With active inventories hitting levels not seen in 10 years and sales 30 per cent below the 10-year average, Fraser Valley real estate is building towards a buyer’s market if sales continue to lag.

The Fraser Valley Real Estate Board recorded 982 sales in September, down by eight per cent over August and by more than 10 per cent over September 2023. Again, seasonally adjusted sales were the second slowest in a decade in the Fraser Valley.

“With three rate cuts already and more expected before the end of the year, buyers are watching the market closely to time their purchasing decisions,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “The current conditions should favour buyers, particularly in the detached market, however until we start to see some movement in asking prices, properties will continue to sit on the market for extended periods as both buyers and sellers await the next rate announcement.”

New listings rose in September, up 21 per cent to 3,352, an increase of 17 per cent year-over-year. Overall inventory increased five per cent from August to September to 9,045, up 39 per cent over last year. The combination of declining sales and rising inventories has helped to create balanced, and in some cases, buyers’, market conditions in the Fraser Valley.

“We know the demand is there among Fraser Valley buyers,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “After months on the sidelines, buyers want to get into the market but many also need to sell before they can buy. When you factor in affordability challenges and the anticipation of more interest rate cuts, we are seeing persistent weakness in the market. In conditions like these, we encourage buyers and sellers alike to talk to their REALTOR® to assess the risks and opportunities before making a decision.”

Across the Fraser Valley in September, the average number of days to sell a single-family detached home was 35, while for a condo it was 37. Townhomes took, on average, 30 days to sell.

Benchmark prices in the Fraser Valley dipped again in September, with the composite Benchmark price down 1.4 per cent to $978,800.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,501,100, the Benchmark price for an FVREB single-family detached home decreased 1.5 per cent compared to August 2024 and decreased 1.3 per cent compared to September 2023.

• Townhomes: At $834,400, the Benchmark price for an FVREB townhome decreased 1.4 per cent compared to August 2024 and decreased 1.6 per cent compared to September 2023.

• Apartments: At $545,000, the Benchmark price for an FVREB apartment/condo decreased 0.2 per cent compared to August 2024 and increased 0.4 per cent compared to September 2023.

The Fraser Valley residential resale market slowed again in August, as homebuyers continue to face affordability challenges.

The Fraser Valley Real Estate Board recorded 1,067 sales in August, down by 13 per cent over last month and by 30 per cent over the 10-year seasonal average. August sales were the second slowest seasonally adjusted sales in a decade.

Inventory levels in the Fraser Valley dipped slightly in August with active listings at 8,626, down one per cent from July, but 37 per cent higher than August 2023.

“Despite two policy rate cuts by the Bank of Canada, buyers are still feeling the squeeze of overall affordability challenges in BC,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “With prices for single-family homes, townhouses and condos holding relatively flat year-over-year, many continue to face challenges buying their first home or moving up in the market, as reflected in seasonally slow August sales.”

New listings dropped nearly 20 per cent in August, to 2,778. With a sales-to-active listings ratio of 12 per cent, overall market conditions are just shy of a buyer’s market. The market is considered balanced when the ratio is between 12 per cent and 20 per cent. The last time the Fraser Valley dipped into buyer’s market territory was spring 2020.

“Buyers continue to wait on the sidelines in anticipation of more cuts to the Bank of Canada’s policy rate,” said FVREB CEO Baldev Gill. “However, we encourage anyone looking to get into the market to speak with their REALTOR® and lending professional to fully understand where interest rates may be heading in the coming months to determine the optimal long-term strategy.”

Across the Fraser Valley in August, the average number of days to sell a single-family detached home was 33, while for a condo it was 32. Townhomes took, on average, 28 days to sell.

Benchmark prices in the Fraser Valley dipped again in August, with the composite Benchmark price at $992,800.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,523,500, the Benchmark price for an FVREB single-family detached home decreased 0.4 per cent compared to July 2024 and decreased 0.4 per cent compared to August 2023.

Townhomes: At $846,300, the Benchmark price for an FVREB townhome decreased 0.3 per cent compared to July 2024 and increased 0.1 per cent compared to August 2023.

Apartments: At $546,200, the Benchmark price for an FVREB apartment/condo decreased 0.9 per cent compared to July 2024 and decreased 0.8 per cent compared to August 2023.

Sluggish seasonally-adjusted sales and a continued rise in inventory has the Fraser Valley market slowly shifting to favour buyers.

The Fraser Valley Real Estate Board recorded 1,230 sales in July, down by seven per cent over last month and down by 26 per cent over the 10-year seasonal average.

Inventory levels in the Fraser Valley reached a 10-year seasonally adjusted high in July with active listings at 8,731, up 5 per cent over June and 41 per cent higher than July 2023.

“Amidst an overall balanced market, some REALTORS® are experiencing pockets within the Fraser Valley that favour buyers, where prices have come down,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “This is evident in the amount of time buyers have to view a property before considering making an offer. Properties that are well-priced are selling quickly, suggesting motivated buyers are active in the market despite the slowdown.”

New listings were flat in July, down by less than half a per cent from June, to 3,412. With a sales-to-active listings ratio of 14 per cent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“Despite back-to-back policy rate cuts by the Bank of Canada, many first-time homebuyers are still facing challenging market conditions — high interest rates, the mortgage stress test and the need for a substantial down payment,” said FVREB CEO, Baldev Gill. “While we wait for the rate cuts to take effect, we encourage anyone looking to buy or sell to speak with a professional REALTOR®, who has the knowledge and expertise to navigate the current market.”

Across the Fraser Valley in July, the average number of days to sell a single-family detached home was 31, while for a condo it was 28. Townhomes took, on average, 25 days to sell.

Benchmark prices in the Fraser Valley dipped slightly in July, with the composite Benchmark price below $1 million for the first time since January 2024. The composite Benchmark price in the Fraser Valley is $999,100 

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,529,600, the Benchmark price for an FVREB single-family detached home increased 0.1 per cent compared to June 2024 and decreased 0.5 per cent compared to July 2023.

• Townhomes: At $848,800, the Benchmark price for an FVREB townhome decreased 0.3 per cent compared to June 2024 and decreased 0.1 per cent compared to July 2023.

• Apartments: At $551,000, the Benchmark price for an FVREB apartment/condo remained flat compared to June 2024 and decreased 0.3 per cent compared to July 2023.

The policy rate cut of 25 basis points by the Bank of Canada on June 5 was not enough to rally home sales in the Fraser Valley last month.

The Fraser Valley Real Estate Board recorded 1,317 sales in June, down by 13 percent over last month and by more than 30 percent over both last year and the 10-year seasonal average.

While sales remain soft, inventory continued to build for the sixth straight month to 8,350 active listings. Active listings increased 41 percent over June 2023 and are the highest they’ve been in five years.

With seasonally slow sales in June and a steady increase in inventory, we’d expect to see affordability improve,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “However, prices in the Fraser Valley remained relatively flat. That said, despite slow sales, properties that are well-priced are finding buyers, and are subsequently selling within three to four weeks.”

New listings dropped in June, down nine percent from May, to 3,418. With a sales-to-active listings ratio of 16 percent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 percent and 20 percent.

The June rate cut hasn’t been enough to get buyers off the sidelines,” said FVREB CEO, Baldev Gill. “Current market conditions are such that buyers and sellers are advised to have thoughtful conversations with their REALTOR® and lending professional, rather than relying on media reports about where interest rates may be heading in the future.

Across the Fraser Valley in June, the average number of days to sell a single-family detached home was 22, while a townhome was 20. Condos took on average, 30 days to sell.

Benchmark prices in the Fraser Valley remained relatively flat in June, with the composite Benchmark price down 0.5 percent from May and down 3.2 percent from June 2023.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,528,900, the Benchmark price for an FVREB single-family detached home decreased 0.1 percent compared to May 2024 and increased 0.5 percent compared to June 2023.

• Townhomes: At $851,100, the Benchmark price for an FVREB townhome decreased 0.3 percent compared to May 2024 and increased 0.8 percent compared to June 2023.

• Apartments: At $551,100, the Benchmark price for an FVREB apartment/condo decreased 0.7 percent compared to May 2024 and increased 0.4 percent compared to June 2023.

Slower seasonal sales helped build inventory to its highest level since September 2019 in the Fraser Valley in May, creating more balanced market conditions for home buyers and sellers. The increase in supply over the past several months has further contributed to a softening of price growth, which is good news for buyers.

Active listings increased eight percent from April to May to 7,904 — up 42 percent over May 2023 and 19 percent above the 10-year average.

Sales, however, remained seasonally slow, with 1,517 transactions on the Fraser Valley Real Estate Board’s Multiple Listings Service ® (MLS®) in May, up 3 percent from April, but down 11 percent compared to May 2023. May sales were 21 percent below the 10-year average.

“We are seeing an influx of inventory this spring, primarily due to slower than usual spring sales,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Growing inventory levels are helping to create a healthy balance in the market, giving buyers more options, especially as prices continue to flatten.”

 New listings softened in May, down five percent from April, to 3,760. With a sales-to-active listings ratio of 19 percent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 percent and 20 percent.

“While the consensus seems to indicate rate cuts in the latter half of the year, there is considerably less agreement about either magnitude or timing,” said FVREB CEO Baldev Gill. “We strongly encourage buyers to have comprehensive discussions with their REALTORS® about market conditions and how they will impact mortgage rates in the coming year.”

The average number of days townhomes and single-family detached homes are spending on the market increased slightly in May. Detached homes are spending 25 days on the market, up from 23 in April. Townhomes are spending 20 days on the market, up one day from April, and condos remain steady at 23 days on the market.

Benchmark prices in the Fraser Valley remained flat in May, with the composite Benchmark price down 0.2 percent from April and down 0.8 percent from May 2023.

 MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,530,200, the Benchmark price for an FVREB single-family detached home increased 0.2 percent compared to April 2024 and increased 2.9 percent compared to May 2023.

• Townhomes: At $853,800, the Benchmark price for an FVREB townhome decreased 0.03 percent compared to April 2024 and increased 3.4 percent compared to May 2023.

• Apartments: At $555,100, the Benchmark price for an FVREB apartment/condo decreased 0.1 percent compared to April 2024 and increased 2.9 percent compared to May 2023.

Supply of available homes in the Fraser Valley market continued to build last month, however buyers remained relatively hesitant, leading to a cooler resale market in April.

The Fraser Valley Real Estate Board recorded 1,471 transactions on its Multiple Listings Service® (MLS®) in April, up 5 percent from March, but off by 5 percent compared to April 2023

While sales were the third lowest recorded for an April in the last decade, inventory continues to build, reaching levels not seen since September 2020. Active listings were 7,313, up by 18 percent over last month and 17 percent above the 10-year average.

“We are seeing a relatively calm and balanced market right now,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Which means buyers have time to shop around and purchase a home without the pressure of a few years ago, and while prices are holding fairly steady across all property types.”

New listings helped bolster overall inventory, increasing 33 percent in April, to 3,976. With a sales-to-active listings ratio of 20 percent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 percent and 20 percent.

“There is a lot of caution in the market right now,” said FVREB CEO Baldev Gill. “Buyers are hesitant to purchase a home until the Bank of Canada lowers its rate — however we encourage anyone looking to get into the market to talk to their REALTOR® and their financial professional about what rates are available today.”

The average number of days homes are spending on the market continues to decline, with single-family detached homes spending 23 days on the market, down from 27 days in March, apartments spending 23 days on the market, down from 26 days in March and townhomes moving more quickly at 19 days, down from 20 days on the market in March.

Overall Benchmark prices edged up again in April, by 0.5 percent from March and up 1.5 percent over April 2023.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,532,700, the Benchmark price for an FVREB single-family detached home increased 1.0 percent compared to March 2024 and increased 5.3 percent compared to April 2023.
• Townhomes: At $854,700, the Benchmark price for an FVREB townhome increased 0.9 percent compared to March 2024 and increased 4.9 percent compared to April 2023.
• Apartments: At $561,900, the Benchmark price for an FVREB apartment/condo increased 1.2 percent compared to March 2024 and increased 5.7 percent compared to April 2023.

Home buyers in the Fraser Valley have more choice heading into the spring market with inventory levels for March at the highest they’ve been in the past five years.

However, March sales were slower than anticipated with 1,395 transactions recorded on the Fraser Valley Real Estate Board’s Multiple Listings Service® (MLS®), a 13 percent increase over February, but still 31 percent below the 10-year average. Sales were the second lowest recorded for a March in a decade. Active listings were 6,197, up by 11 percent over last month and by 37 percent over March 2023.

“With inventory building, buyers now have more opportunities in both the detached and attached markets compared to one year ago,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “However, despite increased options, some buyers may still be waiting on the sidelines for the financing landscape to further settle before they feel comfortable getting back into the market.”

New listings increased 7 percent in March, to 2,986 but remain 12 percent below the 10-year average. With a sales-to-active listings ratio of 23 percent, overall market conditions remain in the seller’s market territory. The market is considered balanced when the ratio is between 12 percent and 20 percent.

“Despite slower than anticipated sales in March, sellers who draw on the knowledge and expertise of a professional REALTOR® to help price their property appropriately, are, in some cases, getting multiple offers and are seeing their property move quickly,” said FVREB CEO Baldev Gill. “That’s why we always encourage buyers and sellers to work with their local REALTOR® who understands the changing market conditions and can protect their interests.”

The average number of days homes are spending on the market continues to decline, with single-family detached homes spending 27 days on the market, down from 35 days in February, apartments spending 26 days on the market, down from 29 days in February and townhomes moving more quickly at 20 days, down from 28 days on the market in February.

Overall Benchmark prices edged up again in March, by 1.4 percent from February and up 4.6 percent over March 2023.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,517,100, the Benchmark price for an FVREB single-family detached home increased 2.1 percent compared to February 2024 and increased 8.8 percent compared to March 2023.
• Townhomes: At $846,900, the Benchmark price for an FVREB townhome increased 1.9 percent compared to February 2024 and increased 7.2 percent compared to March 2023.
• Apartments: At $555,000, the Benchmark price for an FVREB apartment/condo increased 1.6 percent compared to February 2024 and increased 6.9 percent compared to March 2023.

Home sales in the Fraser Valley posted a second consecutive bump in February as new listings continue to rise and trend slightly above the 10-year seasonal average.

 The Fraser Valley Real Estate Board recorded 1,235 transactions on its Multiple Listing Service® (MLS®) in February, a 32 percent increase over January but still 21 percent below the 10-year average for sales in the region. New listings increased to 2,797 in February, up 18 percent from January and 4 percent above the 10-year average.

“There is somewhat of a buzz in the market right now,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We are seeing new listings come onto the market and REALTORS® continue to see more traffic at open houses, however, buyers are still exercising caution. We aren’t out of the woods just yet, but the signs are pointing to a further increase in activity as we head into spring.”

Active listings in February were 5,561, up by 14 percent over last month and up by 26 percent over February 2023. With a sales-to-active listings ratio of 22 percent, overall market conditions are edging into a seller’s market. The market is considered balanced when the ratio is between 12 percent and 20 percent.

“All indications suggest we will see the Bank of Canada’s overnight rate begin to decrease mid-year, which is encouraging for buyers and sellers,” said FVREB CEO Baldev Gill. “With that confidence and the spring market on the horizon, we recommend anyone looking to buy or sell to seek the knowledge and guidance of a professional REALTOR® who can provide detailed analysis and intimate knowledge of the local market.”

The average number of days homes are spending on the market is dropping, with single-family detached homes spending 35 days on the market, down from 44 days in January, apartments spending 29 days on the market, down from 41 days in January and townhomes moving more quickly at28 days, down from 33 days on the market in January.

 After six months of decreases, overall Benchmark prices posted a slight bump in February, edging up 0.9 percent from January and up 4.8 per cent over February 2023.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,485,600, the Benchmark price for an FVREB single-family detached home increased 1.3 percent compared to January 2024 and increased 8.4 percent compared to February 2023.
• Townhomes: At $831,000, the Benchmark price for an FVREB townhome increased 0.7 per cent compared to January 2024 and increased 6.7 per cent compared to February 2023.
• Apartments: At $546,100, the Benchmark price for an FVREB apartment/condo increased 1.2 percent compared to January 2024 and increased 7.2 percent compared to February 2023.

The Fraser Valley real estate market showed signs of recovery in January as home sales rose after six consecutive months of decline, and new listings more than doubled.

The Fraser Valley Real Estate Board recorded 938 transactions on its Multiple Listing Service® (MLS®) in January, a 12 percent increase over December and below the 10-year average for sales in the region.

At 2,368, new listings increased 151 percent in January, rebounding strongly from the seasonal lull seen in December. This is the largest month-over-month percentage increase in new listings in five years.

“With January sales on the rise, we are seeing hopeful signs that optimism is returning to the market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “Anticipating that we may be at the end of the Bank of Canada rate hike cycle, it appears that more buyers are considering re-entering the market as we are starting to see more traffic at open houses.”

Active listings in January were 4,877, up by 4 percent over last month and up by 18 percent over January 2023. The sales-to-active listings ratio was 19 percent, representing balanced conditions in the overall market. Detached houses are in the balanced market territory at 19 percent, while both townhomes and apartments remain in the seller’s market territory at 34 and 27 percent respectively. The market is considered balanced when the ratio is between 12 percent and 20 percent.

 “Current balanced market conditions present opportunities for both buyers and sellers,” said FVREB CEO, Baldev Gill. “In today’s market, buyers and sellers have time to get preapprovals, put together offers, and take the time needed to work through the purchase or sale of a home with the help of a knowledgeable and professional REALTOR®.”

The average number of days homes are spending on the market has been increasing since October, with single-family detached homes spending 44 days on the market, apartments spending 41 days on the market, and townhomes moving more quickly at 33 days.

Overall Benchmark prices continued to edge downward for the sixth month in a row, losing less than half a percent from December, and down six percent from the 12-month peak in July.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,466,100, the Benchmark price for an FVREB single-family detached home decreased by 0.4 percent compared to December 2023 and increased 8.6 percent compared to January 2023.
• Townhomes: At $825,600, the Benchmark price for an FVREB townhome decreased 0.1 percent compared to December 2023 and increased 6.9 percent compared to January 2023.
• Apartments: At $539,700, the Benchmark price for an FVREB apartment/condo increased 0.4 percent compared to December 2023 and increased 6.5 percent compared to January 2023.

 High interest rates kept a lid on sales and listings in the Fraser Valley in 2023, while holding year-over-year price growth to low single digits.

The Fraser Valley region ended the year with 14,713 sales recorded on its Multiple Listing Service® (MLS®), a decline of four percent over 2022 and 23 percent below the 10-year average. New listings in the Fraser Valley were also at a 10-year low, at 29,610, eight percent below the 10-year average.

The composite Benchmark home price in the Fraser Valley closed the year at $988,900, down six percent from its 2023 peak in July, but up on the year by five percent.

“Back-to-back mid-year interest rate hikes slowed the market despite strong sales and new listings in the spring,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “This left the market in overall balance for the latter half of the year, albeit at low levels of activity. We anticipate 2024 will bring increased optimism on behalf of buyers and sellers as the Bank of Canada is expected to lower interest rates before mid-year.”

December 2023 

For the month of December, the Board recorded 837 sales on its MLS®, a drop of six percent from November, but 17 percent higher than December 2022.

At 942, new listings dropped by 54 percent in December but increased 17 percent compared to December of 2022. Total active listings for December stood at 4,670, a decrease of 25 percent month-over-month, but 19 percent higher year-over-year.

With a sales-to-active listings ratio of 18 percent for December, the overall market closed out the year in balance. Detached houses closed out 2023 with a ratio of 16 percent, while both townhomes and apartments remained in seller’s market territory at 29 and 26 percent respectively. The market is considered balanced when the ratio is between 12 percent and 20 percent.

 “2023 saw buyers and sellers adjust to new rate realities, and the impact of those high rates were reflected in the low number of sales in the Fraser Valley,” said FVREB CEO Baldev Gill. “However, as rates start to ease, we expect market activity will pick up. This will create opportunities for buyers and sellers who are advised to consult with a professional REALTOR® before jumping into the market.”

On average, properties spent approximately 41 days on the market, with single-family detached homes spending 40 days on the market. Townhomes and apartments moved more quickly at 32 and 33 days respectively.

Overall Benchmark prices continued to slide for the fifth month in a row, losing 1.5 percent compared to November.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,471,500, the Benchmark price for an FVREB single-family detached home decreased 1.2 percent compared to November 2023 and increased 7.1 percent compared to December 2022.
• Townhomes: At $826,400, the Benchmark price for an FVREB townhome decreased 1.3 percent compared to November 2023 and increased 5.3 percent compared to December 2022.
• Apartments: At $537,600, the Benchmark price for an FVREB apartment/condo decreased 1.4 percent compared to November 2023 and increased 6.9 percent compared to December 2022.

The Fraser Valley real estate market continues to cool heading into the holiday season as buyers and sellers maintain the holding pattern seen over the latter half of this year.

The Fraser Valley Real Estate Board recorded 891 transactions on its Multiple Listing Service® (MLS®) in November, a drop of 8 percent from the previous month, representing the 9th slowest November in a decade.

At 2,030, new listings also fell again, decreasing by 20 percent from October and by 43 percent since peaking in May at 3,533.

“As we head into the holiday season, buyers and sellers are busy with other priorities and will most likely continue to wait on the sidelines,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We anticipate this holding pattern, defined by slow sales and declining new listings, will continue through the winter months until we see some downward movement in interest rates.”

Active listings in November were 6,254, down by 5 percent over last month and up by 17 percent over November 2022. The sales-to-active listings ratio was 14 percent, creating balanced conditions in the overall market. Detached houses are in the balanced market territory at 12 percent, while both townhomes and apartments remain in seller’s market territory. The market is considered balanced when the ratio is between 12 percent and 20 percent.

Active listings in November were 6,254, down by 5 percent over last month and up by 17 percent over November 2022. The sales-to-active listings ratio was 14 percent, creating balanced conditions in the overall market. Detached houses are in balanced market territory at 12 percent, while both townhomes and apartments remain in seller’s market territory. The market is considered balanced when the ratio is between 12 percent and 20 percent.

On average, properties spent approximately one month on the market, with single-family detached homes spending 36 days on the market, and townhomes and apartments moving more quickly at 29 days.

Overall Benchmark prices continued to slide for the fourth month in a row, losing 1.1 percent compared to October.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,489,100, the Benchmark price for an FVREB single-family detached home decreased 0.94 percent compared to October 2023 and increased 6.22 percent compared to November 2022.
• Townhomes: At $837,200, the Benchmark price for an FVREB townhome decreased 0.95 percent compared to October 2023 and increased 5.08 percent compared to November 2022.
• Apartments: At $545,300, the Benchmark price for an FVREB apartment/condo decreased 0.02 percent compared to October 2023 and increased 5.60 percent compared to November 2022.

Property sales and new listings in the Fraser Valley fell again in October as consumers continued to put home-buying and selling decisions on hold in the face of elevated interest rates.

The Fraser Valley Real Estate Board recorded 970 transactions on its Multiple Listing Service® (MLS®) in October, a drop of 12 percent from the previous month and the fourth consecutive decrease since the 12-month high of 1,935 sales recorded in June.

At 2,535, new listings also fell again, decreasing by 11 percent from September and by 28 percent since peaking in May at 3,533.

“What we’re seeing in the Fraser Valley and indeed across the province is the impact of sustained high-interest rates on the overall market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “This has been the case since the latter half of the year so far, and we anticipate the trend will continue until we start to see some downward movement in the policy rate.”

Active listings in October were 6,580, up by less than 1 percent over last month and up by 17 percent over October 2022. The sales-to-active listings ratio was 15 percent, creating balanced conditions in the overall market, with detached houses dipping into buyers’ market territory at 12 percent. The market is considered balanced when the ratio is between 12 percent and 20 percent.

“As the market continues to adjust to the new rate realities, pricing and financing strategies become critical,” said FVREB CEO, Baldev Gill. “A knowledgeable professional REALTOR®, armed with the latest comparative market data and neighbourhood insights, can be the key to determining optimal market timing.”

 Overall benchmark prices continued to slide for the third month in a row, losing 1.4 percent compared to September. See below for price changes by housing category.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,503,300, the Benchmark price for an FVREB single-family detached home decreased 1.5 per cent compared to September 2023 and increased 4.8 per cent compared to October 2022.
• Townhomes: At $845,300, the Benchmark price for an FVREB townhome decreased 0.4 per cent compared to September 2023 and increased 4.7 per cent compared to October 2022.
• Apartments: At $545,400, the Benchmark price for an FVREB apartment/condo decreased 0.1 per cent compared to September 2023 and increased 3.7 per cent compared to October 2022.