Fraser Valley real estate sales tank in September as buyer’s market emerges
FRASER VALLEY — Sales of real estate between White Rock and Abbotsford generally tanked during the month of September, as active housing inventories approach levels not seen in a decade.
According to a news release Wednesday (Oct. 2), the Fraser Valley Real Estate Board says the Fraser Valley real estate market is leaning towards a buyer’s market since sales continue to lag.
FVREB recorded 982 sales during September, a drop of eight per cent compared to August and more than 10 per cent over September 2023. Seasonally adjusted sales were the second-slowest in a decade in the Fraser Valley, FVREB said.
“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.”