Image: Realtor.ca / A home for sale in Abbotsford at 2345 Grant Street, with an asking price of $2.5 million.

By Mike Vanden Bosch

Fraser Valley real estate

Fraser Valley real estate sales tank in September as buyer’s market emerges

Oct 2, 2024 | 8:54 AM

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.”

New listings rose in September, up 21 per cent to 3,352, an increase of 17 per cent year-over-year. Overall inventory increased five per cent from August to September to 9,045, a massive increase of 39 per cent over last year. FVREB believes the combination of declining sales and rising inventories has helped to calibrate market conditions in the Fraser Valley.

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Image: Realtor.ca / The interior of 2345 Grant Street in Abbotsford, a home for sale.

“We know the demand is there among Fraser Valley buyers,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “After months on the sidelines, buyers want to get into the market but many also need to sell before they can buy. When you factor in affordability challenges and the anticipation of more interest rate cuts, we are seeing persistent weakness in the market.”

Across the Fraser Valley in September, the average number of days to sell a single-family detached home was 35, while for a condo it was 37. Townhomes took, on average, 30 days to sell.

FVREB says a single-family detached home sold for a benchmark price of $1,501,100 in September, a drop of 1.5 per cent compared to August 2024 and a 1.3 per cent dip versus September 2023. The benchmark price for a townhouse sold for $834,400 in September, a decrease of 1.4 per cent versus August 2024, while apartments and condos dropped 0.2 per cent to a benchmark price of $545,000 in September.

FVREB consists of 5,225 real estate agents who work in Abbotsford, Langley, Mission, North Delta, Surrey and White Rock.