SURREY, BC – A combination of seasonal trends and cautious anticipation of the next rate announcement saw the Fraser Valley real estate market slow in August as sales fell slightly for the second month, after reaching a 15-month high in June.

The Fraser Valley Real Estate Board recorded 1,273 sales on its Multiple Listing Service (MLS®) in August 2023, a decrease of 6.9% compared to July. Sales were up 25.2% compared to August 2022.

New listings dropped to 2,622 in August, a decrease of 8.2% over last month, but 28.2% above this time last year. Active listings have been rising since last December and grew again in August by 1.5% to 6,291, just 7% off the ten-year average.

“Many buyers are in “watchful waiting” mode as they hold off on decisions in anticipation of potential further rate changes,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “With prices relatively stable and active inventory on the rise, we hope to see more new listings come on stream over the next couple of months, especially if rates hold steady.”

With a sales-to-active-listings ratio of 16%, the market for detached homes was balanced between supply and demand. Demand for townhomes and apartments remained stronger (38% and 32%, respectively). The market is considered balanced when the sales-to-active-listings ratio is between 12% and 20%.

Benchmark prices in the Fraser Valley, remained relatively unchanged compared to last month with gains of less than one per cent across all property types. See below for details.

“We expect to see market activity pick up heading into the fall months,” said FVREB CEO, Baldev Gill. “That said, with the uncertainty surrounding interest rates as well as the potential impact of provincial housing strategy initiatives, buyers and sellers would be well-advised to consult with a professional REALTOR® to assess any risks and opportunities before making a decision.”

On average properties spent between two and four weeks on the market before selling, with townhomes and apartments moving faster (16 and 20 days, respectively) than detached homes (25 days).

MLS® HPI Benchmark Price Activity

• Single Family Detached : At $1,534,500, the Benchmark price for an FVREB single-family detached home decreased 0.6% compared to July 2023 and increased 1.6% compared to August 2022.
• Townhomes : At $846,200, the Benchmark price for an FVREB townhome decreased 0.5% compared to July 2023 and increased 0.9% compared to August 2022.
• Apartments : At $553,500, the Benchmark price for an FVREB apartment/condo decreased 0.4% compared to July 2023 and increased 2.5% compared to August 2022.

Click here to view the August 2023 stats package.

Fraser Valley Real Estate Sales Dip in August, Prices Hold Steady by FVREB