The Board received 1,703 new listings in November, a decrease of 22.1 per cent compared to October 2022 and a decrease of 18.8 per cent compared to last year. The month ended with a total active inventory of 5,330, a 5.5 per cent decrease compared to October, and 74.9 per cent more than November of last year.

“The market continues to tighten in response to rising interest rates,” said Board CEO Baldev Gill. “As a result, individuals are facing additional levels of uncertainty regarding the decision to buy or sell a home, underscoring the importance of seeking advice and guidance from a local REALTOR® to mitigate the risks involved.”

Across Fraser Valley in November, the average number of days to sell a single-family detached home was 34 days and a townhome was 28 days. Apartments took, on average, 27 days to sell.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,404,900, the Benchmark price for an FVREB single-family detached home decreased 2.2 per cent compared to October 2022 and decreased 6.3 per cent compared to November 2021.

  
  

• Townhomes: At $799,400, the Benchmark price for an FVREB townhome decreased 1.3 per cent compared to October 2022 and increased 3.3 per cent compared to November 2021.

  
  

• Apartments: At $518,400, the Benchmark price for an FVREB apartment/condo decreased 1.8 per cent compared to October 2022 and increased 5.2 per cent compared to November 2021.

“These trends suggest that the market is looking to re-establish equilibrium in the wake of last year’s intense activity and in the face of continued interest rate pressures,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “With sales continuing to lag and new inventory slow to come onstream, we’re seeing a holding pattern regarding whether to buy or list a property and expect this to continue through to year-end.”

Prices continued to soften, with month-over-month Benchmark prices down slightly across all property categories. For detached homes, prices are on par with October 2021 levels, while townhomes and apartments are up 7.7 per cent and 11.5 per cent, respectively, over 2021.

“With interest rates at their highest levels since 2006, it’s understandable that buyers and sellers are hesitant,” said Board CEO Baldev Gill. “Accordingly, they look to Fraser Valley REALTORS® for area knowledge and market expertise and analysis before making such a significant investment decision.”

The average number of days spent on the market before selling was relatively unchanged for detached homes and apartments compared to last month (34 days and 31 days, respectively). Townhomes moved more quickly at 27 days (compared to 32 days in September).

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.

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.”

In July, the Fraser Valley Real Estate Board (FVREB) processed 993 sales on its Multiple Listing Service® (MLS®), a decrease of 22.5 per cent from the previous month and a 50.5 per cent drop compared to July 2021, when the province was still in acute pandemic mode. July new listings totaled 2,385, a 28.4 per cent decrease compared to June and a decrease of 1.9 per cent compared to July 2021.

Sandra Benz, President of the Board, said, “In just two months our market overall has shifted into balance mainly due to a softening of demand for single-family detached homes.

“The condo and townhome markets, although they have moderated, they continue to favour sellers as the sales-to-active listings ratios continue to trend higher, however with fewer multiple offer situations compared to previous months, it’s likely that we will see further softening in these property types as we return to pre-COVID work-life routines.”

In June, the Board received 3,332 new listings, an increase of 7.2 per cent compared to last year, and a decrease of 8.2 per cent compared to last month. The month ended with a total active inventory of 6,474, a 4.7 per cent increase compared to May, and 18.3 per cent more than June 2021.

Baldev Gill, Chief Executive Officer of the Board, added, “With five-year fixed rates at their highest levels in a decade and residential prices, though softening month-over-month, are still more than 20 per cent higher than a year ago, we expect to see sales continue to decline over the near term.

“The combination of higher rates and low inventory will present a barrier to first-time buyers and could result in even slower sales over the coming months and erase price gains from the past 10 months or so.”

Across Fraser Valley, in June, the average number of days to sell a single-family detached home was 21 and a townhome was 19 days. Apartments took, on average, 17 days to sell.

MLS® HPI Benchmark Price Activity

Sales of all property types in May were 1,360, down 16.9 per cent from April’s 1,637; and down 53.9 per cent compared to May of 2021.

The sales-to-active-listings ratio measures whether the market is balanced (12% to 20%) or favours either buyers (less than 12%) or sellers (greater than 20%). In May, the ratio for Fraser Valley all property types combined was 22 per cent, comparable to pre-pandemic conditions in early 2020. By comparison, during the pandemic, the ratio peaked at 92 per cent, indicating a strong seller’s market.

“Since March, we’ve seen sales come down with an accompanying increase in inventory, subsequently restoring much-needed balance and cooling our heated market,” said Fraser Valley Real Estate Board President, Sandra Benz. “While still early, it suggests that as we gradually settle into a post-pandemic state of work and life, the big pandemic-era drivers – working from home and record low interest rates – may have run their course.”

In April, the Fraser Valley Real Estate Board (FVREB) processed 1,637 sales on its Multiple Listing Service® (MLS®), a decrease of 45.7 per cent compared to April 2021 and a 36.6 per cent decrease compared to March.

“We would typically see a flurry of activity around this time of the year,” said, FVREB President, Sandra Benz, “however that’s not been the case so far. While it’s still too early to say whether this trend will endure, the slowing of sales combined with an increase in active listings is helping to restore a semblance of balance to the market, which is encouraging for homebuyers.”

Property sales remain robust, as Benchmark prices, the price of a ‘typical’ home, continued to increase month- over-month.