Image: Realtor.ca / An Abbotsford home for sale at 2769 Eagle Mountain Drive with an asking price of $2.2 million. The Fraser Valley Real Estate Board says home sales throughout the Fraser Valley dropped 15 per cent in November compared to October, as slower seasonal buying trends emerge.

By Mike Vanden Bosch

Fraser Valley real estate

Fraser Valley real estate sales drop double digits as slower buying trends emerge

Dec 3, 2024 | 10:04 AM

FRASER VALLEY — The Fraser Valley Real Estate Board says home sales throughout the Fraser Valley dropped double digits in November compared to the month prior as slower seasonal buying trends surface.

In a statement from the association Tuesday (Dec. 3), FVREB suggests more balanced market conditions emerged as it recorded 1,136 sales in November, down 15 per cent from October, but 28 per cent above November 2023 sales.

“Buying and selling activity is typically quiet at this time of year,” said Jeff Chadha, chair of the Fraser Valley Real Estate Board. “But it’s worth noting that November 2024 sales are higher than they’ve been compared to the past two Novembers — a sign that overall activity is picking up in the Fraser Valley and with it, growing buyer confidence.”

A drop in new listings decreased overall inventory in November, with active listings dipping eight per cent to 8,125.

FVREB says the Fraser Valley remains in a balanced market with a sales-to-active ratio of 14 per cent. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.

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“With seasonality expected to slow sales activity towards year-end, we are optimistic that the new mortgage lending guidelines, which come into effect on December 15, will slowly start to work their way into the market,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Longer amortization periods and lower minimum down payments should help more buyers who want to get into the market in 2025.”

Across the Fraser Valley in November, the average number of days to sell a single-family detached home was 43, while for a condo it was 36. Townhomes took, on average, 33 days to sell.

MLS HPI Benchmark Price Activity

• Single Family Detached: At $1,482,600, the benchmark price for an FVREB single-family detached home decreased 0.4 per cent compared to October 2024.
• Townhomes: At $835,100, the benchmark price for an FVREB townhome increased 0.3 per cent compared to October 2024.
• Apartments: At $536,100, the Benchmark price for an FVREB apartment/condo decreased 1.3 per cent compared to October 2024.