High inventory pushed prices down, but sales ticked up in September
Fraser Valley home prices continued their downward slide in September, notching a sixth consecutive month of declines as inventory remained at decade-high levels.
The benchmark price for a typical home in the region dropped 1% from August to $926,300, marking a 5.4% decrease year-over-year, according to the Fraser Valley Real Estate Board (FVREB).
Despite the persistent price softening, some buyers appeared to be re-entering the market. The FVREB recorded 962 sales on its Multiple Listing Service (MLS) in September. This is a 3% increase over August, though still 2% lower than the same month last year and 28% below the 10-year average.
“As prices continue to weaken, the market is showing hopeful signs of renewed confidence,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board.
“While recent economic uncertainty seems to have weighed more heavily here in the Fraser Valley, some buyers are beginning to re-engage in the market, a positive signal heading into the fall.”
Sellers also returned after a summer lull, with new listings up 23% month-over-month to 3,447 and up 3% year-over-year. Active listings reached 10,583, up 1% from August and a significant 17% higher than September 2024.
The region remained firmly in buyer’s market territory, with a sales-to-active listings ratio of 9%. The market is considered balanced when this ratio falls between 12% and 20%, according to the British Columbia Real Estate Association.
Price declines were broad-based across property types. The benchmark price for detached homes fell to $1,420,000, down 1.2% from August and 5.4% from a year earlier.
Townhomes dropped 1.5% month-over-month to $795,600, while apartments slipped 0.7% to $510,400. Year-over-year, townhomes and apartments were down 4.7% and 6.3%, respectively.
“It is unreasonable to single out any one factor or policy driving today’s market dynamics,” said Baldev Gill, CEO of the FVREB.
“That said, there is a growing consensus within the housing and development sector calling for greater measures to incentivize investors to help drive new supply growth, which would certainly have a positive impact on affordability.”
Across the Fraser Valley, detached homes took an average of 37 days to sell, townhomes 38 days, and condos 39 days. These figures reflect a slower pace than in previous years.
The FVREB’s data suggest that while sellers are adjusting expectations, buyers remain selective, waiting for further price adjustments or improved affordability measures.
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