Sustained elevated inventories soften Fraser Valley home prices further, spurring bump in sales

Home prices in the Fraser Valley continued their downward trend in September, marking the sixth straight month of declines, amid high inventory.

The Benchmark price for a typical home in the Fraser Valley dropped one per cent in September to $926,300, down 5.4 per cent year-over-year. The continued softening of prices may be encouraging some buyers back into the market, as the Fraser Valley Real Estate Board recorded 962 sales on its Multiple Listing Service® (MLS®) in September, an increase of three per cent over August. September sales were down two per cent year-over-year and 28 per cent below the 10-year average.

“As prices continue to weaken, the market is showing hopeful signs of renewed confidence,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “While recent economic uncertainty seems to have weighed more heavily here in the Fraser Valley, some buyers are beginning to re-engage in the market, a positive signal heading into the fall.”

After sitting out for part of the summer, sellers reemerged in September, with new listings up 23 per cent month-over-month to 3,447; up three per cent year-over-year. Overall inventory remains at decade-high levels, with 10,583 active listings, up one per cent from August and up 17 per cent from September 2024.

The Fraser Valley remains entrenched in a buyer’s market with an overall sales-to-active listings ratio of nine per cent in September. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

Across the Fraser Valley in September, the average number of days to sell a single-family detached home was 37 days; while for a townhome it was 38 days. Condos took, on average, 39 days to sell.

“It is unreasonable to single out any one factor or policy driving today’s market dynamics,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “That said, there is a growing consensus within the housing and development sector calling for greater measures to incentivize investors to help drive new supply growth, which would certainly have a positive impact on affordability.”