It took five months and four interest rate cuts, but buyers may finally feel more confident about getting back into the Fraser Valley housing market. After months of pent-up demand, sales increased 35 per cent in October, the first increase in sales since May.
October sales totalled 1,330, 37 per cent higher than October 2023, but 13 per cent below the ten-year average.
“After waiting it out on the sidelines for a number of months, buyers seem to be finally responding to the series of successive rate cuts by the Bank of Canada,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Whether this is an indication of further sales trends remains to be seen, especially as the feds eye a possible additional cut before year-end.”
Despite a surge in sales and a five per cent decrease in new listings, overall inventory dipped only three per cent in October to 8,799. Active listings were still 34 per cent higher than the same month last year.
Sales-to-Active Ratio
The Fraser Valley market flirted with a buyer’s market in September with an overall sales-to-active listings ratio of 11 per cent, however that ratio increased to 15 per cent in October — back to an overall balanced market.
The market is considered balanced when the ratio is between 12 and 20 per cent.
Detached: 15% (up 5% from September)
Townhouse: 24% (up 5% from September)
Apartment: 18% (up 5% from September)
Benchmark Prices
The composite Benchmark price in the Fraser Valley has dipped for the seventh straight month, down 0.7 per cent to $971,700. The composite Benchmark price declined by 3.8 per cent over October 2023.
Change in price: month-to-month
Detached: $1,488,000 -0.9%
Townhouse: $832,200 -0.3%
Apartment: $543,300 -0.3%
To learn more about HPI Benchmark prices by sub-area, click here.
Days on Market
The average number of days to sell a single-family detached home in October was 34 (down from 35 in September), while a townhouse was 29 (down from 30 in September). On average, condos sold in 32 days (down from 37 in September).
For a more detailed look at the Fraser Valley market, watch Eye on the Market with Board Chair, Jeff Chadha or click here to view the Monthly Statistics Package.