SURREY, BC – Continued slowing sales and a slight rise in inventory in September combined to bring greater stability to the Fraser Valley housing market.

In September, the Fraser Valley Real Estate Board (FVREB) processed 897 sales on its Multiple Listing Service® (MLS®), a decrease of 11.8 per cent compared to last month and a 51.9 per cent decrease compared to this time last year.

The Board received 2,273 new listings in September, an increase of 11.1 per cent compared to August, and only 2.9 per cent less than September 2021. The month ended with a total active inventory of 5,805, a decrease of 1.1 per cent from last month but up by 52.3 per cent compared to September 2021. Once again, September saw a balanced market in the Fraser Valley with an overall sales-to-active ratio of 15 per cent (the market is considered balanced when the sales-to-active ratio is between 12 per cent and 20 per cent).

“There’s no question that interest rates continue to be a primary factor in the market trends over the past six months or so,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “The sales slowdown we’re seeing reflects a level of caution exercised by buyers, who are likely waiting for the market to settle further before jumping in. In the meantime, we anticipate prices may continue to decline across all categories.”

Weaker demand in the face of interest rate hikes, continued to bring downward pressure on Benchmark prices across all property categories. Prices have been falling steadily since late spring and, in the case of detached homes, are at October 2021 levels.

“It’s encouraging to see inventories start to rise in the region, however slight,” said Board CEO Baldev Gill. “Adequate supply is a key underpinning of a vibrant and equitable housing market – not just in the Fraser Valley, but throughout the province. As we meet with candidates during the upcoming municipal elections and later on this month with MPs in Ottawa, FVREB Realtors will continue to press for swift action on this fundamental issue.”

Across the Fraser Valley in September, the average number of days spent on the market before selling continued to increase: 34 days for a single-family detached, 32 for townhomes, and 30 for apartments.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,462,000, the Benchmark price for an FVREB single-family detached home decreased 3.4 per cent compared to August 2022 and increased 4.1 per cent compared to September 2021.


  • Townhomes: At $822,400, the Benchmark price for an FVREB townhome decreased 2.3 per cent compared to August 2022 and increased 11.6 per cent compared to September 2021.


  • Apartments: At $530,400 the Benchmark price for an FVREB apartment/condo decreased 2.1 per cent compared to August 2022 and increased 14.5 per cent compared to September 2021.


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SURREY, BC – Robust active listings and relative steady sales activity continued to bring balance to the Fraser Valley real estate market in August. The past several months of rising inventory combined with a slowing trend in sales has also seen benchmark prices return to levels not seen since last year.


In August, the Fraser Valley Real Estate Board (FVREB) processed 1,017 sales on its Multiple Listing Service® (MLS®), an increase of 2.4 per cent compared to last month and a 51.3 per cent decrease compared to this time last year.


The Board received 2,045 new listings in August, a decrease of 14.3 per cent compared to July, and only 2.9 per cent less than August 2021. The month ended with a total active inventory of 5,871, a decrease of 8.5 per cent from last month but up by 44 percent compared to August 2021. Once again August saw a balanced market in the Fraser Valley with an overall sales-to-active ratio of 17 per cent (the market is considered balanced when the sales- to-active ratio is between 12 per cent and 20 per cent).


“For the past three months we’ve seen the local market return to a more balanced state,” said Board President, Sandra Benz. “With the Fraser Valley continuing to settle after months of record sales and prices, we expect to see more activity this coming fall as buyers look to capitalize on the region’s reputation for providing greater value for the real estate dollar.”

Benchmark prices continued to fall across all property categories, bringing them in relative line with prices from December 2021 and eating into year-over year gains.


“With possible further hikes in interest rates this fall, homebuyers need to augment their decisions with critical advice and guidance,” said Baldev Gill, Board CEO. “Along with other professionals such as mortgage brokers and lawyers, Fraser Valley REALTORS® are a vital part of the team advising buyers and sellers on market realities and identifying potential opportunities that align with their objectives.”


Across the Fraser Valley in August, the average number of days to sell a single-family detached home increased to 33 and for townhomes to 26 days. Apartments took, on average, 25 days to sell.


MLS® HPI Benchmark Price Activity


  • Single Family Detached: At $1,513,500, the Benchmark price for an FVREB single-family detached home decreased 5.1 per cent compared to July 2022 and increased 9.8 per cent compared to August 2021.


  • Townhomes: At $841,900, the Benchmark price for an FVREB townhome decreased 3.9 per cent compared to July 2022 and increased 16.1 per cent compared to August 2021.


  • Apartments: At $542,000 the Benchmark price for an FVREB apartment/condo decreased 2.1 per cent compared to July 2022 and increased 18.4 per cent compared to August 2021.




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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.