Image: Royal LePage / An Abbotsford home for sale at 30736 Burgess Avenue in Abbotsford, as advertised by Royal LePage. The Fraser Valley Real Estate Board says home sales throughout the region have increased for the first time in five months after the Bank of Canada instituted a 50-basis point interest rate cut last month.

By Mike Vanden Bosch

Fraser Valley real estate

Fraser Valley home sales rise significantly after interest rate cut

Nov 4, 2024 | 6:33 AM

FRASER VALLEY — The Fraser Valley Real Estate Board says home sales throughout the region have increased for the first time in five months after the Bank of Canada instituted a sizeable interest rate cut last month.

In a news release Monday (Nov. 4), the FVREB says it recorded 1,330 real estate sales in October, a substantial 35 per cent increase from September and a 37 per cent uptick year over year.

“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.”

New listings dropped by 5 per cent in October to 3,194. Overall inventory dipped in October to 8,799, down three per cent from September, but up 34 per cent over last year, according to FVREB. Rising sales and steady inventory levels have the Fraser Valley in a balanced market with a sales-to-active ratio of 15 per cent. The market is deemed to be a balanced one when the ratio is between 12 per cent and 20 per cent.

“October’s healthy sales boost is a welcome development for buyers and sellers alike,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “The coming weeks and months will shed more light on whether buyer optimism has returned now that the cycle of interest rate cuts is in full swing.”

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Around the Fraser Valley in October, the average number of days it took to sell a single-family detached home was 34, condos required an average of 32 days to sell. Townhomes took, on average, 29 days to sell.

Benchmark prices in the Fraser Valley dipped for the seventh straight month in October; FVREB says the benchmark price was down 0.7 per cent to $971,700.

MLS HPI Benchmark Price Activity

• Single Family Detached: At $1,488,000, the Benchmark price for an FVREB single-family detached home decreased 0.9 per cent compared to September 2024 and decreased 0.6 per cent compared to October 2023.
• Townhomes: At $832,200, the Benchmark price for an FVREB townhome decreased 0.3 per cent compared to September 2024 and decreased 1.4 per cent compared to October 2023.
• Apartments: At $543,300, the Benchmark price for an FVREB apartment/condo decreased 0.3 per cent compared to September 2024 and increased 0.1 per cent compared to October 2023.

The Fraser Valley Real Estate Board consists of 5,257 real estate professionals who live and work in Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.