Fraser Valley real estate sales from White Rock to Abbotsford plummet in October compared to a year ago

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“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.”

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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).

According to the MLS HPI benchmark price activity index, the benchmark price for a single-family detached home in the FVREB is now $1,436,400, a decrease of 1.8 per cent compared to September 2022, and a similar 0.8 per cent decrease compared to October 2021.

The benchmark price for a townhome in FVREB is $809,800, while the benchmark price for an apartment in FVREB is now $527,900.

The Fraser Valley Real Estate Board is an association of 4,913 real estate professionals who live and work in Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.