list their homes because they are afraid of leaving money on the the table.

But buyers and sellers who swing deals now could be in a better position than those who wait until spring, when the number of prospective purchasers is On the whole, Remax found that sellers are returning to the market in droves across Canada.

Remax Canada President Christopher Alexander called current lull in sales “the calm before the storm.” He expects pent-up demand to fuel stronger market activity, especially at entry-level price points as first-time buyers and investors pursue “affordable” condominium product.

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