The Fraser Valley real estate market continues to stabilize heading into the fall season. The Canadian Business Journal

SURRY, British Columbia, Oct. 4, 2022 (GLOBE NEWSWIRE) — A continued slowdown in sales combined with a slight increase in inventory in September brought greater stability to the Fraser Valley housing market.

In September, the Fraser Valley Real Estate Board (FVREB) processed 897 sales across multiple listing services.^® (MLS^®), down 11.8% compared to last month and down 51.9% compared to this time last year.

The Board received 2,273 new listings in September. This is an 11.1% increase for him compared to August and only 2.9% less than for September 2021. The month ended with 5,805 active inventories, down 1.1% from last month, but up 52.3% compared to September 2021. September also saw a balanced market in the Fraser Valley, with an overall sales-to-active ratio of 15% (between 12% and 20% sales-to-active).

Fraser Valley Real Estate Board President Sandra Benz said: “The slowdown in sales we are seeing reflects the level of caution exercised by buyers who are likely to wait for the market to settle further before entering. Meanwhile, prices continue to fall across all categories. I expect it to be possible.”

Weak demand in the face of rising interest rates continued to put downward pressure on benchmark prices across all property categories. Prices have fallen steadily since late spring, reaching October 2021 levels for single-family homes.

Baldev Gill, CEO of the Board of Directors, said: “Adequate supply is a critical foundation for a vibrant and equitable housing market not only in the Fraser Valley, but across the state. FVREB realtors continue to call for prompt action on this fundamental issue.”

Across the Fraser Valley in September, the average number of days spent in the market before a sale continued to increase, with 34 days for single family homes, 32 days for townhomes and 30 days for apartments.

MLS^® HPI Benchmark Price Activity

• Detached family register: $1,462,000, the benchmark price of FVREB detached house Housing decreased by 3.4% compared to August 2022 and increased by 4.1% compared to September 2021.
• Townhome: $822,400, the benchmark price for FVREB townhome A decrease of 2.3% compared to August 2022 and an increase of 11.6% compared to September 2021.
• Apartments: FVREB benchmark price is $530,400 Apartment/Condo A decrease of 2.1% compared to August 2022 and an increase of 14.5% compared to September 2021.

The Fraser Valley Real Estate Board is an association of 4,895 real estate professionals who live and work in the BC communities of Abbotsford, Langley, Mission, North Delta, Surrey and White Rock.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/09b5d9b0-c3e5-485f-b04d-4ee0a1195c76.

CBJ Newsmaker