Fraser Valley real estate sales drop 57%

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“The trends we’ve seen over the past several months will likely continue through to year-end,” said Sandra Benz, president of the Fraser Valley Real Estate Board. “While rate hikes have effectively put many buyers and sellers in a holding pattern, we’re still seeing relatively quick turnover for all housing categories, indicating robust opportunities for properties that are strategically priced.”

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The Board received 1,703 new listings in November, a decrease of 22.1 per cent compared to October 2022 and a decrease of 18.8 per cent compared to last year. The month ended with a total active inventory of 5,330, a 5.5 per cent decrease compared to October, and 74.9 per cent more than November of last year.

“The market continues to tighten in response to rising interest rates,” said FVREB CEO Baldev Gill. “As a result, individuals are facing additional levels of uncertainty regarding the decision to buy or sell a home, underscoring the importance of seeking advice and guidance from a local realtor to mitigate the risks involved.”

Across Fraser Valley in November, the average number of days to sell a single-family detached home was 34 days and a townhome was 28 days. Apartments took, on average, 27 days to sell.

According to the MLS HPI benchmark price activity index, the benchmark price for an FVREB single-family detached home decreased 2.2 per cent compared to October 2022, and fell 6.3 per cent compared to November 2021.

Townhomes are the next best bargain for prospective home buyers. At $799,400, the Benchmark price for an FVREB townhome decreased 1.3 per cent compared to October 2022, but increased 3.3 per cent compared to November 2021.

Apartments aren’t a bad option for those seeking a lower price point than townhomes or single-family detached homes. At $518,400, the Benchmark price for an FVREB apartment/condo decreased 1.8 per cent compared to October 2022, but increased 5.2 per cent compared to November 2021.

The Fraser Valley Real Estate Board is an association of 4,924 real estate professionals who live and work in the BC communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.