Sluggish sales and rising inventories see Fraser Valley moving toward a buyer’s market
September saw sluggish sales and rising inventories across the Fraser Valley, pushing the market closer to buyer’s territory. The Fraser Valley Real Estate Board recorded 982 sales, down 8% from August and over 10% lower than September 2023, marking the second slowest September in a decade. Active listings hit a 10-year high, with 9,045 listings on the market, a 5% increase from August and 39% higher than last year.
New listings also surged, up 21% from August to 3,352. Despite three rate cuts from the Bank of Canada this year, buyers are holding out for more favorable conditions, while sellers are slow to adjust their asking prices. As a result, properties are taking longer to sell, with single-family detached homes averaging 35 days, townhomes 30 days, and condos 37 days on the market.
Benchmark prices dipped across the board, with the composite Benchmark price down 1.4% to $978,800. Single-family detached homes fell 1.5% to $1,501,100, townhomes dropped 1.4% to $834,400, and apartments remained relatively steady at $545,000.
As we move deeper into fall, the market is showing clear signs of favoring buyers, particularly in the detached home segment. With more rate cuts expected, now may be the time to start planning your next move. Reach out to us to discuss how to make the most of these evolving market conditions.
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What Does The Fraser Valley Real Estate Board Have To Say?
SURREY, BC – 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.
Find the September 2024 Statistics Package HERE. 
