Sales remain flat as housing prices "soften" in the Fraser Valley

Fraser Valley’s housing market is seeing similar trends to Metro Vancouver, according to this month’s report from the Fraser Valley Real Estate Board (FVREB).

November’s report looks at sales and housing trends in the Fraser Valley in October, which states that there were 2,186 new listings in October, marking a 3.8% decrease compared to September, but on par with October 2021.

October saw 901 sales processed, an increase of 0.4% compared to last month and a 53.5% compared to last year.

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FVREB’s jurisdiction covers Abbotsford and Mission and several Metro Vancouver municipalities, including Surrey, North Delta, White Rock, and Langley.

FVREB says that October’s stats suggest the market remained “balanced” for the fifth straight month after it faced a prolonged sellers’ market. FVREB notes that the market is considered balanced when the sales-to-active listings ratio is between 12% and 20% and that, in this case, the sales-to-active listings ratio was 16%.

Month-over-month benchmark prices are down across all property types. For example, detached home prices are on par with October 2021 levels, but townhomes are up 7.7%, while apartments are up 11.5% compared to last year.

“With interest rates at their highest levels since 2006, it’s understandable that buyers and sellers are hesitant,” said Board CEO Baldev Gill in a statement.

The cheapest place to buy a home in the Fraser Valley is Abbotsford, followed by Mission, where the benchmark prices for a detached house are $1,121,300 and $969,800, respectively.

October 2022 home sales statistics: FVREB

• Detached homes
  • Number of units sold: 290 (+1.8% over September 2022; -58.5% over October 2021)
  • New listings: 738 (-4.8% over September 2022; -7.1% over October 2021)
  • Benchmark price: $1,436,400 (-1.8% over September 2022; -0.8% over October 2021)
• Apartment homes
  • Number of units sold: 278 (-0.7% over September 2022; -50% over September 2021)
  • New listings: 615 (-5.2% over September 2022; +5.3% over October 2021)
  • Benchmark price: $527,900 (-0.3% over September 2022; +11.5% over October 2021)
• Townhomes
  • Number of units sold: 246 (+4.2% over September 2022; -51.3% over October 2021)
  • New listings: 442 (-14.3% over September 2022; -7.9% over October 2021)
  • Benchmark price: $809,800 (-1.5% over September 2022; +7.7% over October 2021)

FVREB Housing Market Snapshot for October 2022

View the full press release and statistics here: https://t.co/N2toHrEJXv#FVREB #FraserValleyRealEstateBoard #FraserValleyRealtor #HousingMarketSnapshot #October2022 pic.twitter.com/WzR7cQTr42

— FVREB (@FVREB) November 8, 2022