Home sales in the Fraser Valley fell for the fourth straight month in October as buyers, sellers, and members alike wait for the cost of borrowing to stabilize.

With 970 sales, October 2023 was the ninth slowest in the Fraser Valley in a decade — down 11.8 per cent from September. October sales were 37 per cent below the 10-year average.

While new listings rose in September, they slowed again in October, down 11.4 per cent month-over-month, as many sellers opted not to list their home.

Active listings remained relatively unchanged, up less than 1 per cent month-over-month and just 2 per cent above the 10-yer average.

Continuing slowing sales has the market in overall balance, with a sales-to-actives listing ratio of 15 per cent. However, the detached market has edged into a buyer’s market for the first time in over a year, with a sales-to-actives listings ratio of 12 per cent. Demand for townhomes and condos remained stronger at 24 per cent and 22 per cent respectively.

Detached: 12% (down 2%)
Townhouses: 24% (down 7%)
Apartments: 22% (down 3%)

Benchmark prices for all home-types in the Fraser Valley dipped 1.4 per cent from September to $1,015,200. Year-over-year benchmark prices are up 2.3 per cent.

To learn more about FVREB Market Data for October, watch Eye on the Market with Board Chair, Narinder Bains.

For a more detailed look at our market, click here to view the Monthly Statistics Package.