Easing prices and extra inventory were not enough to revive November activity
Easing home prices and a glut of listings in BC’s Fraser Valley has not translated into stronger mortgage activity in November, with sales sliding and buyers facing tougher scrutiny from lenders.
The Fraser Valley Real Estate Board (FVREB) reported 943 sales on its MLS system in November, down 16% from October and 17% below the same month a year earlier, even as active listings sat 47% above the region’s 10‑year seasonal average at 9,201.
A total of 2,210 new listings came to market, 26% lower than October and 7% below November 2024.
Subdued demand despite more choice
Board chair Tore Jacobsen linked the slowdown to households still adjusting to a higher-rate world and stretched affordability.
“Affordability concerns and economic pressures are weighing heavily on many Fraser Valley households,” Jacobsen said.
“Our REALTORS® understand how personal and complex these decisions are. But there are encouraging signs for buyers. Composite prices are closer to early-2023 levels, inventory has improved, and there is more space to negotiate than we’ve had in recent years.”
The region remained firmly in buyer’s-market territory, with a sales‑to‑active‑listings ratio of 10% in November, down one percentage point from October and below the 12%–20% range typically viewed as balanced.
Single‑family homes took an average of 52 days to sell, condos 41 days and townhomes 37 days.
Price pressures and mortgage renewal risks
The composite benchmark price for a typical Fraser Valley home slipped 0.7% in November to $912,400.
Single‑family detached values stood at $1,405,500, down 0.6% month over month and 5.4% year over year.
Townhomes were benchmarked at $778,700, down 0.8% from October and 6.8% from a year earlier, while condos fell to $496,500, a 1% monthly decline and 6.9% below November 2024.
Those softer prices arrived as many borrowers approached renewal under still‑elevated rates. The Bank of Canada estimated that about 60% of outstanding mortgages would come up for renewal in 2025 or 2026 and said most borrowers were likely to face higher payments than in December 2024, even after recent rate cuts.
Tighter underwriting from lenders
Fraser Valley brokers also had to navigate more conservative lending standards.
“With mortgage conditions tightening, buyers are encountering increased scrutiny and higher down payment expectations from lenders,” FVREB chief executive Baldev Gill said.
“These constraints can delay transactions and influence overall activity in the market. That’s why working with an experienced REALTOR® is critical, someone who understands the landscape and can guide clients through these obstacles with confidence.”
Regional slowdown in a national context
The Fraser Valley trend echoed broader signs of cooling across major BC markets. In Greater Vancouver, home sales in November were reported at more than 15% below the prior year and over 20% under the 10‑year seasonal average, even as prices edged lower.
In June, Fraser Valley was one of several regions that saw modest price declines in a patchy national market, alongside centres such as Toronto and London.
For brokers, even with more inventory and slightly lower prices, higher borrowing costs and stricter underwriting continue to slow deal flow.
The opportunity lies in helping clients navigate renewals, stress‑tested budgets and lender expectations in a slow but increasingly buyer‑friendly market.
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