Fraser Valley Real Estate Market September 2022

Fraser Valley real estate market continues to stabilize heading into fall season

While the overall Fraser Valley real estate market has continued its trend toward balance, this month I wanted to touch on the need for distinguishing between sub-markets.  To see why that’s important, consider this Langley specific example comparing the detached with attached markets for September.  Detached sales were UP 11%, supply was DOWN 13%, and median sale prices actually INCREASED ever so slightly by 1%.  During the same time period, Attached (condos & townhomes) sales were DOWN 16%, supply went UP 9%, and median sale prices DROPPED by 10%.  Same geographic area, however those two markets exhibited completely opposite characteristics in September.  Pretty important information to know if you were in those specific markets, wouldn’t you say? For example, with those dynamics, downsizing from a house to a townhouse would make a lot of sense.  We hope you found this information helpful and please reach out to discuss your unique situation.  

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GO TO LAST MONTHS STATS

All Fraser Valley Areas Combined

• Detached – SALES DOWN FROM LAST MONTH: -9.5%
• Townhouse – SALES DOWN FROM LAST MONTH: -16.3%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -8.2%

Abbotsford

• Detached – SALES DOWN FROM LAST MONTH: -13.3%
• Townhouse – SALES UP FROM LAST MONTH: 63.0%
• Condo/Apt – SALES UP FROM LAST MONTH: 15.0%

Mission

• Detached – SALES UP FROM LAST MONTH: 78.6%
• Townhouse – SALES FROM UP LAST MONTH: 25.0%
• Condo/Apt – SALES FROM LAST MONTH: 0.0%

White Rock / South Surrey

• Detached – SALES DOWN FROM LAST MONTH: -12.2%
• Townhouse – SALES DOWN FROM LAST MONTH: -34.5%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -9.3%

Langley

• Detached – SALES UP FROM LAST MONTH: 10.6%
• Townhouse – SALES DOWN FROM LAST MONTH: -25.0%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -6.3%

Delta – North

• Detached – SALES DOWN FROM LAST MONTH: -34.5%
• Townhouse – SALES DOWN FROM LAST MONTH: -72.7%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -16.7

Surrey – Central

• Detached – SALES DOWN FROM LAST MONTH: -28.8%
• Townhouse – SALES DOWN FROM LAST MONTH: -21.9%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -23.3%

Surrey – Cloverdale

• Detached – SALES DOWN FROM LAST MONTH: -11.1%
• Townhouse – SALES UP FROM LAST MONTH: 25.0%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -26.7%

Surrey – North

• Detached – SALES DOWN FROM LAST MONTH: -22.6%
• Townhouse – SALES DOWN FROM LAST MONTH: 47.8%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -9.9%

What Does The Fraser Valley Real Estate Board Have To Say?

Fraser Valley real estate market continues to stabilize heading
into fall season

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 percent 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.

Find the September 2022 Statistics Package here.

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