SURREY, BC – With active inventories hitting levels not seen in 10 years and sales 30 per cent below the 10-
year average, Fraser Valley real estate is building towards a buyer’s market if sales continue to lag.
The Fraser Valley Real Estate Board recorded 982 sales in September, down by eight per cent over August
and by more than 10 per cent over September 2023. Again, seasonally adjusted sales were the second
slowest in a decade in the Fraser Valley.
“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, up 39 per cent over last year. The
combination of declining sales and rising inventories has helped to create balanced, and in some cases,
buyers’, market conditions in the Fraser Valley.
“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. In conditions like these, we encourage buyers and
sellers alike to talk to their REALTOR® to assess the risks and opportunities before making a decision.”
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.
Benchmark prices in the Fraser Valley dipped again in September, with the composite Benchmark price
down 1.4 per cent to $978,800.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,501,100, the Benchmark price for an FVREB single-family detached
home decreased 1.5 per cent compared to August 2024 and decreased 1.3 per cent compared to
September 2023. - Townhomes: At $834,400, the Benchmark price for an FVREB townhome decreased 1.4 per cent
compared to August 2024 and decreased 1.6 per cent compared to September 2023. - Apartments: At $545,000, the Benchmark price for an FVREB apartment/condo decreased 0.2 per
cent compared to August 2024 and increased 0.4 per cent compared to September 2023.
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The Fraser Valley Real Estate Board is an association of 5,225 real estate professionals who live and work in the BC
communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.
To read the full statistics package, click here.