SURREY, BC – Fraser Valley housing market sales for October remained relatively unchanged from last month as prices dipped slightly across all categories.

In October, the Fraser Valley Real Estate Board (FVREB) processed 901 sales on its Multiple Listing Service® (MLS®), an increase of 0.4 per cent compared to last month and a 53.5 per cent decrease compared to this time last year.

The Board received 2,186 new listings in October, a decrease of 3.8 per cent compared to September, and on par with October 2021. The month ended with a total active inventory of 5,642, a decrease of 2.8 per cent from last month but up 63.7 per cent compared to October 2021.

With a sales-to-active listings ratio of 16 per cent, the overall market was again balanced for the fifth straight month after a prolonged sellers’ market earlier in the year. (The market is considered balanced when the sales-to- active listings ratio is between 12 per cent and 20 per cent.)

“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).

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,436,400, the Benchmark price for an FVREB single-family detached home decreased 1.8 per cent compared to September 2022 and decreased 0.8 per cent compared to October 2021.


  • Townhomes: At $809,800, the Benchmark price for an FVREB townhome decreased 1.5 per cent compared to September 2022 and increased 7.7 per cent compared to October 2021.


  • Apartments: At $527,900 the Benchmark price for an FVREB apartment/condo decreased 0.5 per cent compared to September 2022 and increased 11.5 per cent compared to October 2021.



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SURREY, BC – Demand for Fraser Valley real estate remained solid in October with overall sales the third highest on record.  


The Board processed a total of 1,938 property sales on its Multiple Listing Service® (MLS®) in October, an increase of 3.9 per cent compared to September and a decrease of 18.2 per cent compared to the same month last year.   


Larry Anderson, President of the Board, said, “What we’re seeing is a combination of above‐average sales with below‐average new listings which is placing strong upward pressure on home prices, for all residential categories, month‐over‐month.


“It is a very challenging time, particularly for buyers. I empathize with clients who have been trying to buy a home for more than a year without success after multiple attempts. Now, more than ever is the time when buyers and sellers alike must rely on their REALTOR® to guide and advise them in considering all available options, including a change in community or even property type.”


After rebounding slightly in September, new listings decreased in October. The Board received 2,188 new listings, a decrease of 29.0 per cent compared to last year, and a decrease of 6.6 per cent compared to September 2021. The month ended with a total active inventory of 3,447, which is a 9.6 per cent decrease compared to September, and a 49.8 percent decrease compared to October 2020.    


Baldev Gill, Chief Executive Officer of the Board, said, “Fraser Valley is a top destination currently in BC for buyers looking for relatively affordable family‐sized homes. Townhomes and single‐family homes are selling on average within two to four weeks in our region, with buyers keenly watching the market for new listings.”


Across the Fraser Valley, in October, the average number of days to sell a single‐family detached home was 28 and a townhome was 18 days. Apartments took, on average, 27 days to sell.  


MLS® HPI Benchmark Price Activity


 Single Family Detached: At $1,396,700, the Benchmark price for an FVREB single‐family detached home increased 2.5 per cent compared to September 2021 and increased 33.4 per cent compared to October 2020.


 Townhomes: At $720,500 the Benchmark price for an FVREB townhome increased 1.9 per cent compared to September 2021 and increased 26.6 per cent compared to October 2020.


 Apartments: At $514,200 the Benchmark price for an FVREB apartment/condo increased 1.9 per cent compared to September 2021 and increased 18.3 per cent compared to October 2020.

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Real estate rebound continues for Fraser Valley


SURREY, BC – The demand for Fraser Valley real estate is the strongest it's been since the spring of 2018.

The Fraser Valley Real Estate Board processed 1,592 sales of all property types on its Multiple Listing Service® (MLS®) in October, a 18.5 per cent increase compared to sales in September 2019, and a 37.8 per cent increase compared to the 1,155 sales in October of last year.

Darin Germyn, President of the Board, says, "Our market started to pick up in the summer and we've been steadily improving since. It's rare to see October home sales in the Fraser Valley outpace April and that's what we've seen this year; our typical spring and fall markets have flipped.



"Consumers are feeling more confident. Buyers have grown accustomed to the government's regulation changes. Interest rates have thankfully remained stable and we're likely seeing some pent-up demand from buyers who were holding off earlier this year. October's beautiful, sunny weather didn't hurt either."



There were 7,398 active listings available in the Fraser Valley at the end of October, a decrease of 4.5 per cent compared to October of last year and a decrease of 6.9 per cent compared to September 2019. The Board received 2,383 new listings in October, a 13.9 per cent decrease compared to September 2019's intake of 2,769 new listings and a 14.2 per cent decrease compared to October of last year.
   



Germyn adds, "We're still seeing some hesitation from sellers to list as they continue to watch for further price erosion, however, it's important to talk to your local market expert because prices in some areas have turned the corner and are starting to creep up again."

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $952,600, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.3 per cent compared to September 2019 and decreased 3.5 per cent compared to October 2018.
  • Townhomes: At $516,000 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.8 per cent compared to September 2019 and decreased 4.2 per cent compared to October 2018.
  • Apartments: At $405,100, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.1 per cent compared to September 2019 and decreased 6.4 per cent compared to October 2018.



For the Fraser Valley region, the average number of days to sell an apartment in October was 34, and 37 for townhomes. Single family detached homes remained on the market for an average of 46 days before selling.


Full Package: http://fvreb.bc.ca/statistics/Package201910.pdf

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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.