As October 2024 closed, the Fraser Valley real estate market showed signs of activity following a Bank of Canada interest rate cut. Home sales surged, with the Fraser Valley Real Estate Board (FVREB) recording a notable 1,330 sales—up 35% from September and 37% year-over-year. This increase in sales activity marks the first uptick in five months, suggesting a shift as buyers respond to rate changes.
New Listings & Inventory
New listings in October reached 3,194, a decrease of 5% from September but a significant 26% increase compared to October 2023. Active listings dipped slightly by 3% from last month, totaling 8,799. Despite the dip, active listings remain 34% higher than last year, supporting a balanced market with a sales-to-active listings ratio of 15%.
MLS® HPI Benchmark Price Activity
In October, prices across property types continued a slight decline, marking a trend of moderation:
- Detached Homes: The benchmark price fell by 0.9% month-over-month to $1,488,000 and decreased 0.6% year-over-year.
- Townhomes: At $832,200, prices dropped by 0.3% from September and by 1.4% from last October.
- Apartments: Prices held relatively steady at $543,300, with a slight month-over-month dip of 0.3% but a year-over-year rise of 0.1%.
Average Days on Market
Single-family homes averaged 34 days on the market in October, while condos and townhomes sold slightly faster, averaging 32 and 29 days, respectively.
Regional Overview
- Abbotsford: Benchmark prices showed stability with a slight gain in detached homes at $1,195,900, up 1.6% year-over-year. However, the average days on market indicate a slower market, reflecting a balanced yet cautious buyer sentiment.
- Mission: Detached homes in Mission saw a slight price increase to $1,017,100 (1.4% year-over-year).
- Surrey: Sales in North Surrey climbed significantly, with detached home sales up 70% from October 2023. However, the benchmark price for detached homes in Surrey dipped by 2.5% year-over-year to $1,517,600.
Market Outlook
As rate cuts continue to influence buyer interest, market trends in the Fraser Valley will likely stabilize. However, the sustained high level of active listings suggests ongoing balanced market conditions. The potential for another interest rate cut before year-end could further impact buyer sentiment as we move into the winter months.
If you need more detailed insights on how these market shifts might impact your buying or selling decisions, feel free to reach out!
Source: Fraser Valley Real Estate Board