Sales rose for a second month, yet activity stayed below seasonal norms
Fraser Valley’s housing market showed faint signs of life in October, as home sales ticked up for the second consecutive month.
The Fraser Valley Real Estate Board (FVREB) reported 1,123 sales on its Multiple Listing Service last month, a 17% jump from September, but still 16% below the same period last year.
Market watchers pointed to falling prices as a key driver behind the uptick. “Motivated sellers are responding to increasingly competitive market conditions with more realistic pricing strategies,” said Tore Jacobsen, FVREB chair. “As a result, we’re seeing prices soften—a shift that’s helping to facilitate sales in a slower market.”
Inventory remains high, but new listings are slowing
Despite the sales increase, the overall pace of the market stayed sluggish. New listings fell 14% from September and seven per cent year-over-year, landing at 2,967 for October.
Total active listings sat at 10,121, down four per cent month-over-month, but up 15% compared to October 2024. The sales-to-active listings ratio inched up to 11%, reflecting a slight move toward balance, but still below the 12–20% range typically seen in a balanced market.
“While these early signs are encouraging, the path back to seasonal average sales levels will take time,” said Baldev Gill, FVREB CEO.
“As more new supply comes on stream and sellers adapt to the shifting dynamics, we expect the market to respond accordingly.”
Prices continue to soften across all property types
The composite Benchmark price for a typical home in the Fraser Valley dropped 0.7% in October to $919,900.
Single-family detached homes saw a 0.6% decrease from September, with a Benchmark price of $1,411,900—down 5.1% from a year ago. Townhomes and apartments followed suit, with prices down 1.2% and 0.8% month-over-month, respectively.
Homes lingered on the market, with the average number of days to sell a detached or condo property at 42 days, and 37 days for townhomes.
While October brought a modest boost to Fraser Valley home sales, the market remained subdued compared to historical averages. With prices continuing to soften and inventory still elevated, industry professionals expect a gradual, rather than rapid, return to more typical sales levels.
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