High interest rates continued to sideline buyers and sellers in November, with sales down for the fifth straight month in the Fraser Valley. With the high cost of borrowing continuing to weigh on many homeowners, November sales were the 9th lowest in a decade.
The Board recorded 891 sales on its Multiple Listing Service® (MLS®) in November, an 8 per cent decrease from October and 37 per cent below the ten-year average.
New listings slowed again in November, down 20 per cent from October to 2,030, but still 3 per cent above the ten-year average.
At 6,254, active listings dropped for the first time this year, down 5 per cent from October, but still 5 per cent above the 10-year average and 52 per cent higher than active listings in January 2023.
At low levels of sales, the market remains in overall balance, with a sales-to-actives listing ratio of 14 per cent. Townhomes and condos remain in seller’s market territory, although both have declined considerably from yearly highs of 62 and 46 per cent respectively.
Detached homes remain in balanced territory at 12 per cent, down from its yearly high of 34 per cent.
Benchmark prices for all home types in the Fraser Valley dipped 1.1 per cent from October, but up 3.2 per cent year-over-year.
Detached: 12% (unchanged)
Townhouses: 25% (up 1%)
Apartments: 21% (down 1%)
To learn more about FVREB Market Data for November, watch Eye on the Market with Board Chair Narinder Bains.
For a more detailed look at our market, click here to view the Monthly Statistics Package.